instructions
stringlengths 9
489
⌀ | user
stringlengths 1
8.98k
⌀ | assistant
stringlengths 1
17k
⌀ |
|---|---|---|
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
|
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.
|
masco corporation notes to consolidated financial statements (continued) h. goodwill and other intangible assets (continued) goodwill at december 31, accumulated impairment losses goodwill at december 31, 2010 additions (a) discontinued operations (b) pre-tax impairment charge other (c) goodwill at december 31, cabinets and related products........... $587 $(364) $223 $2014 $2014 $(44) $2 $181.
- | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions (a) | discontinued operations (b) | pre-tax impairment charge | other (c) | net goodwill at december 31 2011
cabinets and related products | $587 | $-364 (364) | $223 | $2014 | $2014 | $-44 (44) | $2 | $181
plumbing products | 536 | -340 (340) | 196 | 9 | 2014 | 2014 | -4 (4) | 201
installation and other services | 1819 | -762 (762) | 1057 | 2014 | -13 (13) | 2014 | 2014 | 1044
decorative architectural products | 294 | 2014 | 294 | 2014 | 2014 | -75 (75) | 2014 | 219
other specialty products | 980 | -367 (367) | 613 | 2014 | 2014 | -367 (367) | 2014 | 246
total | $4216 | $-1833 (1833) | $2383 | $9 | $-13 (13) | $-486 (486) | $-2 (2) | $1891
(a) additions include acquisitions. (b) during 2011, the company reclassified the goodwill related to the business units held for sale. subsequent to the reclassification, the company recognized a charge for those business units expected to be divested at a loss; the charge included a write-down of goodwill of $13 million. (c) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions. in the fourth quarters of 2012 and 2011, the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets. the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units. the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired. the company recognized the non-cash, pre-tax impairment charges, in continuing operations, for goodwill of $486 million ($330 million, after tax) for 2011. in 2011, the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products, as well as decreased operating margins. the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business. the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s., the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated. the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31, 2011. other indefinite-lived intangible assets were $132 million and $174 million at december 31, 2012 and 2011, respectively, and principally included registered trademarks. in 2012 and 2011, the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment (2011 only) were impaired due to changes in the long-term outlook for the business units. the company recognized non-cash, pre-tax impairment charges for other indefinite- lived intangible assets of $42 million ($27 million, after tax) and $8 million ($5 million, after tax) in 2012 and 2011, respectively. in 2010, the company recognized non-cash, pre-tax impairment charges for other indefinite-lived intangible assets of $10 million ($6 million after tax) related to the installation and other services segment ($9 million pre-tax) and the plumbing products segment ($1 million pre-tax)..
what was the net change in value of total net goodwill from 2010 to 2011? -492.0
what was the 2010 value? 2383.0
what is the net change divide by the 2010 value?
|
-0.20646
|
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.
|
abiomed, inc. and subsidiaries notes to consolidated financial statements 2014 (continued) (7) commitments and contingencies the company applies the disclosure provisions of fin no. 45, guarantor 2019s accounting and disclosure requirements for guarantees, including guarantees of indebtedness of others, and interpretation of fasb statements no. 5, 57 and 107 and rescission of fasb interpretation no. 34 (fin no. 45) to its agreements that contain guarantee or indemnification clauses. these disclosure provisions expand those required by sfas no. 5 accounting for contingencies, by requiring that guarantors disclose certain types of guarantees, even if the likelihood of requiring the guarantor 2019s performance is remote. the following is a description of arrangements in which the company is a guarantor. product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale. the ab5000 and bvs products are subject to rigorous regulation and quality standards. operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision. patent indemnifications 2014in many sales transactions, the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products. the indemnifications contained within sales contracts usually do not include limits on the claims. the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions. under the provisions of fin no. 45, intellectual property indemnifications require disclosure only. as of march 31, 2006, the company had entered into leases for its facilities, including its primary operating facility in danvers, massachusetts, with terms through fiscal 2010. the danvers lease may be extended, at the company 2019s option, for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values. the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company. in december 2005 we closed our office facility in the netherlands, recording a charge of approximately $58000 for the remaining lease term. total rent expense under these leases, included in the accompanying consolidated statements of operations approximated $821000, $824000 and $1262000 for the fiscal years ended march 31, 2004, 2005 and 2006, respectively. future minimum lease payments under all significant non-cancelable operating leases as of march 31, 2006 are approximately as follows (in thousands): fiscal year ending march 31, operating leases.
fiscal year ending march 31, | operating leases
2007 | 1703
2008 | 1371
2009 | 1035
2010 | 710
total future minimum lease payments | $4819
from time-to-time, the company is involved in legal and administrative proceedings and claims of various types. while any litigation contains an element of uncertainty, management, in consultation with the company 2019s general counsel, presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened, or all of them combined, is not expected to have a material adverse effect on the company 2019s financial position, cash flow and results. on may 15, 2006 richard a. nazarian, as selling stockholder representative, filed a demand for arbitration (subsequently amended) with the boston office of the american arbitration association.
what were operating leases in 2007? 1703.0
what were they in 2008? 1371.0
what is the net change from 2007 to 2008? 332.0
what was the 2007 value?
|
1703.0
|
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.
|
investment advisory revenues earned on the other investment portfolios that we manage decreased $44 million, or 8.5% (8.5%), to $477.8 million in 2009. average assets in these portfolios were $129.5 billion during 2009, down $12.6 billion or 9% (9%) from 2008. other investment portfolio assets under management increased $46.7 billion during 2009, including $36.5 billion in market gains and income and $10.2 billion of net inflows, primarily from institutional investors. net inflows include $1.3 billion transferred from the stock and blended asset mutual funds during 2009. administrative fees decreased $35 million, or 10% (10%), to $319 million in 2009. this change includes a $4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $31 million reduction in our mutual fund servicing revenue, which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions. changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors. our largest expense, compensation and related costs, decreased $42 million, or 5% (5%), from 2008 to $773 million in 2009. the largest part of this decrease is attributable to a $19 million reduction in our annual bonus program. reductions in the use of outside contractors lowered 2009 costs $14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses. average headcount in 2009 was down 5.4% (5.4%) from 2008 due to attrition, retirements and our workforce reduction in april 2009. advertising and promotion expenditures were down $31 million, or 30% (30%), versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment. depreciation expense and other occupancy and facility costs together increased $4 million, or 2.5% (2.5%) compared to 2008, as we moderated or delayed our capital spending and facility growth plans. other operating expenses decreased $33 million, or 18% (18%) from 2008, including a decline of $4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries. our cost control efforts resulted in the remaining expense reductions, including lower professional fees and travel and related costs. our non-operating investment activity resulted in net losses of $12.7 million in 2009 and $52.3 million in 2008. the improvement of nearly $40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008. the following table details our related mutual fund investment gains and losses (in millions) during the two years ended december 31, 2009..
- | 2008 | 2009 | change
other than temporary impairments recognized | $-91.3 (91.3) | $-36.1 (36.1) | $55.2
capital gain distributions received | 5.6 | 2.0 | -3.6 (3.6)
net gain (loss) realized on fund dispositions | -4.5 (4.5) | 7.4 | 11.9
net loss recognized on fund holdings | $-90.2 (90.2) | $-26.7 (26.7) | $63.5
lower income of $16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments. the 2009 provision for income taxes as a percentage of pretax income is 37.1% (37.1%), down from 38.4% (38.4%) in 2008. our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% (1.0%). c a p i t a l r e s o u r c e s a n d l i q u i d i t y. during 2010, stockholders 2019 equity increased from $2.9 billion to $3.3 billion. we repurchased nearly 5.0 million common shares for $240.0 million in 2010. tangible book value is $2.6 billion at december 31, 2010, and our cash and cash equivalents and our mutual fund investment holdings total more than $1.5 billion. given the availability of these financial resources, we do not maintain an available external source of liquidity. t. rowe price group annual report 2010.
what was the change in capital gain distributions from 2008 to 2009? -2.7
and what were those capital gain distributions in 2008?
|
5.6
|
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.
|
the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, are as follows (in thousands):.
cash | $45826
customer-related intangible assets | 42721
acquired technology | 27954
trade name | 2901
other assets | 2337
deferred income tax assets (liabilities) | -9788 (9788)
other liabilities | -49797 (49797)
total identifiable net assets | 62154
goodwill | 203828
total purchase consideration | $265982
goodwill of $203.8 million arising from the acquisition, included in the asia-pacific segment, was attributable to expected growth opportunities in australia and new zealand, as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets. goodwill associated with this acquisition is not deductible for income tax purposes. the customer-related intangible assets have an estimated amortization period of 15 years. the acquired technology has an estimated amortization period of 15 years. the trade name has an estimated amortization period of 5 years. note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants. for transactions processed on our systems, we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants. we process funds settlement under two models, a sponsorship model and a direct membership model. under the sponsorship model, we are designated as a merchant service provider by mastercard and an independent sales organization by visa, which means that member clearing banks (201cmember 201d) sponsor us and require our adherence to the standards of the payment networks. in certain markets, we have sponsorship or depository and clearing agreements with financial institution sponsors. these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa. in this model, the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds, and, instead, require that these funds be in the possession of the member until the merchant is funded. under the direct membership model, we are members in various payment networks, allowing us to process and fund transactions without third-party sponsorship. in this model, we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement. otherwise, we process these transactions similarly to how we process transactions in the sponsorship model. we are required to adhere to the standards of the payment networks in which we are direct members. we maintain relationships with financial institutions, which may also serve as our member sponsors for other card brands or in other markets, to assist with funds settlement. timing differences, interchange fees, merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants. these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets. settlement processing assets and obligations include the components outlined below: 2022 interchange reimbursement. our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee. global payments inc. | 2017 form 10-k annual report 2013 77.
what portion of the total identifiable net assets in cash? 0.7373
what portion of the total purchase consideration is allocated to goodwill?
|
0.76632
|
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.
|
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
|
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
|
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.
|
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
|
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.
|
comparison of cumulative return among lkq corporation, the nasdaq stock market (u.s.) index and the peer group.
- | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016
lkq corporation | $100 | $140 | $219 | $187 | $197 | $204
s&p 500 index | $100 | $113 | $147 | $164 | $163 | $178
peer group | $100 | $111 | $140 | $177 | $188 | $217
this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a, shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934, whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference. information about our common stock that may be issued under our equity compensation plans as of december 31, 2016 included in part iii, item 12 of this annual report on form 10-k is incorporated herein by reference..
what was the price of lkq corporation in 2016? 204.0
what was the price in 2011? 100.0
what is the net difference? 104.0
what was the 2011 price?
|
100.0
|
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.
|
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
|
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.
|
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)
.
in the year of 2005, what was the total amount of the non-tower cash flow? -30584.0
and what was the adjusted consolidated cash flow? 531822.0
what, then, was that amount as a portion of this adjusted cash flow?
|
-0.05751
|
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 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
|
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.
|
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
|
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.
|
15. commitments and contingencies in the ordinary course of business, the company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements. in some disputes, the company seeks to enforce its rights under an agreement or to collect funds owing to it. in other matters, the company is resisting attempts by others to collect funds or enforce alleged rights. these disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. in all such matters, the company believes that its positions are legally and commercially reasonable. the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. aside from litigation and arbitrations related to these insurance and reinsurance agreements, the company is not a party to any other material litigation or arbitration. the company has entered into separate annuity agreements with the prudential insurance of america (201cthe prudential 201d) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. in both instances, the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated:.
(dollars in thousands) | at december 31, 2017 | at december 31, 2016
the prudential insurance company of america | $144618 | $146507
unaffiliated life insurance company | 34444 | 33860
16. share-based compensation plans the company has a 2010 stock incentive plan (201c2010 employee plan 201d), a 2009 non-employee director stock option and restricted stock plan (201c2009 director plan 201d) and a 2003 non-employee director equity compensation plan (201c2003 director plan 201d). under the 2010 employee plan, 4000000 common shares have been authorized to be granted as non- qualified share options, incentive share options, share appreciation rights, restricted share awards or performance share unit awards to officers and key employees of the company. at december 31, 2017, there were 2553473 remaining shares available to be granted under the 2010 employee plan. the 2010 employee plan replaced a 2002 employee plan, which replaced a 1995 employee plan; therefore, no further awards will be granted under the 2002 employee plan or the 1995 employee plan. through december 31, 2017, only non-qualified share options, restricted share awards and performance share unit awards had been granted under the employee plans. under the 2009 director plan, 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company. at december 31, 2017, there were 34957 remaining shares available to be granted under the 2009 director plan. the 2009 director plan replaced a 1995 director plan, which expired. under the 2003 director plan, 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company. at december 31, 2017 there were 346714 remaining shares available to be granted under the 2003 director plan..
what is the balance in the unaffiliated life insurance company in 2017? 34444.0
what about in 2016? 33860.0
what is the net change? 584.0
what is the balance in the unaffiliated life insurance company in 2016?
|
33860.0
|
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.
|
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
|
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.
|
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 is the sum of the provision recapture for purchased impaired loans in 2014 and 2015? 173.0
what is that divided by 2?
|
86.5
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy 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
|
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.
|
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 percentage did the change in the proportional free cash flow from 2008 to 2009 represent in relation to that cash in 2008?
|
-0.29898
|
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 pension service cost in 2018, in millions?
|
136.0
|
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.
|
middleton's reported cigars shipment volume for 2012 decreased 0.7% (0.7%) due primarily to changes in trade inventories, partially offset by volume growth as a result of retail share gains. in the cigarette category, marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture. marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% (42.6%). in january 2013, pm usa expanded distribution of marlboro southern cut nationally. marlboro southern cut is part of the marlboro gold family. pm usa's 2012 retail share increased 0.8 share points versus 2011, reflecting retail share gains by marlboro and by l&m in discount. these gains were partially offset by share losses on other portfolio brands. in the machine-made large cigars category, black & mild's retail share for 2012 increased 0.5 share points. the brand benefited from new untipped cigarillo varieties that were introduced in 2011, black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies. in december 2012, middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013. the following discussion compares smokeable products segment results for the year ended december 31, 2011 with the year ended december 31, 2010. net revenues, which include excise taxes billed to customers, decreased $221 million (1.0% (1.0%)) due to lower shipment volume ($1051 million), partially offset by higher net pricing ($830 million), which includes higher promotional investments. operating companies income increased $119 million (2.1% (2.1%)), due primarily to higher net pricing ($831 million), which includes higher promotional investments, marketing, administration, and research savings reflecting cost reduction initiatives ($198 million) and 2010 implementation costs related to the closure of the cabarrus, north carolina manufacturing facility ($75 million), partially offset by lower volume ($527 million), higher asset impairment and exit costs due primarily to the 2011 cost reduction program ($158 million), higher per unit settlement charges ($120 million), higher charges related to tobacco and health judgments ($87 million) and higher fda user fees ($73 million). for 2011, total smokeable products shipment volume decreased 4.0% (4.0%) versus 2010. pm usa's reported domestic cigarettes shipment volume declined 4.0% (4.0%) versus 2010 due primarily to retail share losses and one less shipping day, partially offset by changes in trade inventories. after adjusting for changes in trade inventories and one less shipping day, pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% (4%) versus 2010. pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% (3.5%) versus 2010, when adjusted primarily for changes in trade inventories and one less shipping day. pm usa's total premium brands (marlboro and other premium brands) shipment volume decreased 4.3% (4.3%). marlboro's shipment volume decreased 3.8% (3.8%) versus 2010. in the discount brands, pm usa's shipment volume decreased 0.9% (0.9%). pm usa's shipments of premium cigarettes accounted for 93.7% (93.7%) of its reported domestic cigarettes shipment volume for 2011, down from 93.9% (93.9%) in 2010. middleton's 2011 reported cigars shipment volume was unchanged versus 2010. for 2011, pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% (49.0%) due primarily to retail share losses on marlboro. marlboro's 2011 retail share decreased 0.6 share points. in 2010, marlboro delivered record full-year retail share results that were achieved at lower margin levels. middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category, with a retail share of approximately 84% (84%) in 2011. for 2011, middleton's retail share of the cigar category increased 0.3 share points to 29.7% (29.7%) versus 2010. black & mild's 2011 retail share increased 0.5 share points, as the brand benefited from new product introductions. during the fourth quarter of 2011, middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine. this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties. during the second quarter of 2011, middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas. middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically. smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing, copenhagen and skoal's combined volume and retail share performance and effective cost management. the following table summarizes smokeless products segment shipment volume performance: shipment volume for the years ended december 31.
(cans and packs in millions) | shipment volumefor the years ended december 31, 2012 | shipment volumefor the years ended december 31, 2011 | shipment volumefor the years ended december 31, 2010
copenhagen | 392.5 | 354.2 | 327.5
skoal | 288.4 | 286.8 | 274.4
copenhagenandskoal | 680.9 | 641.0 | 601.9
other | 82.4 | 93.6 | 122.5
total smokeless products | 763.3 | 734.6 | 724.4
volume includes cans and packs sold, as well as promotional units, but excludes international volume, which is not material to the smokeless products segment. other includes certain usstc and pm usa smokeless products. new types of smokeless products, as well as new packaging configurations.
during 2011, what percentage did the higher charges related to tobacco and health judgments represent in relation to the operating companies income increase?
|
0.73109
|
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.
|
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 difference in amortization expense between 2008 and 2009? 1.9
so what was the percentage change? 0.01981
how much did the other intangible assets net change between 2003 and 2004?
|
-34446.0
|
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.
|
part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities. the company 2019s common stock is listed on the new york stock exchange. prior to the separation of alcoa corporation from the company, the company 2019s common stock traded under the symbol 201caa. 201d in connection with the separation, on november 1, 2016, the company changed its stock symbol and its common stock began trading under the symbol 201carnc. 201d on october 5, 2016, the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock (the 201creverse stock split 201d). as a result of the reverse stock split, every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in the par value per share. the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares, and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares. the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6, 2016. on november 1, 2016, the company completed the separation of its business into two independent, publicly traded companies: the company and alcoa corporation. the separation was effected by means of a pro rata distribution by the company of 80.1% (80.1%) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders. the company 2019s shareholders of record as of the close of business on october 20, 2016 (the 201crecord date 201d) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date. the company retained 19.9% (19.9%) of the outstanding common stock of alcoa corporation immediately following the separation. see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k. the following table sets forth, for the periods indicated, the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange, adjusted to take into account the reverse stock split effected on october 6, 2016. the prices listed below for those dates prior to november 1, 2016 reflect stock trading prices of alcoa inc. prior to the separation of alcoa corporation from the company on november 1, 2016, and therefore are not comparable to the company 2019s post-separation prices..
quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend
first | $30.69 | $18.64 | $0.06 | $30.66 | $18.42 | $0.09
second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09
third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09
fourth (separation occurred on november 1 2016) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09
year | $30.69 | $18.64 | $0.24 | $34.50 | $16.75 | $0.36
the number of holders of record of common stock was approximately 12271 as of february 16, 2018..
what is the ratio of common stock outstanding shares post split to prior?
|
0.30769
|
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.
|
4. stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation (1993 plan). there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation. we no longer grant options or awards of retention shares and units under these plans. in april 2000, the shareholders approved the union pacific corporation 2000 directors plan (directors plan) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors. under the directors plan, each non-employee director, upon his or her initial election to the board of directors, receives a grant of 2000 shares of retention shares or retention stock units. prior to december 31, 2007, each non-employee director received annually an option to purchase at fair value a number of shares of our common stock, not to exceed 10000 shares during any calendar year, determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting, with the resulting quotient rounded up or down to the nearest 50 shares. as of december 31, 2009, 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan. the union pacific corporation 2001 stock incentive plan (2001 plan) was approved by the shareholders in april 2001. the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options, incentive stock options, retention shares, stock units, and incentive bonus awards. non-employee directors were not eligible for awards under the 2001 plan. as of december 31, 2009, 3366230 options were outstanding under the 2001 plan. we no longer grant any stock options or other stock or unit awards under this plan. the union pacific corporation 2004 stock incentive plan (2004 plan) was approved by shareholders in april 2004. the 2004 plan reserved 42000000 shares of our common stock for issuance, plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16, 2004, and became available for regrant pursuant to the terms of the 2004 plan. under the 2004 plan, non- qualified options, stock appreciation rights, retention shares, stock units, and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries. non-employee directors are not eligible for awards under the 2004 plan. as of december 31, 2009, 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan. pursuant to the above plans 33559150; 36961123; and 38601728 shares of our common stock were authorized and available for grant at december 31, 2009, 2008, and 2007, respectively. stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model. groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes. the table below shows the annual weighted-average assumptions used for valuation purposes: weighted-average assumptions 2009 2008 2007.
weighted-average assumptions | 2009 | 2008 | 2007
risk-free interest rate | 1.9% (1.9%) | 2.8% (2.8%) | 4.9% (4.9%)
dividend yield | 2.3% (2.3%) | 1.4% (1.4%) | 1.4% (1.4%)
expected life (years) | 5.1 | 5.3 | 4.7
volatility | 31.3% (31.3%) | 22.2% (22.2%) | 20.9% (20.9%)
weighted-average grant-date fair value of options granted | $11.33 | $13.35 | $11.19
.
what is the assumed fmv of a share? 2000.0
under the pre-december 31, 2007 plan what would have been the value correspondent to a third of that fmv? 666.66667
in order to determine the number of shares that can be bought by each non-employee director, what would be the value that gets divided by this third of the fmv? 60000.0
and what would be, then, that number of shares that can be bought?
|
90.0
|
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.
|
jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co. (201cjpmorgan chase 201d or the 201cfirm 201d) common stock with the cumulative return of the s&p 500 index, the kbw bank index and the s&p financial index. the s&p 500 index is a commonly referenced u.s. equity benchmark consisting of leading companies from different economic sectors. the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s. and is composed of 24 leading national money center and regional banks and thrifts. the s&p financial index is an index of 85 financial companies, all of which are components of the s&p 500. the firm is a component of all three industry indices. the following table and graph assume simultaneous investments of $100 on december 31, 2009, in jpmorgan chase common stock and in each of the above indices. the comparison assumes that all dividends are reinvested. december 31, (in dollars) 2009 2010 2011 2012 2013 2014.
december 31 (in dollars) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014
jpmorgan chase | $100.00 | $102.30 | $81.87 | $111.49 | $152.42 | $167.48
kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69
s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98
s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07
.
what is the price of jpmorgan chase in 2014? 167.48
what is that less an initial $100 investment? 67.48
what is that change over 100?
|
0.6748
|
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) 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
|
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.
|
n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 (continued) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years. for the years ended december 31, 2010, 2009, and 2008, the potential anti-dilutive share conversions were 256868 shares, 1230881 shares, and 638401 shares, respectively. 19. related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda. the trustees are principally comprised of ace management. the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda, the balance of which was $30 million and $31 million, at december 31, 2010 and 2009, respectively. the receivable is included in other assets in the accompanying consolidated balance sheets. the borrower has used the related proceeds to finance investments in bermuda real estate, some of which have been rented to ace employees at rates established by independent, professional real estate appraisers. the borrower uses income from the investments to both repay the note and to fund charitable activities. accordingly, the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan, including the real estate properties. 20. statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. these regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries. the company 2019s u.s. subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators. statutory accounting differs from gaap in the reporting of certain reinsurance contracts, investments, subsidiaries, acquis- ition expenses, fixed assets, deferred income taxes, and certain other items. the statutory capital and surplus of the u.s. subsidiaries met regulatory requirements for 2010, 2009, and 2008. the amount of dividends available to be paid in 2011, without prior approval from the state insurance departments, totals $850 million. the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s. subsidiaries at and for the years ended december 31, 2010, 2009, and 2008..
(in millions of u.s. dollars) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008
statutory capital and surplus | $11798 | $9164 | $6205 | $6266 | $5885 | $5368
statutory net income | $2430 | $2369 | $2196 | $1047 | $904 | $818
as permitted by the restructuring discussed previously in note 7, certain of the company 2019s u.s. subsidiaries discount certain a&e liabilities, which increased statutory capital and surplus by approximately $206 million, $215 million, and $211 million at december 31, 2010, 2009, and 2008, respectively. the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations. some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements. in some countries, the company must obtain licenses issued by governmental authorities to conduct local insurance business. these licenses may be subject to reserves and minimum capital and solvency tests. jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements..
what is the statutory net income bermuda subsidiaries in 2010? 2430.0
what about 2009? 2369.0
what is the net change?
|
61.0
|
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.
|
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
|
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 2013 (continued) (amounts in millions, except per share amounts) cash flows for 2010, we expect to contribute $25.2 and $9.2 to our foreign pension plans and domestic pension plans, respectively. a significant portion of our contributions to the foreign pension plans relate to the u.k. pension plan. additionally, we are in the process of modifying the schedule of employer contributions for the u.k. pension plan and we expect to finalize this during 2010. as a result, we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years. during 2009, we contributed $31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible. the following estimated future benefit payments, which reflect future service, as appropriate, are expected to be paid in the years indicated below. domestic pension plans foreign pension plans postretirement benefit plans.
years | domestic pension plans | foreign pension plans | postretirement benefit plans
2010 | $17.2 | $23.5 | $5.8
2011 | 11.1 | 24.7 | 5.7
2012 | 10.8 | 26.4 | 5.7
2013 | 10.5 | 28.2 | 5.6
2014 | 10.5 | 32.4 | 5.5
2015 2013 2019 | 48.5 | 175.3 | 24.8
the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug, improvement and modernization act of 2003. federal subsidies are estimated to range from $0.5 in 2010 to $0.6 in 2014 and are estimated to be $2.4 for the period 2015-2019. savings plans we sponsor defined contribution plans (the 201csavings plans 201d) that cover substantially all domestic employees. the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives. we match a portion of participant contributions based upon their years of service. amounts expensed for the savings plans for 2009, 2008 and 2007 were $35.1, $29.6 and $31.4, respectively. expense includes a discretionary company contribution of $3.8, $4.0 and $4.9 offset by participant forfeitures of $2.7, $7.8, $6.0 in 2009, 2008 and 2007, respectively. in addition, we maintain defined contribution plans in various foreign countries and contributed $25.0, $28.7 and $26.7 to these plans in 2009, 2008 and 2007, respectively. deferred compensation and benefit arrangements we have deferred compensation arrangements which (i) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation, or (ii) require us to contribute an amount to the participant 2019s account. the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions, such as completing a certain number of years of service or upon retirement or termination. as of december 31, 2009 and 2008, the deferred compensation liability balance was $100.3 and $107.6, respectively. amounts expensed for deferred compensation arrangements in 2009, 2008 and 2007 were $11.6, $5.7 and $11.9, respectively. we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment, payable when the participant attains a certain age and after the participant 2019s employment has terminated. the deferred benefit liability was $178.2 and $182.1 as of december 31, 2009 and 2008, respectively. amounts expensed for deferred benefit arrangements in 2009, 2008 and 2007 were $12.0, $14.9 and $15.5, respectively. we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities. as of december 31, 2009 and 2008, the cash surrender value of these policies was $119.4 and $100.2, respectively. in addition to the life insurance policies, certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities. these investments, along with the life insurance policies, are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit.
what was the difference between the highest and the lowest future benefit payment made for the postretirement benefit plans? 19.3
and concerning the defined contribution plans in various foreign countries, what was their amount in 2008? 28.7
what was it in 2007? 26.7
by how much, then, did it increase over the year?
|
2.0
|
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.
|
republic services, inc. notes to consolidated financial statements 2014 (continued) 16. financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices. these swaps qualified for, and were designated as, effective hedges of changes in the prices of forecasted diesel fuel purchases (fuel hedges). the following table summarizes our outstanding fuel hedges as of december 31, 2015: year gallons hedged weighted average contract price per gallon.
year | gallons hedged | weighted average contractprice per gallon
2016 | 27000000 | $3.57
2017 | 12000000 | 2.92
if the national u.s. on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon, we receive the difference between the average price and the contract price (multiplied by the notional gallons) from the counterparty. if the average price is less than the contract price per gallon, we pay the difference to the counterparty. the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets (level 2 in the fair value hierarchy). the aggregate fair values of our outstanding fuel hedges as of december 31, 2015 and 2014 were current liabilities of $37.8 million and $34.4 million, respectively, and have been recorded in other accrued liabilities in our consolidated balance sheets. the ineffective portions of the changes in fair values resulted in a loss of $0.4 million and $0.5 million for the years ended december 31, 2015 and 2014 respectively, and a gain of less than $0.1 million for the year ended december 31, 2013, and have been recorded in other income, net in our consolidated statements of income. total (loss) gain recognized in other comprehensive (loss) income for fuel hedges (the effective portion) was $(2.0) million, $(24.2) million and $2.4 million, for the years ended december 31, 2015, 2014 and 2013, respectively. recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated cardboard and old newspaper. from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities. we had no outstanding recycling commodity hedges as of december 31, 2015 and 2014. no amounts were recognized in other income, net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31, 2015, 2014 and 2013. total gain (loss) recognized in other comprehensive income for recycling commodity hedges (the effective portion) was $0.1 million and $(0.1) million for the years ended december 31, 2014 and 2013, respectively. no amount was recognized in other comprehensive income for 2015. fair value measurements in measuring fair values of assets and liabilities, we use valuation techniques that maximize the use of observable inputs (level 1) and minimize the use of unobservable inputs (level 3). we also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate..
what is the 2015 value of outstanding fuel hedges less the 2014 value? 3.4
what is the 2014 value?
|
34.4
|
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.
|
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
|
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.
|
edwards lifesciences corporation notes to consolidated financial statements (continued) 13. common stock (continued) the company also maintains the nonemployee directors stock incentive compensation program (the 2018 2018nonemployee directors program 2019 2019). under the nonemployee directors program, upon a director 2019s initial election to the board, the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $0.2 million, not to exceed 20000 shares. these grants vest over three years from the date of grant, subject to the director 2019s continued service. in addition, annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock, or a combination thereof, provided that in no event may the total value of the combined annual award exceed $0.2 million. these grants generally vest over one year from the date of grant. under the nonemployee directors program, an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance. the company has an employee stock purchase plan for united states employees and a plan for international employees (collectively 2018 2018espp 2019 2019). under the espp, eligible employees may purchase shares of the company 2019s common stock at 85% (85%) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase. under the espp, employees can authorize the company to withhold up to 12% (12%) of their compensation for common stock purchases, subject to certain limitations. the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states, to the extent permitted by local law. the espp for united states employees is qualified under section 423 of the internal revenue code. the number of shares of common stock authorized for issuance under the espp was 13.8 million shares. the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables. the risk-free interest rate is estimated using the u.s. treasury yield curve and is based on the expected term of the award. expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock. the expected term of awards granted is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that awards granted are expected to be outstanding. the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% (6.0%). the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods: option awards.
- | 2016 | 2015 | 2014
average risk-free interest rate | 1.1% (1.1%) | 1.4% (1.4%) | 1.5% (1.5%)
expected dividend yield | none | none | none
expected volatility | 33% (33%) | 30% (30%) | 31% (31%)
expected life (years) | 4.5 | 4.6 | 4.6
fair value per share | $31.00 | $18.13 | $11.75
.
what is the fair value per share in 2016? 31.0
what is it in 2015? 18.13
what is the net change? 12.87
what is the percent change?
|
0.70987
|
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.
|
stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the securities exchange act of 1934, as amended (the 201cexchange act 201d) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of tractor supply company under the securities act of 1933, as amended, or the exchange act. the following graph compares the cumulative total stockholder return on our common stock from december 29, 2012 to december 30, 2017 (the company 2019s fiscal year-end), with the cumulative total returns of the s&p 500 index and the s&p retail index over the same period. the comparison assumes that $100 was invested on december 29, 2012, in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends. the historical stock price performance shown on this graph is not indicative of future performance..
- | 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017
tractor supply company | $100.00 | $174.14 | $181.29 | $201.04 | $179.94 | $180.52
s&p 500 | $100.00 | $134.11 | $155.24 | $156.43 | $173.74 | $211.67
s&p retail index | $100.00 | $147.73 | $164.24 | $207.15 | $219.43 | $286.13
.
what is the price of tractor supply company in 2013? 174.14
what is the price in 2012? 100.0
what is the net change?
|
74.14
|
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 is the net change in the value of total accumulated other comprehensive losses from 2013 or 2014?
|
2636.0
|
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.
|
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 was the weighted average discount rate for postretirement plans in 2018? 3.97
and what was it in 2017? 3.79
what was, then, the change over the year? 0.18
and how much does this change represent in relation to the 2017 weighted average discount rate, in percentage?
|
0.04749
|
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.
|
comparison of cumulative return among lkq corporation, the nasdaq stock market (u.s.) index and the peer group.
- | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016
lkq corporation | $100 | $140 | $219 | $187 | $197 | $204
s&p 500 index | $100 | $113 | $147 | $164 | $163 | $178
peer group | $100 | $111 | $140 | $177 | $188 | $217
this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a, shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934, whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference. information about our common stock that may be issued under our equity compensation plans as of december 31, 2016 included in part iii, item 12 of this annual report on form 10-k is incorporated herein by reference..
what was the change in the return of the lkq corporation from 2011 to 2016? 104.0
and how much does this change represent in relation to the return of that stock in 2011, in percentage? 1.04
what was the change in the return of the s&p 500 index from 2011 to 2016? 78.0
and what was that return in 2011? 100.0
how much, then, does that change represent in relation to this 2011 return, in percentage?
|
0.78
|
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 graph compares the cumulative 5-year total return to shareholders of cadence design systems, inc. 2019s common stock relative to the cumulative total returns of the s & p 500 index, the nasdaq composite index and the s & p information technology index. the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes (including reinvestment of dividends) was $100 on december 29, 2001 and tracks it through december 30, 2006. comparison of 5 year cumulative total return* among cadence design systems, inc., the s & p 500 index, the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems, inc. nasdaq composite s & p information technology s & p 500 * $100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends. indexes calculated on month-end basis. copyright b7 2007, standard & poor 2019s, a division of the mcgraw-hill companies, inc. all rights reserved. www.researchdatagroup.com/s&p.htm december 29, december 28, january 3, january 1, december 31, december 30.
- | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006
cadence design systems inc. | 100.00 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96
s & p 500 | 100.00 | 77.90 | 100.24 | 111.15 | 116.61 | 135.03
nasdaq composite | 100.00 | 71.97 | 107.18 | 117.07 | 120.50 | 137.02
s & p information technology | 100.00 | 62.59 | 92.14 | 94.50 | 95.44 | 103.47
.
what was the change in the value of the cadence design systems inc. from 2001 to 2006? -20.04
and what is this change as a percent of that value in 2001? -0.2004
and only from 2001 to 2005, what was that change for the s&p500 stock? 11.15
what is this s&p500 change as a portion of its value in 2001?
|
0.1115
|
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.
|
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 stock in 2018? 311.13
what is that less an initial $100 investment? 211.13
what is is that difference over 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.
|
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
|
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 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
|
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.
|
equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31, 2017. equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options, warrants and rights (1) weighted-average exercise price of outstanding options, warrants and rights number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (a) (b) (c) equity compensation plans approved by security holders 448859 $0.00 4087587 equity compensation plans not approved by security holders (2) 2014 2014 2014.
plan category | number of securities to be issued upon exercise of outstanding options warrants and rights (1) (a) (b) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans (excluding securitiesreflected in column (a)) (c)
equity compensation plans approved by security holders | 448859 | $0.00 | 4087587
equity compensation plans not approved by security holders (2) | 2014 | 2014 | 2014
total | 448859 | $0.00 | 4087587
(1) includes grants made under the huntington ingalls industries, inc. 2012 long-term incentive stock plan (the "2012 plan"), which was approved by our stockholders on may 2, 2012, and the huntington ingalls industries, inc. 2011 long-term incentive stock plan (the "2011 plan"), which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation. of these shares, 27123 were stock rights granted under the 2011 plan. in addition, this number includes 28763 stock rights, 3075 restricted stock rights, and 389898 restricted performance stock rights granted under the 2012 plan, assuming target performance achievement. (2) there are no awards made under plans not approved by security holders. item 13. certain relationships and related transactions, and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders, to be filed within 120 days after the end of the company 2019s fiscal year. item 14. principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders, to be filed within 120 days after the end of the company 2019s fiscal year..
what is the number of securities to be issued upon exercise of outstanding options warrants and rights under equity compensation plans approved by security holders? 448859.0
and what is the number of securities remaining available for future issuance under those equity compensation plans? 4087587.0
what is, then, the combined total of securities between those two numbers? 4536446.0
what is the number of securities remaining available for future issuance under equity compensation plans approved by security holders?
|
4087587.0
|
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 was the total of us dollar notes issued in november of 2014, in millions? 1500.0
and what was that total for the entire year?
|
2000.0
|
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.
|
stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index. the graph assumes that the value of the investment in our common stock and in each index (including reinvestment of dividends) was $100 on december 29, 2007 and tracks it through december 29, 2012. comparison of 5 year cumulative total return* among cadence design systems, inc., the nasdaq composite index, and s&p 400 information technology cadence design systems, inc. nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$100 invested on 12/29/07 in stock or 12/31/07 in index, including reinvestment of dividends. indexes calculated on month-end basis. copyright a9 2013 s&p, a division of the mcgraw-hill companies inc. all rights reserved..
- | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012
cadence design systems inc. | 100.00 | 22.55 | 35.17 | 48.50 | 61.07 | 78.92
nasdaq composite | 100.00 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78
s&p 400 information technology | 100.00 | 54.60 | 82.76 | 108.11 | 95.48 | 109.88
the stock price performance included in this graph is not necessarily indicative of future stock price performance.
what is the value of an investment in cadence design systems inc. in 2012? 78.92
what is the net change in value? -21.08
what rate of return does this represent? -0.2108
what about the net change in value of an investment in nasdaq composite from 2007 to 2012? 10.78
what is the rate of return for nasdaq composite? 0.1078
what is the difference in rate of return among these investments?
|
-31.86
|
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 were the number of stores at the end of 2011?
|
3460.0
|
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.
|
jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co. (201cjpmorgan chase 201d or the 201cfirm 201d) common stock with the cumulative return of the s&p 500 index, the kbw bank index and the s&p financial index. the s&p 500 index is a commonly referenced u.s. equity benchmark consisting of leading companies from different economic sectors. the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s. and is composed of 24 leading national money center and regional banks and thrifts. the s&p financial index is an index of 85 financial companies, all of which are components of the s&p 500. the firm is a component of all three industry indices. the following table and graph assume simultaneous investments of $100 on december 31, 2009, in jpmorgan chase common stock and in each of the above indices. the comparison assumes that all dividends are reinvested. december 31, (in dollars) 2009 2010 2011 2012 2013 2014.
december 31 (in dollars) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014
jpmorgan chase | $100.00 | $102.30 | $81.87 | $111.49 | $152.42 | $167.48
kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69
s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98
s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07
.
what was the change in the return of the kbw bank index from 2009 to 2014?
|
89.69
|
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
|
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 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
.
what was the total net revenue in 2017, in millions? 10530.0
and what was the net revenue only in the us segment, also in millions? 3229.0
what was, then, in millions of dollars, the total net revenue in 2017 without counting the us? 7301.0
and how much is that in dollars?
|
7301000000.0
|
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
|
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 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? 2504.0
what was, then, that variation as a percent of this 2016 amount? -0.39896
and in that same period, what was that variation for the net comodities? -26.0
and what percentage did this variation represent in relation to the 2016 commodities?
|
-0.35616
|
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.
|
pension expense.
- | 2016 | 2015 | 2014
pension expense | $68.1 | $135.6 | $135.9
special terminations settlements and curtailments (included above) | 7.3 | 35.2 | 5.8
weighted average discount rate (a) | 4.1% (4.1%) | 4.0% (4.0%) | 4.6% (4.6%)
weighted average expected rate of return on plan assets | 7.5% (7.5%) | 7.4% (7.4%) | 7.7% (7.7%)
weighted average expected rate of compensation increase | 3.5% (3.5%) | 3.5% (3.5%) | 3.9% (3.9%)
(a) effective in 2016, the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows, as we believe this provides a better measurement of these costs. the company has accounted for this as a change in accounting estimate and, accordingly has accounted for it on a prospective basis. this change does not affect the measurement of the total benefit obligation. 2016 vs. 2015 pension expense, excluding special items, decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost, the impact from expected return on assets and demographic gains, partially offset by the impact of the adoption of new mortality tables for our major plans. special items of $7.3 included pension settlement losses of $6.4, special termination benefits of $2.0, and curtailment gains of $1.1. these resulted primarily from our recent business restructuring and cost reduction actions. 2015 vs. 2014 the decrease in pension expense, excluding special items, was due to the impact from expected return on assets, a 40 bp reduction in the weighted average compensation increase assumption, and lower service cost and interest cost. the decrease was partially offset by the impact of higher amortization of actuarial losses, which resulted primarily from a 60 bp decrease in weighted average discount rate. special items of $35.2 included pension settlement losses of $21.2, special termination benefits of $8.7, and curtailment losses of $5.3. these resulted primarily from our recent business restructuring and cost reduction actions. 2017 outlook in 2017, pension expense, excluding special items, is estimated to be approximately $70 to $75, an increase of $10 to $15 from 2016, resulting primarily from a decrease in discount rates, offset by favorable asset experience, effects of the versum spin-off and the adoption of new mortality tables. pension settlement losses of $10 to $15 are expected, dependent on the timing of retirements. in 2017, we expect pension expense to include approximately $164 for amortization of actuarial losses compared to $121 in 2016. net actuarial losses of $484 were recognized in accumulated other comprehensive income in 2016, primarily attributable to lower discount rates and improved mortality projections. actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses. future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017. during the first quarter of 2017, the company expects to record a curtailment loss estimated to be $5 to $10 related to employees transferring to versum. the loss will be reflected in the results from discontinued operations on the consolidated income statements. we continue to evaluate opportunities to manage the liabilities associated with our pension plans. pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans, which are primarily non-qualified plans. with respect to funded plans, our funding policy is that contributions, combined with appreciation and earnings, will be sufficient to pay benefits without creating unnecessary surpluses. in addition, we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions. with the assistance of third party actuaries, we analyze the liabilities and demographics of each plan, which help guide the level of contributions. during 2016 and 2015, our cash contributions to funded plans and benefit payments for unfunded plans were $79.3 and $137.5, respectively. for 2017, cash contributions to defined benefit plans are estimated to be $65 to $85. the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans, which.
what was the net change in cash contributions to funded plans and benefit payments for unfunded plans from 2015 to 2016? -58.2
what was the value in 2015?
|
137.5
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy corporation and subsidiaries 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? 201.0
and what was it by the beginning of that year? 128.0
throughout the year, then, by how much did it increase? 73.0
and what was this increase as a percent of the beginning of the year total?
|
0.57031
|
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
|
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 applied manufactures systems to meet demand represented by order backlog and customer commitments. backlog consists of: (1) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months, or shipment has occurred but revenue has not been recognized; and (2) contractual service revenue and maintenance fees to be earned within the next 12 months. backlog by reportable segment as of october 27, 2013 and october 28, 2012 was as follows: 2013 2012 (in millions, except percentages).
- | 2013 | 2012 | - | (in millions except percentages)
silicon systems group | $1295 | 55% (55%) | $705 | 44% (44%)
applied global services | 591 | 25% (25%) | 580 | 36% (36%)
display | 361 | 15% (15%) | 206 | 13% (13%)
energy and environmental solutions | 125 | 5% (5%) | 115 | 7% (7%)
total | $2372 | 100% (100%) | $1606 | 100% (100%)
applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods, due to the potential for customer changes in delivery schedules or cancellation of orders. customers may delay delivery of products or cancel orders prior to shipment, subject to possible cancellation penalties. delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations. manufacturing, raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly, test and integration of various proprietary and commercial parts, components and subassemblies (collectively, parts) that are used to manufacture systems. applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries, including the united states, europe, israel, singapore, taiwan, and other countries in asia, and assembly of some systems is completed at customer sites. applied uses numerous vendors, including contract manufacturers, to supply parts and assembly services for the manufacture and support of its products. although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers, this is not always possible. accordingly, some key parts may be obtained from only a single supplier or a limited group of suppliers. applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by: (1) selecting and qualifying alternate suppliers for key parts; (2) monitoring the financial condition of key suppliers; (3) maintaining appropriate inventories of key parts; (4) qualifying new parts on a timely basis; and (5) locating certain manufacturing operations in close proximity to suppliers and customers. research, development and engineering applied 2019s long-term growth strategy requires continued development of new products. the company 2019s significant investment in research, development and engineering (rd&e) has generally enabled it to deliver new products and technologies before the emergence of strong demand, thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle. applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements. product development and engineering organizations are located primarily in the united states, as well as in europe, israel, taiwan, and china. in addition, applied outsources certain rd&e activities, some of which are performed outside the united states, primarily in india. process support and customer demonstration laboratories are located in the united states, china, taiwan, europe, and israel. applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows: $1.3 billion (18 percent of net sales) in fiscal 2013, $1.2 billion (14 percent of net sales) in fiscal 2012, and $1.1 billion (11 percent of net sales) in fiscal 2011. applied has spent an average of 14 percent of net sales in rd&e over the last five years. in addition to rd&e for specific product technologies, applied maintains ongoing programs for automation control systems, materials research, and environmental control that are applicable to its products..
what was the change in rd&e spendings from 2013 to 2014?
|
0.1
|
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.
|
to, rather than as a substitute for, cash provided by operating activities. the following table reconciles cash provided by operating activities (gaap measure) to free cash flow (non-gaap measure):.
millions | 2015 | 2014 | 2013
cash provided by operating activities | $7344 | $7385 | $6823
cash used in investing activities | -4476 (4476) | -4249 (4249) | -3405 (3405)
dividends paid | -2344 (2344) | -1632 (1632) | -1333 (1333)
free cash flow | $524 | $1504 | $2085
2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents: our employees, customers, shareholders and the communities we serve. we will continue using a multi-faceted approach to safety, utilizing technology, risk assessment, quality control, training and employee engagement, and targeted capital investments. we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations, which allows us to identify and implement best practices for employee and operational safety. we will continue our efforts to increase detection of rail defects; improve or close crossings; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs (including risk assessment strategies), industry programs and local community activities across our network. f0b7 network operations 2013 in 2016, we will continue to align resources with customer demand, continue to improve network performance, and maintain our surge capability. f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015, fuel price projections continue to be uncertain in the current environment. we again could see volatile fuel prices during the year, as they are sensitive to global and u.s. domestic demand, refining capacity, geopolitical events, weather conditions and other factors. as prices fluctuate, there will be a timing impact on earnings, as our fuel surcharge programs trail fluctuations in fuel price by approximately two months. continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport. alternatively, lower fuel prices will likely have a negative impact on other commodities such as coal, frac sand and crude oil shipments. f0b7 capital plan 2013 in 2016, we expect our capital plan to be approximately $3.75 billion, including expenditures for ptc, 230 locomotives and 450 freight cars. the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments. (see further discussion in this item 7 under liquidity and capital resources 2013 capital plan.) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels. we expect volumes to be down slightly in 2016 compared to 2015, but will depend on the overall economy and market conditions. the strong u.s. dollar and historic low commodity prices could also drive continued volatility. one of the biggest uncertainties is the outlook for energy markets, which will bring both challenges and opportunities. in the current environment, we expect continued margin improvement driven by continued pricing opportunities, ongoing productivity initiatives, and the ability to leverage our resources and strengthen our franchise. over the longer term, we expect the overall u.s. economy to continue to improve at a modest pace, with some markets outperforming others..
what was the free cash flow in 2015? 524.0
and what was the cash provided by operating activities in that same year? 7344.0
how much, then, did the first represent in relation to the second?
|
0.07135
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy texas, inc. management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas, substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs. other regulatory charges increased primarily due to an increase of $6.9 million in the recovery of bond expenses related to the securitization bonds. the recovery became effective july 2007. see note 5 to the financial statements for additional information regarding the securitization bonds. 2007 compared to 2006 net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges. following is an analysis of the change in net revenue comparing 2007 to 2006. amount (in millions).
- | amount (in millions)
2006 net revenue | $403.3
purchased power capacity | 13.1
securitization transition charge | 9.9
volume/weather | 9.7
transmission revenue | 6.1
base revenue | 2.6
other | -2.4 (2.4)
2007 net revenue | $442.3
the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana. the securitization transition charge variance is due to the issuance of securitization bonds. as discussed above, in june 2007, egsrf i, a company wholly-owned and consolidated by entergy texas, issued securitization bonds and with the proceeds purchased from entergy texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. see note 5 to the financial statements herein for details of the securitization bond issuance. the volume/weather variance is due to increased electricity usage on billed retail sales, including the effects of more favorable weather in 2007 compared to the same period in 2006. the increase is also due to an increase in usage during the unbilled sales period. retail electricity usage increased a total of 139 gwh in all sectors. see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues. the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006. the base revenue variance is due to the transition to competition rider that began in march 2006. refer to note 2 to the financial statements for further discussion of the rate increase. gross operating revenues, fuel and purchased power expenses, and other regulatory charges gross operating revenues decreased primarily due to a decrease of $179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds. the decrease was partially offset by the $39 million increase in net revenue described above and an increase of $44 million in wholesale revenues, including $30 million from the system agreement cost equalization payments from entergy arkansas. the receipt of such payments is being.
what is the net revenue in 2007? 442.3
what about in 2006? 403.3
what os the net change?
|
39.0
|
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.
|
stock-based awards under the plan stock options 2013 marathon grants stock options under the 2007 plan and previously granted options under the 2003 plan. marathon 2019s stock options represent the right to purchase shares of common stock at the fair market value of the common stock on the date of grant. through 2004, certain stock options were granted under the 2003 plan with a tandem stock appreciation right, which allows the recipient to instead elect to receive cash and/or common stock equal to the excess of the fair market value of shares of common stock, as determined in accordance with the 2003 plan, over the option price of the shares. in general, stock options granted under the 2007 plan and the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted. stock appreciation rights 2013 prior to 2005, marathon granted sars under the 2003 plan. no stock appreciation rights have been granted under the 2007 plan. similar to stock options, stock appreciation rights represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the grant price. under the 2003 plan, certain sars were granted as stock-settled sars and others were granted in tandem with stock options. in general, sars granted under the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted. stock-based performance awards 2013 prior to 2005, marathon granted stock-based performance awards under the 2003 plan. no stock-based performance awards have been granted under the 2007 plan. beginning in 2005, marathon discontinued granting stock-based performance awards and instead now grants cash-settled performance units to officers. all stock-based performance awards granted under the 2003 plan have either vested or been forfeited. as a result, there are no outstanding stock-based performance awards. restricted stock 2013 marathon grants restricted stock and restricted stock units under the 2007 plan and previously granted such awards under the 2003 plan. in 2005, the compensation committee began granting time-based restricted stock to certain u.s.-based officers of marathon and its consolidated subsidiaries as part of their annual long-term incentive package. the restricted stock awards to officers vest three years from the date of grant, contingent on the recipient 2019s continued employment. marathon also grants restricted stock to certain non-officer employees and restricted stock units to certain international employees (201crestricted stock awards 201d), based on their performance within certain guidelines and for retention purposes. the restricted stock awards to non-officers generally vest in one-third increments over a three-year period, contingent on the recipient 2019s continued employment. prior to vesting, all restricted stock recipients have the right to vote such stock and receive dividends thereon. the non-vested shares are not transferable and are held by marathon 2019s transfer agent. common stock units 2013 marathon maintains an equity compensation program for its non-employee directors under the 2007 plan and previously maintained such a program under the 2003 plan. all non-employee directors other than the chairman receive annual grants of common stock units, and they are required to hold those units until they leave the board of directors. when dividends are paid on marathon common stock, directors receive dividend equivalents in the form of additional common stock units. stock-based compensation expense 2013 total employee stock-based compensation expense was $80 million, $83 million and $111 million in 2007, 2006 and 2005. the total related income tax benefits were $29 million, $31 million and $39 million. in 2007 and 2006, cash received upon exercise of stock option awards was $27 million and $50 million. tax benefits realized for deductions during 2007 and 2006 that were in excess of the stock-based compensation expense recorded for options exercised and other stock-based awards vested during the period totaled $30 million and $36 million. cash settlements of stock option awards totaled $1 million and $3 million in 2007 and 2006. stock option awards granted 2013 during 2007, 2006 and 2005, marathon granted stock option awards to both officer and non-officer employees. the weighted average grant date fair value of these awards was based on the following black-scholes assumptions:.
- | 2007 | 2006 | 2005
weighted average exercise price per share | $60.94 | $37.84 | $25.14
expected annual dividends per share | $0.96 | $0.80 | $0.66
expected life in years | 5.0 | 5.1 | 5.5
expected volatility | 27% (27%) | 28% (28%) | 28% (28%)
risk-free interest rate | 4.1% (4.1%) | 5.0% (5.0%) | 3.8% (3.8%)
weighted average grant date fair value of stock option awards granted | $17.24 | $10.19 | $6.15
.
what is the expected annual dividends per share in 2007?
|
0.96
|
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 the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s. income taxes have been provided on undistributed earnings of non- u.s. subsidiaries because they are deemed to be reinvested for an indefinite period of time. the tax (cost) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets, for the years ended december 31, 2011, 2010 and 2009 was $(7) million, $8 million and $62 million, respectively. the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31, 2011, 2010 and 2009 was $98 million, $65 million and $18 million, respectively. the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31, 2011 and 2010 was $990 million and $889 million, respectively. the tax (cost) benefit related to the change in the unrealized gain (loss) on marketable securities for the years ended december 31, 2011, 2010 and 2009 was $(0.2) million, $0.6 million and $0.1 million, respectively. the tax benefit (cost) related to the change in the unrealized gain (loss) on derivatives for the years ended december 31, 2011, 2010 and 2009 was $19 million, $1 million and $(16) million, respectively. 18. employee savings plan ppg 2019s employee savings plan (201csavings plan 201d) covers substantially all u.s. employees. the company makes matching contributions to the savings plan based upon participants 2019 savings, subject to certain limitations. for most participants not covered by a collective bargaining agreement, company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% (6%) of eligible participant compensation. for those participants whose employment is covered by a collective bargaining agreement, the level of company-matching contribution, if any, is determined by the relevant collective bargaining agreement. the company-matching contribution was 100% (100%) for the first two months of 2009. the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession. effective july 1, 2010, the company match was reinstated at 50% (50%) on the first 6% (6%) of compensation contributed for most employees eligible for the company-matching contribution feature. this included the union represented employees in accordance with their collective bargaining agreements. on january 1, 2011, the company match was increased to 75% (75%) on the first 6% (6%) of compensation contributed by these eligible employees. compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011, 2010 and 2009 totaled $26 million, $9 million and $7 million, respectively. a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan. as a result, the tax deductible dividends on ppg shares held by the savings plan were $20 million, $24 million and $28 million for 2011, 2010 and 2009, respectively. 19. other earnings (millions) 2011 2010 2009.
(millions) | 2011 | 2010 | 2009
royalty income | 55 | 58 | 45
share of net earnings (loss) of equity affiliates (see note 5) | 37 | 45 | -5 (5)
gain on sale of assets | 12 | 8 | 36
other | 73 | 69 | 74
total | $177 | $180 | $150
total $177 $180 $150 20. stock-based compensation the company 2019s stock-based compensation includes stock options, restricted stock units (201crsus 201d) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return. all current grants of stock options, rsus and contingent shares are made under the ppg industries, inc. amended and restated omnibus incentive plan (201cppg amended omnibus plan 201d), which was amended and restated effective april 21, 2011. shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31, 2011. total stock-based compensation cost was $36 million, $52 million and $34 million in 2011, 2010 and 2009, respectively. the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $13 million, $18 million and $12 million in 2011, 2010 and 2009, respectively. stock options ppg has outstanding stock option awards that have been granted under two stock option plans: the ppg industries, inc. stock plan (201cppg stock plan 201d) and the ppg amended omnibus plan. under the ppg amended omnibus plan and the ppg stock plan, certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted. the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years. upon exercise of a stock option, shares of company stock are issued from treasury stock. the ppg stock plan includes a restored option provision for options originally granted prior to january 1, 2003 that 68 2011 ppg annual report and form 10-k.
what was the value of stock-based compensation in 2011? 36.0
what was it in 2010?
|
52.0
|
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.
|
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 were net inventories in 2003? 527.7
what were they in 2002? 257.6
what is the ratio of 2003 to 2002?
|
2.04852
|
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 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
and what was that total debt in 2014? 29.5
what percentage, then, did that change represent in relation to this 2014 amount? -0.0339
between those two years, what was, again, the variance in that total debt, in billions?
|
-1.0
|
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.
|
19. income taxes (continued) capital loss carryforwards of $69 million and $90 million, which were acquired in the bgi transaction and will expire on or before 2013. at december 31, 2012 and 2011, the company had $95 million and $95 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition. the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets. goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill. see note 9, goodwill, for further discussion. current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction. as of december 31, 2012, the company had current income taxes receivable and payable of $102 million and $121 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. as of december 31, 2011, the company had current income taxes receivable and payable of $108 million and $102 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration. the excess totaled $2125 million and $1516 million as of december 31, 2012 and 2011, respectively. the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation. the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits: year ended december 31, (dollar amounts in millions) 2012 2011 2010.
(dollar amounts in millions) | year ended december 31, 2012 | year ended december 31, 2011 | year ended december 31, 2010
balance at january 1 | $349 | $307 | $285
additions for tax positions of prior years | 4 | 22 | 10
reductions for tax positions of prior years | -1 (1) | -1 (1) | -17 (17)
additions based on tax positions related to current year | 69 | 46 | 35
lapse of statute of limitations | 2014 | 2014 | -8 (8)
settlements | -29 (29) | -25 (25) | -2 (2)
positions assumed in acquisitions | 12 | 2014 | 4
balance at december 31 | $404 | $349 | $307
included in the balance of unrecognized tax benefits at december 31, 2012, 2011 and 2010, respectively, are $250 million, $226 million and $194 million of tax benefits that, if recognized, would affect the effective tax rate. the company recognizes interest and penalties related to income tax matters as a component of income tax expense. related to the unrecognized tax benefits noted above, the company accrued interest and penalties of $3 million during 2012 and in total, as of december 31, 2012, had recognized a liability for interest and penalties of $69 million. the company accrued interest and penalties of $10 million during 2011 and in total, as of december 31, 2011, had recognized a liability for interest and penalties of $66 million. the company accrued interest and penalties of $8 million during 2010 and in total, as of december 31, 2010, had recognized a liability for interest and penalties of $56 million. pursuant to the amended and restated stock purchase agreement, the company has been indemnified by barclays for $73 million and guggenheim for $6 million of unrecognized tax benefits. blackrock is subject to u.s. federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. tax years after 2007 remain open to u.s. federal income tax examination, tax years after 2005 remain open to state and local income tax examination, and tax years after 2006 remain open to income tax examination in the united kingdom. with few exceptions, as of december 31, 2012, the company is no longer subject to u.s. federal, state, local or foreign examinations by tax authorities for years before 2006. the internal revenue service (201cirs 201d) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011. in november 2011, the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years, and while the impact on the consolidated financial statements is undetermined, it is not expected to be material. in july 2011, the irs commenced its federal income tax audit of the bgi group, which blackrock acquired in december 2009. the tax years under examination are 2007 through december 1, 2009, and while the impact on the consolidated financial statements is undetermined, it is not expected to be material. the company is currently under audit in several state and local jurisdictions. the significant state and local income tax examinations are in california for tax years 2004 through 2006, new york city for tax years 2007 through 2008, and new jersey for tax years 2003 through 2009. no state and local income tax audits cover years earlier than 2007 except for california, new jersey and new york city. no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements..
what was the change in the balance from the start of 2010 to the end of 2012? 119.0
and what was the increase in 2010 on the positions assumed in acquisitions? 4.0
what was that increase in 2012?
|
12.0
|
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.
|
simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements. the adoption of this pronouncement did not have a significant impact on the company 2019s financial position, results of operations and cash flows. 3. acquisitions endomondo on january 5, 2015, the company acquired 100% (100%) of the outstanding equity of endomondo, a denmark- based digital connected fitness company, to expand the under armour connected fitness community. the purchase price was $85.0 million, adjusted for working capital. the company recognized $0.6 million and $0.8 million in acquisition related costs that were expensed during the three months ended march 31, 2015 and december 31, 2014, respectively. these costs are included in the consolidated statements of income in the line item entitled 201cselling, general and administrative expenses. 201d pro forma results are not presented, as the acquisition was not considered material to the consolidated company. myfitnesspal on march 17, 2015, the company acquired 100% (100%) of the outstanding equity of mfp, a digital nutrition and connected fitness company, to expand the under armour connected fitness community. the final adjusted transaction value totaled $474.0 million. the total consideration of $463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp, which are not conditioned upon continued employment, and transaction costs borne by the selling shareholders. the acquisition was funded with $400.0 million of increased term loan borrowings and a draw on the revolving credit facility, with the remaining amount funded by cash on the company recognized $5.7 million of acquisition related costs that were expensed during the three months ended march 31, 2015. these costs are included in the consolidated statement of income in the line item entitled 201cselling, general and administrative expenses. 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31, 2015 and december 31, 2014:.
(in thousands) | year ended december 31, 2015 | year ended december 31, 2014
net revenues | $3967008 | $3098341
net income | 231277 | 189659
these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1, 2014. pro forma net income for the year ended december 31, 2014 includes $5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31, 2015, but excluded from the calculation of pro forma net income for december 31, 2015..
what was the profit margin in 2015?
|
0.0583
|
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 pnc financial services group, inc. 2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position. however, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period. note 20 commitments in the normal course of business, we have various commitments outstanding, certain of which are not included on our consolidated balance sheet. the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31, 2018 and 2017, respectively. table 94: commitments to extend credit and other commitments in millions december 31 december 31.
in millions | december 31 2018 | december 312017
commitments to extend credit | - | -
total commercial lending | $120165 | $112125
home equity lines of credit | 16944 | 17852
credit card | 27100 | 24911
other | 5069 | 4753
total commitments to extend credit | 169278 | 159641
net outstanding standby letters of credit (a) | 8655 | 8651
reinsurance agreements (b) | 1549 | 1654
standby bond purchase agreements (c) | 1000 | 843
other commitments (d) | 1130 | 1732
total commitments to extend credit and other commitments | $181612 | $172521
commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. these commitments generally have fixed expiration dates, may require payment of a fee, and generally contain termination clauses in the event the customer 2019s credit quality deteriorates. net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. approximately 91% (91%) of our net outstanding standby letters of credit were rated as pass at both december 31, 2018 and 2017, with the remainder rated as criticized. an internal credit rating of pass indicates the expected risk of loss is currently low, while a rating of criticized indicates a higher degree of risk. if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. the standby letters of credit outstanding on december 31, 2018 had terms ranging from less than one year to six years. as of december 31, 2018, assets of $1.1 billion secured certain specifically identified standby letters of credit. in addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us. the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $.2 billion at december 31, 2018 and is included in other liabilities on our consolidated balance sheet..
what is the net change in total commitments to extend credit and other commitments from 2017 to 2018? 9091.0
what is the value in 2017? 172521.0
what is the net change divided by the 2017 value?
|
0.0527
|
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.
|
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
what is the value of the nasdaq composite in 2018 less 100? 65.84
what is that divided by 100? 0.6584
what is the difference of the cadence percent change and that of the nasdaq?
|
1.4529
|
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.
|
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 difference in fuel surcharge program freight revenue between 2012 and 2013?
|
0.0
|
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.
|
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 was the value of liabilities assumed? 5829.0
what is the positive value of debt assumed?
|
148527.0
|
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
what percentage, then, of this amount did that variation represent? 0.13419
and concerning the valuation allowance in that last year, what was its change in the fiscal period? 80.9
what percent of this change was due to settlements with taxing authorities?
|
0.0
|
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.
|
devon energy corporation and subsidiaries notes to consolidated financial statements 2013 (continued) asset divestitures in conjunction with the asset divestitures in 2013 and 2014, devon removed $26 million and $706 million of goodwill, respectively, which were allocated to these assets. impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns. as a result of performing the goodwill impairment test described in note 1, devon concluded the implied fair value of its canadian goodwill was zero as of december 31, 2014. this conclusion was largely based on the significant decline in benchmark oil prices, particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014. consequently, in the fourth quarter of 2014, devon wrote off its remaining canadian goodwill and recognized a $1.9 billion impairment. other intangible assets as of december 31, 2014, intangible assets associated with customer relationships had a gross carrying amount of $569 million and $36 million of accumulated amortization. the weighted-average amortization period for the customer relationships is 13.7 years. amortization expense for intangibles was approximately $36 million for the year ended december 31, 2014. other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets. the following table summarizes the estimated aggregate amortization expense for the next five years. year amortization amount (in millions).
year | amortization amount (in millions)
2015 | $45
2016 | $45
2017 | $45
2018 | $45
2019 | $44
.
what was the total amortization amount in the years of 2015 to 2018? 180.0
including 2019, what becomes this total? 224.0
and what was the average amount between those five years?
|
44.8
|
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.
|
when we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use. however, many of our assets are self-constructed. a large portion of our capital expenditures is for track structure expansion (capacity projects) and replacement (program projects), which is typically performed by our employees. approximately 13% (13%) of our full-time equivalent employees are dedicated to the construction of capital assets. costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized. direct costs that are capitalized as part of self-constructed assets include material, labor, and work equipment. indirect costs are capitalized if they clearly relate to the construction of the asset. these costs are allocated using appropriate statistical bases. the capitalization of indirect costs is consistent with fasb statement no. 67, accounting for costs and initial rental operations of real estate projects. general and administrative expenditures are expensed as incurred. normal repairs and maintenance are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized. assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. 10. accounts payable and other current liabilities dec. 31, dec. 31, millions of dollars 2008 2007.
millions of dollars | dec. 31 2008 | dec. 31 2007
accounts payable | $629 | $732
accrued wages and vacation | 367 | 394
accrued casualty costs | 390 | 371
income and other taxes | 207 | 343
dividends and interest | 328 | 284
equipment rents payable | 93 | 103
other | 546 | 675
total accounts payable and other current liabilities | $2560 | $2902
11. fair value measurements during the first quarter of 2008, we fully adopted fasb statement no. 157, fair value measurements (fas 157). fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements. the adoption of fas 157 had no impact on our financial position or results of operations. fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis. this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. the statement requires that each asset and liability carried at fair value be classified into one of the following categories: level 1: quoted market prices in active markets for identical assets or liabilities. level 2: observable market based inputs or unobservable inputs that are corroborated by market data. level 3: unobservable inputs that are not corroborated by market data..
what was the equipment rents payable in 2008? 93.0
and in 2007? 103.0
so what was the difference between the two years?
|
-10.0
|
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.
|
risk and insurance brokerage services.
years ended december 31, | 2009 | 2008 | 2007
segment revenue | $6305 | $6197 | $5918
segment operating income | 900 | 846 | 954
segment operating income margin | 14.3% (14.3%) | 13.7% (13.7%) | 16.1% (16.1%)
during 2009 we continued to see a soft market, which began in 2007, in our retail brokerage product line. in 2007, we experienced a soft market in many business lines and in many geographic areas. in a 2018 2018soft market, 2019 2019 premium rates flatten or decrease, along with commission revenues, due to increased competition for market share among insurance carriers or increased underwriting capacity. changes in premiums have a direct and potentially material impact on the insurance brokerage industry, as commission revenues are generally based on a percentage of the premiums paid by insureds. prices fell throughout 2007, with the greatest declines seen in large and middle-market accounts. prices continued to decline during 2008, although the rate of decline slowed toward the end of the year. in our reinsurance brokerage product line, pricing overall during 2009 was also down, although during a portion of the year it was flat to up slightly. additionally, beginning in late 2008 and continuing throughout 2009, we faced difficult conditions as a result of unprecedented disruptions in the global economy, the repricing of credit risk and the deterioration of the financial markets. continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products, which have negatively hurt our operational results. in addition, overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients. this failure could reduce our revenues and profitability, since we would no longer have access to certain lines and types of insurance. risk and insurance brokerage services generated approximately 83% (83%) of our consolidated total revenues in 2009. revenues are generated primarily through fees paid by clients, commissions and fees paid by insurance and reinsurance companies, and investment income on funds held on behalf of clients. our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals, the net effect of new and lost business, the timing of services provided to our clients, and the income we earn on investments, which is heavily influenced by short-term interest rates. we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms, as well as with individual brokers, agents, and direct writers of insurance coverage. specifically, we address the highly specialized product development and risk management needs of commercial enterprises, professional groups, insurance companies, governments, healthcare providers, and non-profit groups, among others; provide affinity products for professional liability, life, disability income, and personal lines for individuals, associations, and businesses; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance; provide investment banking products and services, including mergers and acquisitions and other financial advisory services, capital raising, contingent capital financing, insurance-linked securitizations and derivative applications; provide managing underwriting to independent agents and brokers as well as corporate clients; provide actuarial, loss prevention, and administrative services to businesses and consumers; and manage captive insurance companies. in november 2008 we expanded our product offerings through the merger with benfield, a leading independent reinsurance intermediary. benfield products have been integrated with our existing reinsurance products in 2009. in february 2009, we completed the sale of the u.s. operations of cananwill, our premium finance business. in june and july of 2009, we entered into agreements with third parties with respect to our.
what was the total of risk and insurance brokerage services segment revenue in 2009?
|
6305.0
|
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.
what was, in millions, the operating income in 2017? 11503.0
and what was it in 2016? 10815.0
what was, then, the change over the year, in millions? 688.0
and in the previous year, what was the decline in the net earnings, also in millions?
|
932.0
|
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 presents var with respect to our trading activities, as measured by our var methodology for the periods indicated: value-at-risk.
years ended december 31 (inmillions) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum
foreign exchange products | $1.8 | $4.7 | $.3 | $1.8 | $4.0 | $.7
interest-rate products | 1.1 | 2.4 |.6 | 1.4 | 3.7 |.1
we back-test the estimated one-day var on a daily basis. this information is reviewed and used to confirm that all relevant trading positions are properly modeled. for the years ended december 31, 2008 and 2007, we did not experience any actual trading losses in excess of our end-of-day var estimate. asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue, or nir, under varying economic environments, while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates. most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses. we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities, but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines. our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco. our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk. to effectively manage the consolidated balance sheet and related nir, global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons. global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units, north america, europe and asia/pacific, to reflect the growing, global nature of our exposures and to capture the impact of change in regional market environments on our total risk position. our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk. we invest in financial instruments with currency, repricing, and maturity characteristics we consider appropriate to manage our overall interest-rate risk position. in addition to on-balance sheet assets, we use certain derivatives, primarily interest-rate swaps, to alter the interest-rate characteristics of specific balance sheet assets or liabilities. the use of derivatives is subject to alco-approved guidelines. additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8. as a result of growth in our non-u.s. operations, non-u.s. dollar denominated customer liabilities are a significant portion of our consolidated balance sheet. this growth results in exposure to changes in the shape and level of non-u.s. dollar yield curves, which we include in our consolidated interest-rate risk management process. because no one individual measure can accurately assess all of our exposures to changes in interest rates, we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values. net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments. we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates. finally, gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position..
in the year of 2008, what was the variance of the foreign exchange products in the first section?
|
4.4
|
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 shows the impact of catastrophe losses and related reinstatement premiums and the impact of prior period development on our consolidated loss and loss expense ratio for the periods indicated..
- | 2010 | 2009 | 2008
loss and loss expense ratio as reported | 59.2% (59.2%) | 58.8% (58.8%) | 60.6% (60.6%)
catastrophe losses and related reinstatement premiums | (3.2)% (%) | (1.2)% (%) | (4.7)% (%)
prior period development | 4.6% (4.6%) | 4.9% (4.9%) | 6.8% (6.8%)
large assumed loss portfolio transfers | (0.3)% (%) | (0.8)% (%) | 0.0% (0.0%)
loss and loss expense ratio adjusted | 60.3% (60.3%) | 61.7% (61.7%) | 62.7% (62.7%)
we recorded net pre-tax catastrophe losses of $366 million in 2010 compared with net pre-tax catastrophe losses of $137 million and $567 million in 2009 and 2008, respectively. the catastrophe losses for 2010 were primarily related to weather- related events in the u.s., earthquakes in chile, mexico, and new zealand, and storms in australia and europe. the catastrophe losses for 2009 were primarily related to an earthquake in asia, floods in europe, several weather-related events in the u.s., and a european windstorm. for 2008, the catastrophe losses were primarily related to hurricanes gustav and ike. prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years. we experienced $503 million of net favorable prior period development in our p&c segments in 2010. this compares with net favorable prior period development in our p&c segments of $576 million and $814 million in 2009 and 2008, respectively. refer to 201cprior period development 201d for more information. the adjusted loss and loss expense ratio declined in 2010, compared with 2009, primarily due to the impact of the crop settlements, non-recurring premium adjustment and the reduction in assumed loss portfolio business, which is written at higher loss ratios than other types of business. our policy acquisition costs include commissions, premium taxes, underwriting, and other costs that vary with, and are primarily related to, the production of premium. administrative expenses include all other operating costs. our policy acquis- ition cost ratio increased in 2010, compared with 2009. the increase was primarily related to the impact of crop settlements, which generated higher profit-share commissions and a lower adjustment to net premiums earned, as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix. our administrative expense ratio increased in 2010, primarily due to the impact of the crop settlements, reinstatement premiums expensed, and increased costs in our international operations. although the crop settlements generate minimal administrative expenses, they resulted in lower adjustment to net premiums earned in 2010, compared with 2009. administrative expenses in 2010, were partially offset by higher net results generated by our third party claims administration business, esis, the results of which are included within our administrative expenses. esis generated $85 million in net results in 2010, compared with $26 million in 2009. the increase is primarily from non-recurring sources. our policy acquisition cost ratio was stable in 2009, compared with 2008, as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions. administrative expenses increased in 2009, primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business. our effective income tax rate, which we calculate as income tax expense divided by income before income tax, is depend- ent upon the mix of earnings from different jurisdictions with various tax rates. a change in the geographic mix of earnings would change the effective income tax rate. our effective income tax rate was 15 percent in 2010, compared with 17 percent and 24 percent in 2009 and 2008, respectively. the decrease in our effective income tax rate in 2010, was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions, a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s. internal revenue service appeals division regarding federal tax returns for the years 2002-2004, and the recognition of a non-taxable gain related to the acquisition of rain and hail. the 2009 year included a reduction of a deferred tax valuation allowance related to investments. for 2008, our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions. prior period development the favorable prior period development, inclusive of the life segment, of $512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements. with respect to ace 2019s crop business, ace regularly receives reports from its managing general agent (mga) relating to the previous crop year (s) in subsequent calendar quarters and this typically results.
what was the net favorable prior period development in 2010? 503.0
and what was it in 2008?
|
814.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy corporation and subsidiaries notes to financial statements (a) consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds. (b) these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). (c) pursuant to the nuclear waste policy act of 1982, entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service. the contracts include a one-time fee for generation prior to april 7, 1983. entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term (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 are the annual long-term obligations in 2014? 385373.0
what is that divided by 1000?
|
385.373
|
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.
|
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 2016 net revenue? 1542.0
what was the 2015 net revenue? 1666.0
what is the 2016 less the 2015 values? -124.0
what is that difference divided by the 2015 value?
|
-0.07443
|
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..
what was the total gross amount of unrecognized tax benefits in 2018? 196152.0
what was the value in 2017? 172945.0
what is the net change?
|
23207.0
|
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 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 net change in total debt from 2014 to 2015? -1.0
what was the value in 2014? 29.5
what is the percent change?
|
-0.0339
|
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.
|
alexion pharmaceuticals, inc. notes to consolidated financial statements 2014 (continued) for the years ended december 31, 2007 and 2006, five month period ended december 31, 2005, and year ended july 31, 2005 (amounts in thousands, except share and per share amounts) aggregate future minimum annual rental payments for the next five years and thereafter under non-cancellable operating leases (including facilities and equipment) as of december 31, 2007 are:.
2008 | $4935
2009 | 3144
2010 | 3160
2011 | 3200
2012 | 2768
thereafter | 9934
9. commitments and contingencies legal proceedings on march 16, 2007, pdl biopharma, inc., or pdl, filed a civil action against alexion in the u.s. district court for the district of delaware. pdl claims willful infringement by alexion of pdl patents due to sales of soliris. pdl seeks unspecified damages, but no less than a reasonable royalty, plus attorney 2019s fees. alexion has denied pdl's claims. in addition, we filed counterclaims seeking declarations of non-infringement and invalidity of certain u.s. patents held by pdl. alexion believes it has good and valid defenses to pdl's claims and intends to vigorously defend the case and pursue its counterclaims. on february 4, 2008, sb2, inc. filed a civil action against alexion in the united states district court for the northern district of california. sb2, inc. claims willfull infringement by alexion of sb2, inc. patents due to sales of soliris. sb2, inc. seeks unspecified monetary damages, equitable relief and attorneys fees. alexion believes it has good and valid defenses to sb2's claims and intends to vigorously defend the case and pursue its counterclaims. the results of such civil actions cannot be predicted with certainty due to their early stages. however, depending on the outcome of these legal matters, the operating results of the company could be materially impacted through adjustments to cost of sales (see notes 2, 6 and 15 for additional information related to royalties). product supply the large-scale product supply agreement dated december 18, 2002, or the lonza agreement, between lonza sales ag, or lonza, and us, relating to the manufacture of soliris, was amended in june 2007. we amended our supply agreement to provide for additional purchase commitments of soliris of $30000 to $35000 through 2013. such commitments may only be cancelled in limited circumstances..
what was the minimum annual rental payment in 2011? 3200.0
what was it in 2010? 3160.0
what is the difference?
|
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.
|
table of contents tceq and harris county pollution control services department (hcpcs) (houston terminal). we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey. we are working with the pertinent authorities to resolve these matters. item 4. mine safety disclosures part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo. 201d as of january 31, 2019, there were 5271 holders of record of our common stock. dividends are considered quarterly by the board of directors, may be paid only when approved by the board, and will depend on our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, and other factors and restrictions our board deems relevant. there can be no assurance that we will pay a dividend at the rates we have paid historically, or at all, in the future. the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018. period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs (a) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs (b).
period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs (a) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms (b)
october 2018 | 939957 | $87.23 | 8826 | 931131 | $2.7 billion
november 2018 | 3655945 | $87.39 | 216469 | 3439476 | $2.4 billion
december 2018 | 3077364 | $73.43 | 4522 | 3072842 | $2.2 billion
total | 7673266 | $81.77 | 229817 | 7443449 | $2.2 billion
(a) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to (i) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and (ii) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options, the vesting of restricted stock, and other stock compensation transactions in accordance with the terms of our stock-based compensation plans. (b) on january 23, 2018, we announced that our board of directors authorized our purchase of up to $2.5 billion of our outstanding common stock (the 2018 program), with no expiration date, which was in addition to the remaining amount available under a $2.5 billion program authorized on september 21, 2016 (the 2016 program). during the fourth quarter of 2018, we completed our purchases under the 2016 program. as of december 31, 2018, we had $2.2 billion remaining available for purchase under the 2018 program..
what was the total number of shares purchased in november for the q4 ended 12/31/18?
|
0.47645
|
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 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 is the net change in the value of commodities from 2016 to 2017?
|
-26.0
|
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.
|
investing activities for the year ended 30 september 2014, cash used for investing activities was $1638.0, primarily capital expenditures for plant and equipment. for the year ended 30 september 2013, cash used for investing activities was $1697.0, primarily capital expenditures for plant and equipment and acquisitions. for the year ended 30 september 2012, cash used for investing activities was $2435.2, primarily capital expenditures for plant and equipment, acquisitions, and investments in unconsolidated affiliates. refer to the capital expenditures section below for additional detail. capital expenditures capital expenditures are detailed in the following table:.
- | 2014 | 2013 | 2012
additions to plant and equipment | $1684.2 | $1524.2 | $1521.0
acquisitions less cash acquired | 2014 | 224.9 | 863.4
investments in and advances to unconsolidated affiliates | -2.0 (2.0) | -1.3 (1.3) | 175.4
capital expenditures on a gaap basis | $1682.2 | $1747.8 | $2559.8
capital lease expenditures (a) | 202.4 | 234.9 | 212.2
purchase of noncontrolling interests in asubsidiary (a) |.5 | 14.0 | 6.3
capital expenditures on a non-gaap basis | $1885.1 | $1996.7 | $2778.3
(a) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests. certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases, and such spending is reflected as a use of cash within cash provided by operating activities, if the arrangement qualifies as a capital lease. additionally, the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows. the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures. capital expenditures on a gaap basis in 2014 totaled $1682.2, compared to $1747.8 in 2013. the decrease of $65.6 was primarily due to the acquisitions in 2013. additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses. additions to plant and equipment also included support capital of a routine, ongoing nature, including expenditures for distribution equipment and facility improvements. spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china, hydrogen to the global market, and renewable energy in the u.k. in 2013, we completed three acquisitions with an aggregate cash use, net of cash acquired, of $224.9. in the fourth quarter, we acquired an air separation unit and integrated gases liquefier in guiyang, china. during the third quarter, we acquired epco, the largest independent u.s. producer of liquid carbon dioxide (co2), and wcg. in 2012, we acquired a controlling stake in indura s.a. for $690 and e.i. dupont de nemours and co., inc. 2019s 50% (50%) interest in our joint venture, da nanomaterials for $147. we also purchased a 25% (25%) equity interest in abdullah hashim industrial gases & equipment co. ltd. (ahg), an unconsolidated affiliate, for $155. refer to note 5, business combinations, and note 7, summarized financial information of equity affiliates, to the consolidated financial statements for additional details regarding the acquisitions and the investments. capital expenditures on a non-gaap basis in 2014 totaled $1885.1 compared to $1996.7 in 2013. capital lease expenditures of $202.4 decreased by $32.5, reflecting lower project spending. 2015 outlook excluding acquisitions, capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $1650 and $1800, and on a non-gaap basis are expected to be between $1700 and $1900. the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases, which are expected to be between $50 and $100. a majority of the total capital expenditures is expected to be for new plants. it is anticipated that capital expenditures will be funded principally with cash from continuing operations. in addition, we intend to continue to evaluate acquisition opportunities and investments in equity affiliates. financing activities for the year ended 2014, cash used by financing activities was $504.3 primarily attributable to cash used to pay dividends of $627.7, which was partially offset by proceeds from stock option exercises of $141.6. our borrowings (short- and long-term proceeds, net of repayments) were a net source of cash (issuance) of $1.1 and included $148.7 of net commercial paper and other short-term debt issuances, debt proceeds from the issuance of a.
what were the capital expenditures on a non-gaap basis in 2012? 2778.3
and what were the capital expenditures on a gaap basis in that same year? 2559.8
how much, then, do the capital expenditures on a non-gaap basis represent in relation to the ones on a gaap basis, in 2012? 1.08536
and what is the difference between this value and the number one?
|
0.08536
|
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.
|
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 the following table sets forth the operating profit margin by cost of products sold. included in cost of product sold are segment for the years ended december 31, 2003, losses on foreign exchange hedge contracts, which increased 2002 and 2001: in 2003 relative to 2002. in the fourth quarter, the company reported operating profit as a percent of net sales of percent of net sales 47.1 percent for asia pacific..
year ended december 31, | 2003 | 2002 | 2001
americas | 51.2% (51.2%) | 48.3% (48.3%) | 47.4% (47.4%)
europe | 26.3 | 24.4 | 19.5
asia pacific | 45.3 | 46.1 | 45.4
operating profit for the americas as a percentage of net sales increased to 48.3 percent in 2002 from 47.4 percent in year ended december 31, 2003 2001, reflecting improved gross profit margins due to higher compared to year ended december 31, 2002 average selling prices and increased sales of higher margin operating profit for the americas as a percentage of net products, and lower selling expenses as a percent of sales sales increased due to improved gross margins driven by due to lower costs associated with the u.s. distributor higher average selling prices and increased sales of higher network. the americas continued to invest in strategic margin products, leveraged operating expenses and the initiatives such as mis technologies, field sales personnel, favorable impact of the change in accounting principle for medical education programs and new product launches. instruments. the change in accounting principle for operating profit for asia pacific as a percentage of net instruments increased operating profit by 1.7 percentage sales increased to 46.1 percent in 2002 from 45.4 percent points. with respect to sales growth, increased zimmer in 2001. this increase reflects lower selling, general and standalone average selling prices of 4 percent in 2003 and administrative expenses as a percent of sales in japan as favorable effects of volume and mix, 15 percent increase in a result of a sales force and dealer reorganization, partially 2003, represent the most significant factors in improved offset by lower gross profit margins as a result of lower yen operating profit in the americas. as reconstructive implant hedge gains compared to 2001. sales grow at a higher rate than trauma and orthopaedic operating profit for europe as a percentage of net sales surgical products, operating profit margins generally tend to increased to 24.4 percent in 2002 from 19.5 percent in 2001, improve since reconstructive product sales generally earn due to improved gross profit margins as a result of higher higher gross margins. this was the case in 2003, with zimmer average selling prices and favorable product and country mix, standalone reconstructive implant sales growth of 22 percent the leveraging of sales growth in europe on controlled as compared with total zimmer standalone sales growth of increases in operating expenses and improved efficiency 19 percent. in the fourth quarter, the company reported in the utilization of instruments (more frequent use of operating profit as a percent of net sales of 50.4 percent for instruments resulted in fewer placements and less expense). the americas. operating profit for europe as a percentage of net sales liquidity and capital resources increased due to improved gross profit margins driven by cash flows provided by operations were $494.8 million higher zimmer standalone average selling prices and in 2003, compared with $220.2 million in 2002. the principal favorable product and country mix, leveraged operating source of cash was net earnings before cumulative effect of expenses and the favorable impact of the change in change in accounting principle of $291.2 million. non-cash accounting principle for instruments. the change in expenses for the period included depreciation and accounting for instruments increased operating profit by amortization expense of $103.3 million, centerpulse inventory 1.4 percentage points. increases in zimmer standalone step-up of $42.7 million and centerpulse in-process research average selling prices in europe of 2 percent in 2003 and the and development write-offs of $11.2 million. working capital effect of volume and mix, 19 percent increase in 2003, were management, together with the collection of $20.0 million of the key factors in improved operating profit. also cash related to centerpulse tax loss carryforwards, contributing to the improvement was significantly lower contributed $80.4 million to operating cash flow. growth in operating expenses. in the fourth quarter, the working capital continues to be a key management focus. company reported operating profit as a percent of net sales at december 31, 2003, the company had 62 days of sales of 24.7 percent for europe. outstanding in accounts receivable, unfavorable to the prior operating profit for asia pacific as a percentage of year by 10 days. acquired centerpulse businesses had a net sales decreased primarily due to less favorable rates on negative impact of 10 days, due to centerpulse 2019s business hedge contracts during the year compared to the prior year, mix which has a greater proportion of european revenue with partially offset by increased zimmer standalone average payment terms generally longer than those in the u.s. at selling prices and leveraged operating expenses. the change december 31, 2003, the company had 232 days of inventory in accounting for instruments had an immaterial effect on on hand compared to 247 days reported at the end of 2002. operating profit for asia pacific. increases in zimmer the reduction was principally due to improved inventory standalone average selling prices in asia pacific of 1 percent management and the acquired dental and spinal businesses and volume and mix improvements of 4 percent in 2003 carrying fewer days of inventory. contributed modest improvement but was offset by higher.
what was the operating profit for the americas as a percentage of net sales in 2003? 51.2
and what was it in 2001? 47.4
by what amount, then, did it change over the years?
|
3.8
|
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 a result of our acquisition of third wave on july 24, 2008, we assumed certain operating leases, the most significant of which is related to their corporate facility in madison, wisconsin, which is effective through september 2014. future lease payments on these operating leases were approximately $5.8 million as of september 27, 2008. additionally, we assumed several license agreements for certain patent rights. these payments will be made through 2011 and future payments under these license agreements are approximately $7.0 million as of september 27, 2008. contractual obligations. the following table summarizes our contractual obligations and commitments as of september 27, 2008:.
contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total
long-term debt obligations | $38480 | $109436 | $327400 | $1725584 | $2200900
interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624
operating leases | 18528 | 33162 | 27199 | 63616 | 142505
purchase obligations (1) | 33176 | 15703 | 2014 | 2014 | 48879
financing leases | 2408 | 5035 | 5333 | 15008 | 27784
long-term supply contracts (2) | 3371 | 6000 | 3750 | 2014 | 13121
private equity investment (3) | 1874 | 2014 | 2014 | 2014 | 1874
total contractual obligations | $156571 | $280309 | $454115 | $1811692 | $2702687
(1) approximately $6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems. pursuant to the terms of this contract, we have certain minimum inventory purchase obligations for the initial term of eighteen months. thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics. (2) as a result of the merger with cytyc, we assumed on a consolidated basis certain non-cancelable supply contracts. for reasons of quality assurance, sole source availability or cost effectiveness, certain key components and raw materials are available only from a sole supplier. to assure continuity of supply while maintaining high quality and reliability, long-term supply contracts have been executed with these suppliers. in certain of these contracts, a minimum purchase commitment has been established. (3) as a result of the merger with cytyc, we assumed a private equity investment commitment with a limited liability partnership, which could be paid over the succeeding three years. the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs. we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses, products or technologies, and strategic alliances that we believe will complement our current or future business. subject to the risk factors set forth in part i, item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report, we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months. our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement. we may also require additional capital in the future to fund capital expenditures, acquisitions or other investments, or to repay our convertible notes. the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013, and on each of december 15, 2017, 2022, 2027 and 2032 at a repurchase price equal to 100% (100%) of their accreted principal amount. these capital requirements could be substantial. our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report. these risks, trends and uncertainties may also adversely affect our long- term liquidity..
what portion of the long-term debt is reported under the current liabilities section of the balance sheet as of 9/28/08? 0.01748
what portion of the total contractual obligations are due within the next year?
|
0.05793
|
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.
|
south america. approximately 26% (26%) of 2017 net sales were to international markets. this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives, primarily to wholesalers, home centers, mass merchandisers and industrial distributors. in aggregate, sales to the home depot and lowe 2019s comprised approximately 23% (23%) of net sales of the plumbing segment in 2017. this segment 2019s chief competitors include delta (owned by masco), kohler, pfister (owned by spectrum brands), american standard (owned by lixil group), insinkerator (owned by emerson electronic company) and imported private-label brands. doors. our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand. this segment benefits from the long-term trend away from traditional materials, such as wood, steel and aluminum, toward more energy-efficient and durable synthetic materials. therma-tru products include fiberglass and steel residential entry door and patio door systems, primarily for sale in the u.s. and canada. this segment 2019s principal customers are home centers, millwork building products and wholesale distributors, and specialty dealers that provide products to the residential new construction market, as well as to the remodeling and renovation markets. in aggregate, sales to the home depot and lowe 2019s comprised approximately 14% (14%) of net sales of the doors segment in 2017. this segment 2019s competitors include masonite, jeld-wen, plastpro and pella. security. our security segment 2019s products consist of locks, safety and security devices, and electronic security products manufactured, sourced and distributed primarily under the master lock brand and fire resistant safes, security containers and commercial cabinets manufactured, sourced and distributed under the sentrysafe brand. this segment sells products principally in the u.s., canada, europe, central america, japan and australia. approximately 25% (25%) of 2017 net sales were to international markets. this segment manufactures and sells key-controlled and combination padlocks, bicycle and cable locks, built-in locker locks, door hardware, automotive, trailer and towing locks, electronic access control solutions, and other specialty safety and security devices for consumer use to hardware, home center and other retail outlets. in addition, the segment sells lock systems and fire resistant safes to locksmiths, industrial and institutional users, and original equipment manufacturers. in aggregate, sales to the home depot and lowe 2019s comprised approximately 18% (18%) of the net sales of the security segment in 2017. master lock competes with abus, w.h. brady, hampton, kwikset (owned by spectrum brands), schlage (owned by allegion), assa abloy and various imports, and sentrysafe competes with first alert, magnum, fortress, stack-on and fire king. annual net sales for each of the last three fiscal years for each of our business segments were as follows: (in millions) 2017 2016 2015.
(in millions) | 2017 | 2016 | 2015
cabinets | $2467.1 | $2397.8 | $2173.4
plumbing | 1720.8 | 1534.4 | 1414.5
doors | 502.9 | 473.0 | 439.1
security | 592.5 | 579.7 | 552.4
total | $5283.3 | $4984.9 | $4579.4
for additional financial information for each of our business segments, refer to note 18, 201cinformation on business segments, 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials. the table below indicates the principal raw materials used by each of our segments. these materials are available from a number of sources. volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products..
what were cabinet sales in 2017?
|
2467.1
|
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.
|
shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission, nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934, each as amended, except to the extent that the company specifically incorporates it by reference into such filing. the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock, the s&p 500 index, and the dow jones transportation average. the comparison of the total cumulative return on investment, which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods, assumes that $100 was invested on december 31, 2001 in the s&p 500 index, the dow jones transportation average, and the class b common stock of united parcel service, inc. comparison of five year cumulative total return $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport.
- | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06
united parcel service inc. | $100.00 | $117.19 | $140.49 | $163.54 | $146.35 | $148.92
s&p 500 index | $100.00 | $77.90 | $100.24 | $111.15 | $116.61 | $135.02
dow jones transportation average | $100.00 | $88.52 | $116.70 | $149.06 | $166.42 | $182.76
securities authorized for issuance under equity compensation plans the following table provides information as of december 31, 2006 regarding compensation plans under which our class a common stock is authorized for issuance. these plans do not authorize the issuance of our class b common stock..
what was the performance value of the united parcel service, inc. in 2006?
|
148.92
|
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) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries (201cparent company guarantees 201d) relating principally to credit facilities, guarantees of certain media payables and operating leases. the amount of such parent company guarantees was $255.7 and $327.1 as of december 31, 2008 and 2007, respectively. in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee, we would be obligated to pay the amounts covered by that guarantee. as of december 31, 2008, there are no material assets pledged as security for such parent company guarantees. contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity. in addition, we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries. the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, changes in foreign currency exchange rates and other factors. we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable. when the contingent acquisition obligations have been met and consideration is determinable and distributable, we record the fair value of this consideration as an additional cost of the acquired entity. however, certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date. in such cases, we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date. if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense. compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses. this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners. the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date. we have certain put options that are exercisable at the discretion of the minority owners as of december 31, 2008. as such, these estimated acquisition payments of $5.5 have been included within the total payments expected to be made in 2009 in the table below and, if not made in 2009, will continue to carry forward into 2010 or beyond until they are exercised or expire. all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress. as of december 31, 2008, our estimated future contingent acquisition obligations payable in cash are as follows:.
- | 2009 | 2010 | 2011 | 2012 | 2013 | thereafter | total
deferred acquisition payments | $67.5 | $32.1 | $30.1 | $4.5 | $5.7 | $2014 | $139.9
put and call options with affiliates1 | 11.8 | 34.3 | 73.6 | 70.8 | 70.2 | 2.2 | 262.9
total contingent acquisition payments | 79.3 | 66.4 | 103.7 | 75.3 | 75.9 | 2.2 | 402.8
less cash compensation expense included above | 2.6 | 1.3 | 0.7 | 0.7 | 0.3 | 2014 | 5.6
total | $76.7 | $65.1 | $103.0 | $74.6 | $75.6 | $2.2 | $397.2
1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions. in such instances, we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable. as a result of revisions made during 2008 to eitf topic no. d-98, classification and measurement of redeemable securities (201ceitf d-98 201d).
what was the change in the amount of guarantees from parent company from 2007 to 2008?
|
-71.4
|
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.
|
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..
in the year of 2010, what percentage did the net allowance represent in relation to the carrying amount of the company 2019s purchased distressed loan portfolio?
|
0.19643
|
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 millions) 2010 2009 2008.
(in millions) | 2010 | 2009 | 2008
net cash provided by operating activities | $3547 | $3173 | $4421
net cash used for investing activities | -319 (319) | -1518 (1518) | -907 (907)
net cash used for financing activities | -3363 (3363) | -1476 (1476) | -3938 (3938)
operating activities net cash provided by operating activities increased by $374 million to $3547 million in 2010 as compared to 2009. the increase primarily was attributable to an improvement in our operating working capital balances of $570 million as discussed below, and $187 million related to lower net income tax payments, as compared to 2009. partially offsetting these improvements was a net reduction in cash from operations of $350 million related to our defined benefit pension plan. this reduction was the result of increased contributions to the pension trust of $758 million as compared to 2009, partially offset by an increase in the cas costs recovered on our contracts. operating working capital accounts consists of receivables, inventories, accounts payable, and customer advances and amounts in excess of costs incurred. the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009, and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009. these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009. the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems, is&gs, and space systems business areas. the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics, partially offset by a decrease on various programs at electronic systems. the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments. net cash provided by operating activities decreased by $1248 million to $3173 million in 2009 as compared to 2008. the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $1373 million as compared to 2008 and an increase in our operating working capital accounts of $147 million. partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $319 million. the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics, which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities. investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments. we also incur capital expenditures for it to support programs and general enterprise it infrastructure. capital expenditures for property, plant and equipment amounted to $820 million in 2010, $852 million in 2009, and $926 million in 2008. we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years. acquisitions, divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates. amounts paid in 2010 of $148 million primarily related to investments in affiliates. we paid $435 million in 2009 for acquisition activities, compared with $233 million in 2008. in 2010, we received proceeds of $798 million from the sale of eig, net of $17 million in transaction costs (see note 2). there were no material divestiture activities in 2009 and 2008. during 2010, we increased our short-term investments by $171 million compared to an increase of $279 million in 2009. financing activities share activity and dividends 2013 during 2010, 2009, and 2008, we repurchased 33.0 million, 24.9 million, and 29.0 million shares of our common stock for $2483 million, $1851 million, and $2931 million. of the shares we repurchased in 2010, 0.9 million shares for $63 million were repurchased in december but settled and were paid for in january 2011. in october 2010, our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time, up to an authorized amount of $3.0 billion (see note 12). under the program, we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation. we repurchased a total of 11.2 million shares under the program for $776 million, and as of december 31, 2010, there remained $2224 million available for additional share repurchases. in connection with their approval of the new share repurchase program, our board terminated our previous share repurchase program. cash received from the issuance of our common stock in connection with stock option exercises during 2010, 2009, and 2008 totaled $59 million, $40 million, and $250 million. those activities resulted in the issuance of 1.4 million shares, 1.0 million shares, and 4.7 million shares during the respective periods..
what is the value of cap ex for pp&e in 2010?
|
820.0
|
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.
|
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 is the sum of the weighted average common shares outstanding for diluted computations in 2017 and 2016? 593.7
what is the number of shares in 2015? 314.7
what is the sum including all 3 years?
|
908.4
|
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 defined benefit pension plans 2019 trust and $130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008. in 2007, we expect to make no contributions to the defined benefit pension plans and expect to contribute $175 million to the retiree medical and life insurance plans, after giving consideration to the 2006 prepayments. the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in millions) pension benefits benefits.
(in millions) | pensionbenefits | otherbenefits
2007 | $1440 | $260
2008 | 1490 | 260
2009 | 1540 | 270
2010 | 1600 | 270
2011 | 1660 | 270
years 2012 2013 2016 | 9530 | 1260
as noted previously, we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits. the aggregate liabilities for these plans at december 31, 2006 were $641 million. the expense associated with these plans totaled $59 million in 2006, $58 million in 2005 and $61 million in 2004. we also sponsor a small number of foreign benefit plans. the liabilities and expenses associated with these plans are not material to our results of operations, financial position or cash flows. note 13 2013 leases our total rental expense under operating leases was $310 million, $324 million and $318 million for 2006, 2005 and 2004, respectively. future minimum lease commitments at december 31, 2006 for all operating leases that have a remaining term of more than one year were $1.1 billion ($288 million in 2007, $254 million in 2008, $211 million in 2009, $153 million in 2010, $118 million in 2011 and $121 million in later years). certain major plant facilities and equipment are furnished by the u.s. government under short-term or cancelable arrangements. note 14 2013 legal proceedings, commitments and contingencies we are a party to or have property subject to litigation and other proceedings, including matters arising under provisions relating to the protection of the environment. we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole. we cannot predict the outcome of legal proceedings with certainty. these matters include the following items, all of which have been previously reported: on march 27, 2006, we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio. the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology. we are cooperating with the government 2019s investigation. on february 6, 2004, we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs (past and future) related to our former facility in redlands, california. we submitted the claim consistent with a claim sponsorship agreement with the boeing company (boeing), executed in 2001, in boeing 2019s role as the prime contractor on the short range attack missile (sram) program. the contract for the sram program, which formed a significant portion of our work at the redlands facility, had special contractual indemnities from the u.s. air force, as authorized by public law 85-804. on august 31, 2004, the united states denied the claim. our appeal of that decision is pending with the armed services board of contract appeals. on august 28, 2003, the department of justice (the doj) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky, united states ex rel. natural resources defense council, et al v. lockheed martin corporation, et al, and united states ex rel. john d. tillson v. lockheed martin energy systems, inc., et al. the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling, storing.
what was, in millions, the total of future minimum lease commitments at december 31, 2006 for all operating leases that have a remaining term of more than one year?
|
1100.0
|
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.
|
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..
from 2010 to 2011, what was the change in the value of the loews common stock? -2.63
and what was this change as a portion of the 2010 value of that stock? -0.0263
and from 2010 to 2012, what was the change in the value of that stock? 6.04
how much did this change represent in relation to that 2010 value?
|
0.0604
|
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.
|
edwards lifesciences corporation notes to consolidated financial statements (continued) 7. acquisitions (continued) was recorded to goodwill. the following table summarizes the fair values of the assets acquired and liabilities assumed (in millions):.
current assets | $28.1
property and equipment net | 0.2
goodwill | 258.9
ipr&d | 190.0
current liabilities assumed | -32.9 (32.9)
deferred income taxes | -66.0 (66.0)
contingent consideration | -30.3 (30.3)
total cash purchase price | 348.0
less: cash acquired | -27.9 (27.9)
total cash purchase price net of cash acquired | $320.1
goodwill includes expected synergies and other benefits the company believes will result from the acquisition. goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes. ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods. the fair value of the ipr&d was determined using the income approach. this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return. the discount rate used to determine the fair value of the ipr&d was 16.5% (16.5%). completion of successful design developments, bench testing, pre-clinical studies and human clinical studies are required prior to selling any product. the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design, development, and manufacturability of the product, the success of pre-clinical and clinical studies, and the timing of regulatory approvals. the valuation assumed $97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction, and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program. the company 2019s valuation model also assumed net cash inflows would commence in late 2018, if successful clinical trial experiences lead to a ce mark approval. upon completion of development, the underlying research and development intangible asset will be amortized over its estimated useful life. the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve. this testing has been completed and, in collaboration with clinical investigators, the company has decided to resume screening patients for enrollment in its clinical trials. the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition. pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company. 8. goodwill and other intangible assets on july 3, 2015, the company acquired cardiaq (see note 7). this transaction resulted in an increase to goodwill of $258.9 million and ipr&d of $190.0 million..
what is the amount of the goodwill? 258.9
and what is the total cash purchase price net of cash acquired? 320.1
what percentage, then, does that amount represent in relation to this purchase price? 0.80881
and concerning that goodwill, what percentage does it represent in relation to the current assets?
|
9.21352
|
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.
|
liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019. as of 30 september 2019, our consolidated balance sheet included cash and cash items of $2248.7. we continue to have consistent access to commercial paper markets, and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future. as of 30 september 2019, we had $971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $2248.7. as a result of the tax act, we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s. income tax upon subsequent repatriation to the united states. the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside. however, because we have significant current investment plans outside the u.s., it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s. refer to note 23, income taxes, for additional information. the table below summarizes our cash flows from operating activities, investing activities, and financing activities from continuing operations as reflected on the consolidated statements of cash flows:.
cash provided by (used for) | 2019 | 2018
operating activities | $2969.9 | $2547.2
investing activities | -2113.4 (2113.4) | -1641.6 (1641.6)
financing activities | -1370.5 (1370.5) | -1359.8 (1359.8)
operating activities for the fiscal year ended 30 september 2019, cash provided by operating activities was $2969.9. income from continuing operations of $1760.0 was adjusted for items including depreciation and amortization, deferred income taxes, impacts from the tax act, a charge for the facility closure of one of our customers, undistributed earnings of unconsolidated affiliates, gain on sale of assets and investments, share-based compensation, noncurrent capital lease receivables, and certain other adjustments. the caption "gain on sale of assets and investments" includes a gain of $14.1 recognized on the disposition of our interest in high-tech gases (beijing) co., ltd., a previously held equity investment in our industrial gases 2013 asia segment. refer to note 7, acquisitions, to the consolidated financial statements for additional information. the working capital accounts were a use of cash of $25.3, primarily driven by $69.0 from trade receivables and $41.8 from payables and accrued liabilities, partially offset by $79.8 from other receivables. the use of cash within "payables and accrued liabilities" was primarily driven by a $48.9 decrease in accrued utilities and a $30.3 decrease in accrued interest, partially offset by a $51.6 increase in customer advances primarily related to sale of equipment activity. the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment. the source of cash from other receivables of $79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes. for the fiscal year ended 30 september 2018, cash provided by operating activities was $2547.2, including income from continuing operations of $1455.6. other adjustments of $131.6 include a $54.9 net impact from the remeasurement of intercompany transactions. the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities. in addition, other adjustments were impacted by cash received from the early termination of a cross currency swap of $54.4, as well as the excess of pension expense over pension contributions of $23.5. the working capital accounts were a use of cash of $265.4, primarily driven by payables and accrued liabilities, inventories, and trade receivables, partially offset by other receivables. the use of cash in payables and accrued liabilities of $277.7 includes a decrease in customer advances of $145.7 primarily related to sale of equipment activity and $67.1 for maturities of forward exchange contracts that hedged foreign currency exposures. the use of cash in inventories primarily resulted from the purchase of helium molecules. in addition, inventories reflect the noncash impact of our change in accounting for u.s. inventories from lifo to fifo. the source of cash from other receivables of $128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures..
what was the amount of cash provided by operating activities? 2547.2
what was cash spent from investing activities?
|
1641.6
|
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.
|
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..
how much does the fuel surcharge revenue in 2014 represent in relation to the one in 2013?
|
1.07692
|
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 aes corporation notes to consolidated financial statements 2014 (continued) december 31, 2017, 2016, and 2015 was dispatched starting in february 2018. aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico. therefore, we expect aes puerto rico to continue to be a critical supplier to prepa. starting prior to the hurricanes, prepa has been facing economic challenges that could impact the company, and on july 2, 2017, filed for bankruptcy under title iii. as a result of the bankruptcy filing, aes puerto rico and aes ilumina 2019s non-recourse debt of $365 million and $36 million, respectively, is in default and has been classified as current as of december 31, 2017. in november 2017, aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events. this agreement will expire on march 22, 2018. the company's receivable balances in puerto rico as of december 31, 2017 totaled $86 million, of which $53 million was overdue. after the filing of title iii protection, and up until the disruption caused by the hurricanes, aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns. considering the information available as of the filing date, management believes the carrying amount of our assets in puerto rico of $627 million is recoverable as of december 31, 2017 and no reserve on the receivables is required. foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates. fluctuations in currency exchange rate between u.s. dollar and the following currencies could create significant fluctuations in earnings and cash flows: the argentine peso, the brazilian real, the dominican republic peso, the euro, the chilean peso, the colombian peso, and the philippine peso. concentrations 2014 due to the geographical diversity of its operations, the company does not have any significant concentration of customers or sources of fuel supply. several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of, and in some cases all of, the relevant businesses' output over the term of the ppas. however, no single customer accounted for 10% (10%) or more of total revenue in 2017, 2016 or 2015. the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements. if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated, the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms. 26. related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions. in the ordinary course of business, these businesses enter into energy purchase and sale transactions, and transmission agreements with other state-owned institutions which are controlled by such governments. at two of our generation businesses in mexico, the offtakers exercise significant influence, but not control, through representation on these businesses' boards of directors. these offtakers are also required to hold a nominal ownership interest in such businesses. in chile, we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting. additionally, the company provides certain support and management services to several of its affiliates under various agreements. the company's consolidated statements of operations included the following transactions with related parties for the periods indicated (in millions):.
years ended december 31, | 2017 | 2016 | 2015
revenue 2014non-regulated | $1297 | $1100 | $1099
cost of sales 2014non-regulated | 220 | 210 | 330
interest income | 8 | 4 | 25
interest expense | 36 | 39 | 33
.
what was the total of revenues for transactions with related parties in 2017? 1297.0
and what was that in 2016? 1100.0
what was, then, the change over the year? 197.0
what was the total of revenues for transactions with related parties in 2016?
|
1100.0
|
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.
|
aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies. the maximum exposure with respect to such contractual contingent guarantees was approximately $48 million at december 31, 2011. aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding. some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $64 million at december 31, 2011. during 2011, the company funded $15 million of these commitments. aon expects that as prudent business interests dictate, additional guarantees and indemnifications may be issued from time to time. 17. related party transactions during 2011, the company, in the ordinary course of business, provided retail brokerage, consulting and financial advisory services to, and received wholesale brokerage services from, an entity that is controlled by one of the company 2019s stockholders. these transactions were negotiated at an arms-length basis and contain customary terms and conditions. during 2011, commissions and fee revenue from these transactions was approximately $9 million. 18. segment information the company has two reportable operating segments: risk solutions and hr solutions. unallocated income and expenses, when combined with the operating segments and after the elimination of intersegment revenues and expenses, total to the amounts in the consolidated financial statements. reportable operating segments have been determined using a management approach, which is consistent with the basis and manner in which aon 2019s chief operating decision maker (2018 2018codm 2019 2019) uses financial information for the purposes of allocating resources and assessing performance. the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices. the company does not present net assets by segment as this information is not reviewed by the codm. risk solutions acts as an advisor and insurance and reinsurance broker, helping clients manage their risks, via consultation, as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network. hr solutions partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance by designing, implementing, communicating and administering a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. aon 2019s total revenue is as follows (in millions):.
years ended december 31 | 2011 | 2010 | 2009
risk solutions | $6817 | $6423 | $6305
hr solutions | 4501 | 2111 | 1267
intersegment elimination | -31 (31) | -22 (22) | -26 (26)
total operating segments | 11287 | 8512 | 7546
unallocated | 2014 | 2014 | 49
total revenue | $11287 | $8512 | $7595
.
what is the net change in revenue for risk solutions from 2010 to 2011? 394.0
what is the total revenue from risk solutions in 2010? 6423.0
what percentage increase does this represent?
|
0.06134
|
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.
|
management 2019s discussion and analysis of financial condition and results of operations 2013 (continued) (amounts in millions, except per share amounts) liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity, capital resources and uses of capital..
cash flow data | years ended december 31, 2015 | years ended december 31, 2014 | years ended december 31, 2013
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $848.2 | $831.2 | $598.4
net cash used in working capital2 | -117.5 (117.5) | -131.1 (131.1) | -9.6 (9.6)
changes in other non-current assets and liabilities using cash | -56.7 (56.7) | -30.6 (30.6) | 4.1
net cash provided by operating activities | $674.0 | $669.5 | $592.9
net cash used in investing activities | -202.8 (202.8) | -200.8 (200.8) | -224.5 (224.5)
net cash used in financing activities | -472.8 (472.8) | -343.9 (343.9) | -1212.3 (1212.3)
1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets, amortization of restricted stock and other non-cash compensation, non-cash (gain) loss related to early extinguishment of debt, losses on sales of businesses and deferred income taxes. 2 reflects changes in accounts receivable, expenditures billable to clients, other current assets, accounts payable and accrued liabilities. operating activities net cash provided by operating activities during 2015 was $674.0, which was an improvement of $4.5 as compared to 2014, primarily as a result of an improvement in working capital usage of $13.6. due to the seasonality of our business, we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year, with the largest impacts in the first and fourth quarters. our net working capital usage in 2015 was primarily attributable to our media businesses. net cash provided by operating activities during 2014 was $669.5, which was an improvement of $76.6 as compared to 2013, primarily as a result of an increase in net income, offset by an increase in working capital usage of $121.5. our net working capital usage in 2014 was impacted by our media businesses. the timing of media buying on behalf of our clients affects our working capital and operating cash flow. in most of our businesses, our agencies enter into commitments to pay production and media costs on behalf of clients. to the extent possible, we pay production and media charges after we have received funds from our clients. the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable, expenditures billable to clients, accounts payable and accrued liabilities. our assets include both cash received and accounts receivable from clients for these pass-through arrangements, while our liabilities include amounts owed on behalf of clients to media and production suppliers. our accrued liabilities are also affected by the timing of certain other payments. for example, while annual cash incentive awards are accrued throughout the year, they are generally paid during the first quarter of the subsequent year. investing activities net cash used in investing activities during 2015 primarily related to payments for capital expenditures of $161.1, largely attributable to purchases of leasehold improvements and computer hardware. net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions. capital expenditures of $148.7 related primarily to computer hardware and software and leasehold improvements. we made payments of $67.8 related to acquisitions completed during 2014, net of cash acquired..
what was the change in the total cash flow between 2014 and 2015? 17.0
so what was the percentage increase during this time? 0.02045
and converted from a decimal to a percentage?
|
2.04524
|
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.
|
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 is the price of pmi in 2014?
|
97.9
|
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 applied manufactures systems to meet demand represented by order backlog and customer commitments. backlog consists of: (1) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months, or shipment has occurred but revenue has not been recognized; and (2) contractual service revenue and maintenance fees to be earned within the next 12 months. backlog by reportable segment as of october 26, 2014 and october 27, 2013 was as follows: 2014 2013 (in millions, except percentages).
- | 2014 | 2013 | - | (in millions except percentages)
silicon systems group | $1400 | 48% (48%) | $1295 | 55% (55%)
applied global services | 775 | 27% (27%) | 591 | 25% (25%)
display | 593 | 20% (20%) | 361 | 15% (15%)
energy and environmental solutions | 149 | 5% (5%) | 125 | 5% (5%)
total | $2917 | 100% (100%) | $2372 | 100% (100%)
applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods, due to the potential for customer changes in delivery schedules or cancellation of orders. customers may delay delivery of products or cancel orders prior to shipment, subject to possible cancellation penalties. delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations. manufacturing, raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly, test and integration of various proprietary and commercial parts, components and subassemblies (collectively, parts) that are used to manufacture systems. applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries, including the united states, europe, israel, singapore, taiwan, and other countries in asia, and assembly of some systems is completed at customer sites. applied uses numerous vendors, including contract manufacturers, to supply parts and assembly services for the manufacture and support of its products. although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers, this is not always possible. accordingly, some key parts may be obtained from only a single supplier or a limited group of suppliers. applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by: (1) selecting and qualifying alternate suppliers for key parts; (2) monitoring the financial condition of key suppliers; (3) maintaining appropriate inventories of key parts; (4) qualifying new parts on a timely basis; and (5) locating certain manufacturing operations in close proximity to suppliers and customers. research, development and engineering applied 2019s long-term growth strategy requires continued development of new products, including products that enable expansion into new markets. the company 2019s significant investment in research, development and engineering (rd&e) has generally enabled it to deliver new products and technologies before the emergence of strong demand, thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle. applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements. product development and engineering organizations are located primarily in the united states, as well as in europe, israel, taiwan, and china. in addition, applied outsources certain rd&e activities, some of which are performed outside the united states, primarily in india and singapore. process support and customer demonstration laboratories are located in the united states, china, taiwan, europe, and israel. applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows: $1.4 billion (16 percent of net sales) in fiscal 2014, $1.3 billion (18 percent of net sales) in fiscal 2013, and $1.2 billion (14 percent of net sales) in fiscal 2012. applied has spent an average of 13 percent of net sales in rd&e over the last five years. in addition to rd&e for specific product technologies, applied maintains ongoing programs for automation control systems, materials research, and environmental control that are applicable to its products..
what were net sales in 2014?
|
0.0875
|
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 defined benefit pension plans 2019 trust and $130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008. in 2007, we expect to make no contributions to the defined benefit pension plans and expect to contribute $175 million to the retiree medical and life insurance plans, after giving consideration to the 2006 prepayments. the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in millions) pension benefits benefits.
(in millions) | pensionbenefits | otherbenefits
2007 | $1440 | $260
2008 | 1490 | 260
2009 | 1540 | 270
2010 | 1600 | 270
2011 | 1660 | 270
years 2012 2013 2016 | 9530 | 1260
as noted previously, we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits. the aggregate liabilities for these plans at december 31, 2006 were $641 million. the expense associated with these plans totaled $59 million in 2006, $58 million in 2005 and $61 million in 2004. we also sponsor a small number of foreign benefit plans. the liabilities and expenses associated with these plans are not material to our results of operations, financial position or cash flows. note 13 2013 leases our total rental expense under operating leases was $310 million, $324 million and $318 million for 2006, 2005 and 2004, respectively. future minimum lease commitments at december 31, 2006 for all operating leases that have a remaining term of more than one year were $1.1 billion ($288 million in 2007, $254 million in 2008, $211 million in 2009, $153 million in 2010, $118 million in 2011 and $121 million in later years). certain major plant facilities and equipment are furnished by the u.s. government under short-term or cancelable arrangements. note 14 2013 legal proceedings, commitments and contingencies we are a party to or have property subject to litigation and other proceedings, including matters arising under provisions relating to the protection of the environment. we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole. we cannot predict the outcome of legal proceedings with certainty. these matters include the following items, all of which have been previously reported: on march 27, 2006, we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio. the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology. we are cooperating with the government 2019s investigation. on february 6, 2004, we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs (past and future) related to our former facility in redlands, california. we submitted the claim consistent with a claim sponsorship agreement with the boeing company (boeing), executed in 2001, in boeing 2019s role as the prime contractor on the short range attack missile (sram) program. the contract for the sram program, which formed a significant portion of our work at the redlands facility, had special contractual indemnities from the u.s. air force, as authorized by public law 85-804. on august 31, 2004, the united states denied the claim. our appeal of that decision is pending with the armed services board of contract appeals. on august 28, 2003, the department of justice (the doj) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky, united states ex rel. natural resources defense council, et al v. lockheed martin corporation, et al, and united states ex rel. john d. tillson v. lockheed martin energy systems, inc., et al. the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling, storing.
as of december 31, 2006, what was the total of the future minimum lease commitments for all operating leases that have a remaining term of more than one year?
|
1100.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy 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 is the effect of volume/weather in net revenue during 2010, in millions?
|
18.9
|
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.
|
tissue pulp due to strong market demand, partic- ularly from asia. average sales price realizations improved significantly in 2007, principally reflecting higher average prices for softwood, hardwood and fluff pulp. operating earnings in 2007 were $104 mil- lion compared with $48 million in 2006 and $37 mil- lion in 2005. the benefits from higher sales price realizations were partially offset by increased input costs for energy, chemicals and freight. entering the first quarter of 2008, demand for market pulp remains strong, and average sales price realiza- tions should increase slightly. however, input costs for energy, chemicals and freight are expected to be higher, and increased spending is anticipated for planned mill maintenance outages. industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction, as well as with demand for processed foods, poultry, meat and agricultural products. in addition to prices and volumes, major factors affecting the profitability of industrial packaging are raw material and energy costs, freight costs, manufacturing effi- ciency and product mix. industrial packaging net sales for 2007 increased 6% (6%) to $5.2 billion compared with $4.9 bil- lion in 2006, and 13% (13%) compared with $4.6 billion in 2005. operating profits in 2007 were 26% (26%) higher than in 2006 and more than double 2005 earnings. bene- fits from improved price realizations ($147 million), sales volume increases net of increased lack of order downtime ($3 million), a more favorable mix ($31 million), strong mill and converting operations ($33 million) and other costs ($47 million) were partially offset by the effects of higher raw material costs ($76 million) and higher freight costs ($18 million). in addition, a gain of $13 million was recognized in 2006 related to a sale of property in spain and costs of $52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard. the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related. industrial packaging in millions 2007 2006 2005.
in millions | 2007 | 2006 | 2005
sales | $5245 | $4925 | $4625
operating profit | $501 | $399 | $219
north american industrial packaging net sales for 2007 were $3.9 billion, compared with $3.7 billion in 2006 and $3.6 billion in 2005. operating profits in 2007 were $407 million, up from $327 mil- lion in 2006 and $170 million in 2005. containerboard shipments were higher in 2007 compared with 2006, including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007. average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007. margins improved reflecting stronger export demand. manu- facturing performance was strong, although costs associated with planned mill maintenance outages were higher due to timing of outages. raw material costs for wood, energy, chemicals and recycled fiber increased significantly. operating results for 2007 were also unfavorably impacted by $52 million of costs associated with the conversion and startup of the pensacola paper machine. u.s. converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand. earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007. favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs. looking ahead to the first quarter of 2008, sales volumes are expected to increase slightly, and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007. however, additional mill maintenance outages are planned for the first quarter, and freight and input costs are expected to rise, particularly for wood and energy. manufacturing operations should be favorable compared with the fourth quarter. european industrial packaging net sales for 2007 were $1.1 billion, up from $1.0 billion in 2006 and $880 million in 2005. sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year. operating profits in 2007 were $88 million compared with $69 million in 2006 and $53 million in 2005. sales margins improved reflecting increased sales prices for boxes. conversion costs were favorable as the result of manufacturing improvement programs. entering the first quarter of 2008, sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues. profit margins, however, are expected to be somewhat lower..
in the year of 2007, what was the amount of the industrial packaging sales that was from europe, in millions? 1100.0
and what was the total of those sales? 5245.0
what percentage, then, of this total did that amount represent? 0.20972
and what was this percentage in the previous year, in 2006?
|
0.20305
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.