id
stringlengths 10
14
| Open-ended Verifiable Question
stringlengths 1.09k
15.5k
| Ground-True Answer
stringlengths 2
16
|
|---|---|---|
CONVFINQA7100 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares ( in thousands )</td><td>weighted average grant date fair value ( per share )</td></tr><tr><td>2</td><td>restricted stock and restricted stock units at beginning of year</td><td>407</td><td>$ 9.84</td></tr><tr><td>3</td><td>granted</td><td>607</td><td>18.13</td></tr><tr><td>4</td><td>vested</td><td>-134 ( 134 )</td><td>10.88</td></tr><tr><td>5</td><td>forfeited</td><td>-9 ( 9 )</td><td>13.72</td></tr><tr><td>6</td><td>restricted stock and restricted stock units at end of year</td><td>871</td><td>$ 15.76</td></tr></table> the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years . the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively . the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively . performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria . in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company . during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested . the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients . during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 . this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 . the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 . during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company . as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly . during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved . the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones . the weighted-average period over which this cost will be recognized is 2.1 years. .
Question: what was the total value of the granted shares in 2012, in thousands of dollars?
Answer: 11004.91
Question: and how much is that in dollars?
Answer: 11004910.0
Question: in that same year, what was the amount of the equity awards in which the prescribed performance milestones were achieved, also in dollars?
Answer: 3300000.0
Question: which one, then, is greater: the value of these equity awards or of those granted shares?
| yes |
CONVFINQA7101 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares ( in thousands )</td><td>weighted average grant date fair value ( per share )</td></tr><tr><td>2</td><td>restricted stock and restricted stock units at beginning of year</td><td>407</td><td>$ 9.84</td></tr><tr><td>3</td><td>granted</td><td>607</td><td>18.13</td></tr><tr><td>4</td><td>vested</td><td>-134 ( 134 )</td><td>10.88</td></tr><tr><td>5</td><td>forfeited</td><td>-9 ( 9 )</td><td>13.72</td></tr><tr><td>6</td><td>restricted stock and restricted stock units at end of year</td><td>871</td><td>$ 15.76</td></tr></table> the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years . the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively . the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively . performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria . in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company . during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested . the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients . during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 . this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 . the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 . during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company . as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly . during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved . the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones . the weighted-average period over which this cost will be recognized is 2.1 years. .
Question: what was the total value of the granted shares in 2012, in thousands of dollars?
Answer: 11004.91
Question: and how much is that in dollars?
Answer: 11004910.0
Question: in that same year, what was the amount of the equity awards in which the prescribed performance milestones were achieved, also in dollars?
Answer: 3300000.0
Question: which one, then, is greater: the value of these equity awards or of those granted shares?
Answer: yes
Question: still in 2012, what was the full amount of equity awards where the performance criteria has been met, in dollars?
| 3600000.0 |
CONVFINQA7102 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares ( in thousands )</td><td>weighted average grant date fair value ( per share )</td></tr><tr><td>2</td><td>restricted stock and restricted stock units at beginning of year</td><td>407</td><td>$ 9.84</td></tr><tr><td>3</td><td>granted</td><td>607</td><td>18.13</td></tr><tr><td>4</td><td>vested</td><td>-134 ( 134 )</td><td>10.88</td></tr><tr><td>5</td><td>forfeited</td><td>-9 ( 9 )</td><td>13.72</td></tr><tr><td>6</td><td>restricted stock and restricted stock units at end of year</td><td>871</td><td>$ 15.76</td></tr></table> the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years . the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively . the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively . performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria . in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company . during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested . the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients . during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 . this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 . the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 . during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company . as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly . during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved . the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones . the weighted-average period over which this cost will be recognized is 2.1 years. .
Question: what was the total value of the granted shares in 2012, in thousands of dollars?
Answer: 11004.91
Question: and how much is that in dollars?
Answer: 11004910.0
Question: in that same year, what was the amount of the equity awards in which the prescribed performance milestones were achieved, also in dollars?
Answer: 3300000.0
Question: which one, then, is greater: the value of these equity awards or of those granted shares?
Answer: yes
Question: still in 2012, what was the full amount of equity awards where the performance criteria has been met, in dollars?
Answer: 3600000.0
Question: and what is the weighted-average period over which this cost will be recognized, in years?
| 2.1 |
CONVFINQA7103 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares ( in thousands )</td><td>weighted average grant date fair value ( per share )</td></tr><tr><td>2</td><td>restricted stock and restricted stock units at beginning of year</td><td>407</td><td>$ 9.84</td></tr><tr><td>3</td><td>granted</td><td>607</td><td>18.13</td></tr><tr><td>4</td><td>vested</td><td>-134 ( 134 )</td><td>10.88</td></tr><tr><td>5</td><td>forfeited</td><td>-9 ( 9 )</td><td>13.72</td></tr><tr><td>6</td><td>restricted stock and restricted stock units at end of year</td><td>871</td><td>$ 15.76</td></tr></table> the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years . the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively . the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively . performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria . in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company . during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested . the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients . during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 . this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 . the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 . during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company . as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly . during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved . the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones . the weighted-average period over which this cost will be recognized is 2.1 years. .
Question: what was the total value of the granted shares in 2012, in thousands of dollars?
Answer: 11004.91
Question: and how much is that in dollars?
Answer: 11004910.0
Question: in that same year, what was the amount of the equity awards in which the prescribed performance milestones were achieved, also in dollars?
Answer: 3300000.0
Question: which one, then, is greater: the value of these equity awards or of those granted shares?
Answer: yes
Question: still in 2012, what was the full amount of equity awards where the performance criteria has been met, in dollars?
Answer: 3600000.0
Question: and what is the weighted-average period over which this cost will be recognized, in years?
Answer: 2.1
Question: what is, then, the average compensation expense per year?
| 1714285.71429 |
CONVFINQA7104 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( "s&p 500 retail index" ) and the standard and poor's s&p 500 index ( "s&p 500" ) . . <table class='wikitable'><tr><td>1</td><td>company/index</td><td>december 31 , 2010</td><td>december 31 , 2011</td><td>december 31 , 2012</td><td>december 31 , 2013</td><td>december 31 , 2014</td><td>december 31 , 2015</td></tr><tr><td>2</td><td>o'reilly automotive inc .</td><td>$ 100</td><td>$ 132</td><td>$ 148</td><td>$ 213</td><td>$ 319</td><td>$ 419</td></tr><tr><td>3</td><td>s&p 500 retail index</td><td>100</td><td>103</td><td>128</td><td>185</td><td>203</td><td>252</td></tr><tr><td>4</td><td>s&p 500</td><td>$ 100</td><td>$ 100</td><td>$ 113</td><td>$ 147</td><td>$ 164</td><td>$ 163</td></tr></table> .
Question: was the five year return of the s&p 500 retail index greater than the s&p 500?
| yes |
CONVFINQA7105 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( "s&p 500 retail index" ) and the standard and poor's s&p 500 index ( "s&p 500" ) . . <table class='wikitable'><tr><td>1</td><td>company/index</td><td>december 31 , 2010</td><td>december 31 , 2011</td><td>december 31 , 2012</td><td>december 31 , 2013</td><td>december 31 , 2014</td><td>december 31 , 2015</td></tr><tr><td>2</td><td>o'reilly automotive inc .</td><td>$ 100</td><td>$ 132</td><td>$ 148</td><td>$ 213</td><td>$ 319</td><td>$ 419</td></tr><tr><td>3</td><td>s&p 500 retail index</td><td>100</td><td>103</td><td>128</td><td>185</td><td>203</td><td>252</td></tr><tr><td>4</td><td>s&p 500</td><td>$ 100</td><td>$ 100</td><td>$ 113</td><td>$ 147</td><td>$ 164</td><td>$ 163</td></tr></table> .
Question: was the five year return of the s&p 500 retail index greater than the s&p 500?
Answer: yes
Question: what was the price change of the s&p 500 between 2010 and 2011?
| 0.0 |
CONVFINQA7106 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( "s&p 500 retail index" ) and the standard and poor's s&p 500 index ( "s&p 500" ) . . <table class='wikitable'><tr><td>1</td><td>company/index</td><td>december 31 , 2010</td><td>december 31 , 2011</td><td>december 31 , 2012</td><td>december 31 , 2013</td><td>december 31 , 2014</td><td>december 31 , 2015</td></tr><tr><td>2</td><td>o'reilly automotive inc .</td><td>$ 100</td><td>$ 132</td><td>$ 148</td><td>$ 213</td><td>$ 319</td><td>$ 419</td></tr><tr><td>3</td><td>s&p 500 retail index</td><td>100</td><td>103</td><td>128</td><td>185</td><td>203</td><td>252</td></tr><tr><td>4</td><td>s&p 500</td><td>$ 100</td><td>$ 100</td><td>$ 113</td><td>$ 147</td><td>$ 164</td><td>$ 163</td></tr></table> .
Question: was the five year return of the s&p 500 retail index greater than the s&p 500?
Answer: yes
Question: what was the price change of the s&p 500 between 2010 and 2011?
Answer: 0.0
Question: so what was the roi during this time?
| 0.0 |
CONVFINQA7107 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
additions to property , plant and equipment are our most significant use of cash and cash equivalents . the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2014 , 2013 and 2012: . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>year ended december 31 , 2014</td><td>year ended december 31 , 2013</td><td>year ended december 31 , 2012</td></tr><tr><td>2</td><td>north america e&p</td><td>$ 4698</td><td>$ 3649</td><td>$ 3988</td></tr><tr><td>3</td><td>international e&p</td><td>534</td><td>456</td><td>235</td></tr><tr><td>4</td><td>oil sands mining</td><td>212</td><td>286</td><td>188</td></tr><tr><td>5</td><td>corporate</td><td>51</td><td>58</td><td>115</td></tr><tr><td>6</td><td>total capital expenditures</td><td>5495</td><td>4449</td><td>4526</td></tr><tr><td>7</td><td>change in capital expenditure accrual</td><td>-335 ( 335 )</td><td>-6 ( 6 )</td><td>-165 ( 165 )</td></tr><tr><td>8</td><td>additions to property plant and equipment</td><td>$ 5160</td><td>$ 4443</td><td>$ 4361</td></tr></table> as of december 31 , 2014 , we had repurchased a total of 121 million common shares at a cost of $ 4.7 billion , including 29 million shares at a cost of $ 1 billion in the first six months of 2014 and 14 million shares at a cost of $ 500 million in the third quarter of 2013 . see item 8 . financial statements and supplementary data 2013 note 22 to the consolidated financial statements for discussion of purchases of common stock . liquidity and capital resources our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , our committed revolving credit facility and sales of non-strategic assets . our working capital requirements are supported by these sources and we may issue commercial paper backed by our $ 2.5 billion revolving credit facility to meet short-term cash requirements . because of the alternatives available to us as discussed above and access to capital markets through the shelf registration discussed below , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies . at december 31 , 2014 , we had approximately $ 4.9 billion of liquidity consisting of $ 2.4 billion in cash and cash equivalents and $ 2.5 billion availability under our revolving credit facility . as discussed in more detail below in 201coutlook 201d , we are targeting a $ 3.5 billion budget for 2015 . based on our projected 2015 cash outlays for our capital program and dividends , we expect to outspend our cash flows from operations for the year . we will be constantly monitoring our available liquidity during 2015 and we have the flexibility to adjust our budget throughout the year in response to the commodity price environment . we will also continue to drive the fundamentals of expense management , including organizational capacity and operational reliability . capital resources credit arrangements and borrowings in may 2014 , we amended our $ 2.5 billion unsecured revolving credit facility and extended the maturity to may 2019 . see note 16 to the consolidated financial statements for additional terms and rates . at december 31 , 2014 , we had no borrowings against our revolving credit facility and no amounts outstanding under our u.s . commercial paper program that is backed by the revolving credit facility . at december 31 , 2014 , we had $ 6391 million in long-term debt outstanding , and $ 1068 million is due within one year , of which the majority is due in the fourth quarter of 2015 . we do not have any triggers on any of our corporate debt that would cause an event of default in the case of a downgrade of our credit ratings . shelf registration we have a universal shelf registration statement filed with the sec , under which we , as "well-known seasoned issuer" for purposes of sec rules , have the ability to issue and sell an indeterminate amount of various types of debt and equity securities from time to time. .
Question: what was the total capital expenditures in 2014?
| 5495.0 |
CONVFINQA7108 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
additions to property , plant and equipment are our most significant use of cash and cash equivalents . the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2014 , 2013 and 2012: . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>year ended december 31 , 2014</td><td>year ended december 31 , 2013</td><td>year ended december 31 , 2012</td></tr><tr><td>2</td><td>north america e&p</td><td>$ 4698</td><td>$ 3649</td><td>$ 3988</td></tr><tr><td>3</td><td>international e&p</td><td>534</td><td>456</td><td>235</td></tr><tr><td>4</td><td>oil sands mining</td><td>212</td><td>286</td><td>188</td></tr><tr><td>5</td><td>corporate</td><td>51</td><td>58</td><td>115</td></tr><tr><td>6</td><td>total capital expenditures</td><td>5495</td><td>4449</td><td>4526</td></tr><tr><td>7</td><td>change in capital expenditure accrual</td><td>-335 ( 335 )</td><td>-6 ( 6 )</td><td>-165 ( 165 )</td></tr><tr><td>8</td><td>additions to property plant and equipment</td><td>$ 5160</td><td>$ 4443</td><td>$ 4361</td></tr></table> as of december 31 , 2014 , we had repurchased a total of 121 million common shares at a cost of $ 4.7 billion , including 29 million shares at a cost of $ 1 billion in the first six months of 2014 and 14 million shares at a cost of $ 500 million in the third quarter of 2013 . see item 8 . financial statements and supplementary data 2013 note 22 to the consolidated financial statements for discussion of purchases of common stock . liquidity and capital resources our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , our committed revolving credit facility and sales of non-strategic assets . our working capital requirements are supported by these sources and we may issue commercial paper backed by our $ 2.5 billion revolving credit facility to meet short-term cash requirements . because of the alternatives available to us as discussed above and access to capital markets through the shelf registration discussed below , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies . at december 31 , 2014 , we had approximately $ 4.9 billion of liquidity consisting of $ 2.4 billion in cash and cash equivalents and $ 2.5 billion availability under our revolving credit facility . as discussed in more detail below in 201coutlook 201d , we are targeting a $ 3.5 billion budget for 2015 . based on our projected 2015 cash outlays for our capital program and dividends , we expect to outspend our cash flows from operations for the year . we will be constantly monitoring our available liquidity during 2015 and we have the flexibility to adjust our budget throughout the year in response to the commodity price environment . we will also continue to drive the fundamentals of expense management , including organizational capacity and operational reliability . capital resources credit arrangements and borrowings in may 2014 , we amended our $ 2.5 billion unsecured revolving credit facility and extended the maturity to may 2019 . see note 16 to the consolidated financial statements for additional terms and rates . at december 31 , 2014 , we had no borrowings against our revolving credit facility and no amounts outstanding under our u.s . commercial paper program that is backed by the revolving credit facility . at december 31 , 2014 , we had $ 6391 million in long-term debt outstanding , and $ 1068 million is due within one year , of which the majority is due in the fourth quarter of 2015 . we do not have any triggers on any of our corporate debt that would cause an event of default in the case of a downgrade of our credit ratings . shelf registration we have a universal shelf registration statement filed with the sec , under which we , as "well-known seasoned issuer" for purposes of sec rules , have the ability to issue and sell an indeterminate amount of various types of debt and equity securities from time to time. .
Question: what was the total capital expenditures in 2014?
Answer: 5495.0
Question: and for 2013?
| 4449.0 |
CONVFINQA7109 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
additions to property , plant and equipment are our most significant use of cash and cash equivalents . the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2014 , 2013 and 2012: . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>year ended december 31 , 2014</td><td>year ended december 31 , 2013</td><td>year ended december 31 , 2012</td></tr><tr><td>2</td><td>north america e&p</td><td>$ 4698</td><td>$ 3649</td><td>$ 3988</td></tr><tr><td>3</td><td>international e&p</td><td>534</td><td>456</td><td>235</td></tr><tr><td>4</td><td>oil sands mining</td><td>212</td><td>286</td><td>188</td></tr><tr><td>5</td><td>corporate</td><td>51</td><td>58</td><td>115</td></tr><tr><td>6</td><td>total capital expenditures</td><td>5495</td><td>4449</td><td>4526</td></tr><tr><td>7</td><td>change in capital expenditure accrual</td><td>-335 ( 335 )</td><td>-6 ( 6 )</td><td>-165 ( 165 )</td></tr><tr><td>8</td><td>additions to property plant and equipment</td><td>$ 5160</td><td>$ 4443</td><td>$ 4361</td></tr></table> as of december 31 , 2014 , we had repurchased a total of 121 million common shares at a cost of $ 4.7 billion , including 29 million shares at a cost of $ 1 billion in the first six months of 2014 and 14 million shares at a cost of $ 500 million in the third quarter of 2013 . see item 8 . financial statements and supplementary data 2013 note 22 to the consolidated financial statements for discussion of purchases of common stock . liquidity and capital resources our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , our committed revolving credit facility and sales of non-strategic assets . our working capital requirements are supported by these sources and we may issue commercial paper backed by our $ 2.5 billion revolving credit facility to meet short-term cash requirements . because of the alternatives available to us as discussed above and access to capital markets through the shelf registration discussed below , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies . at december 31 , 2014 , we had approximately $ 4.9 billion of liquidity consisting of $ 2.4 billion in cash and cash equivalents and $ 2.5 billion availability under our revolving credit facility . as discussed in more detail below in 201coutlook 201d , we are targeting a $ 3.5 billion budget for 2015 . based on our projected 2015 cash outlays for our capital program and dividends , we expect to outspend our cash flows from operations for the year . we will be constantly monitoring our available liquidity during 2015 and we have the flexibility to adjust our budget throughout the year in response to the commodity price environment . we will also continue to drive the fundamentals of expense management , including organizational capacity and operational reliability . capital resources credit arrangements and borrowings in may 2014 , we amended our $ 2.5 billion unsecured revolving credit facility and extended the maturity to may 2019 . see note 16 to the consolidated financial statements for additional terms and rates . at december 31 , 2014 , we had no borrowings against our revolving credit facility and no amounts outstanding under our u.s . commercial paper program that is backed by the revolving credit facility . at december 31 , 2014 , we had $ 6391 million in long-term debt outstanding , and $ 1068 million is due within one year , of which the majority is due in the fourth quarter of 2015 . we do not have any triggers on any of our corporate debt that would cause an event of default in the case of a downgrade of our credit ratings . shelf registration we have a universal shelf registration statement filed with the sec , under which we , as "well-known seasoned issuer" for purposes of sec rules , have the ability to issue and sell an indeterminate amount of various types of debt and equity securities from time to time. .
Question: what was the total capital expenditures in 2014?
Answer: 5495.0
Question: and for 2013?
Answer: 4449.0
Question: so what was the difference between these two values?
| 1046.0 |
CONVFINQA7110 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
additions to property , plant and equipment are our most significant use of cash and cash equivalents . the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2014 , 2013 and 2012: . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>year ended december 31 , 2014</td><td>year ended december 31 , 2013</td><td>year ended december 31 , 2012</td></tr><tr><td>2</td><td>north america e&p</td><td>$ 4698</td><td>$ 3649</td><td>$ 3988</td></tr><tr><td>3</td><td>international e&p</td><td>534</td><td>456</td><td>235</td></tr><tr><td>4</td><td>oil sands mining</td><td>212</td><td>286</td><td>188</td></tr><tr><td>5</td><td>corporate</td><td>51</td><td>58</td><td>115</td></tr><tr><td>6</td><td>total capital expenditures</td><td>5495</td><td>4449</td><td>4526</td></tr><tr><td>7</td><td>change in capital expenditure accrual</td><td>-335 ( 335 )</td><td>-6 ( 6 )</td><td>-165 ( 165 )</td></tr><tr><td>8</td><td>additions to property plant and equipment</td><td>$ 5160</td><td>$ 4443</td><td>$ 4361</td></tr></table> as of december 31 , 2014 , we had repurchased a total of 121 million common shares at a cost of $ 4.7 billion , including 29 million shares at a cost of $ 1 billion in the first six months of 2014 and 14 million shares at a cost of $ 500 million in the third quarter of 2013 . see item 8 . financial statements and supplementary data 2013 note 22 to the consolidated financial statements for discussion of purchases of common stock . liquidity and capital resources our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , our committed revolving credit facility and sales of non-strategic assets . our working capital requirements are supported by these sources and we may issue commercial paper backed by our $ 2.5 billion revolving credit facility to meet short-term cash requirements . because of the alternatives available to us as discussed above and access to capital markets through the shelf registration discussed below , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies . at december 31 , 2014 , we had approximately $ 4.9 billion of liquidity consisting of $ 2.4 billion in cash and cash equivalents and $ 2.5 billion availability under our revolving credit facility . as discussed in more detail below in 201coutlook 201d , we are targeting a $ 3.5 billion budget for 2015 . based on our projected 2015 cash outlays for our capital program and dividends , we expect to outspend our cash flows from operations for the year . we will be constantly monitoring our available liquidity during 2015 and we have the flexibility to adjust our budget throughout the year in response to the commodity price environment . we will also continue to drive the fundamentals of expense management , including organizational capacity and operational reliability . capital resources credit arrangements and borrowings in may 2014 , we amended our $ 2.5 billion unsecured revolving credit facility and extended the maturity to may 2019 . see note 16 to the consolidated financial statements for additional terms and rates . at december 31 , 2014 , we had no borrowings against our revolving credit facility and no amounts outstanding under our u.s . commercial paper program that is backed by the revolving credit facility . at december 31 , 2014 , we had $ 6391 million in long-term debt outstanding , and $ 1068 million is due within one year , of which the majority is due in the fourth quarter of 2015 . we do not have any triggers on any of our corporate debt that would cause an event of default in the case of a downgrade of our credit ratings . shelf registration we have a universal shelf registration statement filed with the sec , under which we , as "well-known seasoned issuer" for purposes of sec rules , have the ability to issue and sell an indeterminate amount of various types of debt and equity securities from time to time. .
Question: what was the total capital expenditures in 2014?
Answer: 5495.0
Question: and for 2013?
Answer: 4449.0
Question: so what was the difference between these two values?
Answer: 1046.0
Question: and the growth rate during this time?
| 0.23511 |
CONVFINQA7111 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing . these commitments are presented net of amounts syndicated to third parties . the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments . in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request . the table below presents information about lending commitments. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>as of december 2018</td><td>as of december 2017</td></tr><tr><td>2</td><td>held for investment</td><td>$ 120997</td><td>$ 124504</td></tr><tr><td>3</td><td>held for sale</td><td>8602</td><td>9838</td></tr><tr><td>4</td><td>at fair value</td><td>7983</td><td>9404</td></tr><tr><td>5</td><td>total</td><td>$ 137582</td><td>$ 143746</td></tr></table> in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis . see note 9 for further information about such commitments . 2030 held for sale lending commitments are accounted for at the lower of cost or fair value . 2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions . 2030 substantially all lending commitments relates to the firm 2019s investing & lending segment . commercial lending . the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers . such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) . the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing . see note 9 for further information about funded loans . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . goldman sachs 2018 form 10-k 159 .
Question: what was the balance of lending commitments held for investment in 2018?
| 120997.0 |
CONVFINQA7112 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing . these commitments are presented net of amounts syndicated to third parties . the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments . in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request . the table below presents information about lending commitments. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>as of december 2018</td><td>as of december 2017</td></tr><tr><td>2</td><td>held for investment</td><td>$ 120997</td><td>$ 124504</td></tr><tr><td>3</td><td>held for sale</td><td>8602</td><td>9838</td></tr><tr><td>4</td><td>at fair value</td><td>7983</td><td>9404</td></tr><tr><td>5</td><td>total</td><td>$ 137582</td><td>$ 143746</td></tr></table> in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis . see note 9 for further information about such commitments . 2030 held for sale lending commitments are accounted for at the lower of cost or fair value . 2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions . 2030 substantially all lending commitments relates to the firm 2019s investing & lending segment . commercial lending . the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers . such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) . the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing . see note 9 for further information about funded loans . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . goldman sachs 2018 form 10-k 159 .
Question: what was the balance of lending commitments held for investment in 2018?
Answer: 120997.0
Question: what was the balance in 2017?
| 124504.0 |
CONVFINQA7113 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing . these commitments are presented net of amounts syndicated to third parties . the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments . in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request . the table below presents information about lending commitments. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>as of december 2018</td><td>as of december 2017</td></tr><tr><td>2</td><td>held for investment</td><td>$ 120997</td><td>$ 124504</td></tr><tr><td>3</td><td>held for sale</td><td>8602</td><td>9838</td></tr><tr><td>4</td><td>at fair value</td><td>7983</td><td>9404</td></tr><tr><td>5</td><td>total</td><td>$ 137582</td><td>$ 143746</td></tr></table> in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis . see note 9 for further information about such commitments . 2030 held for sale lending commitments are accounted for at the lower of cost or fair value . 2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions . 2030 substantially all lending commitments relates to the firm 2019s investing & lending segment . commercial lending . the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers . such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) . the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing . see note 9 for further information about funded loans . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . goldman sachs 2018 form 10-k 159 .
Question: what was the balance of lending commitments held for investment in 2018?
Answer: 120997.0
Question: what was the balance in 2017?
Answer: 124504.0
Question: what is the change in value during 2018?
| -3507.0 |
CONVFINQA7114 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing . these commitments are presented net of amounts syndicated to third parties . the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments . in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request . the table below presents information about lending commitments. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>as of december 2018</td><td>as of december 2017</td></tr><tr><td>2</td><td>held for investment</td><td>$ 120997</td><td>$ 124504</td></tr><tr><td>3</td><td>held for sale</td><td>8602</td><td>9838</td></tr><tr><td>4</td><td>at fair value</td><td>7983</td><td>9404</td></tr><tr><td>5</td><td>total</td><td>$ 137582</td><td>$ 143746</td></tr></table> in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis . see note 9 for further information about such commitments . 2030 held for sale lending commitments are accounted for at the lower of cost or fair value . 2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions . 2030 substantially all lending commitments relates to the firm 2019s investing & lending segment . commercial lending . the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers . such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) . the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing . see note 9 for further information about funded loans . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . goldman sachs 2018 form 10-k 159 .
Question: what was the balance of lending commitments held for investment in 2018?
Answer: 120997.0
Question: what was the balance in 2017?
Answer: 124504.0
Question: what is the change in value during 2018?
Answer: -3507.0
Question: what is the percent change?
| -0.02817 |
CONVFINQA7115 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) . <table class='wikitable'><tr><td>1</td><td>paymentdate</td><td>amountper share</td><td>totalamount ( in millions )</td></tr><tr><td>2</td><td>2016</td><td>$ 1.16</td><td>$ 172</td></tr><tr><td>3</td><td>2017</td><td>$ 1.49</td><td>$ 216</td></tr><tr><td>4</td><td>2018</td><td>$ 1.90</td><td>$ 262</td></tr></table> on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 . stock repurchases our board of directors may authorize the purchase of our common shares . under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration . on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .
Question: what was the amount per share paid in 2018?
| 1.9 |
CONVFINQA7116 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) . <table class='wikitable'><tr><td>1</td><td>paymentdate</td><td>amountper share</td><td>totalamount ( in millions )</td></tr><tr><td>2</td><td>2016</td><td>$ 1.16</td><td>$ 172</td></tr><tr><td>3</td><td>2017</td><td>$ 1.49</td><td>$ 216</td></tr><tr><td>4</td><td>2018</td><td>$ 1.90</td><td>$ 262</td></tr></table> on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 . stock repurchases our board of directors may authorize the purchase of our common shares . under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration . on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .
Question: what was the amount per share paid in 2018?
Answer: 1.9
Question: what was the amount paid per share in 2017?
| 1.49 |
CONVFINQA7117 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) . <table class='wikitable'><tr><td>1</td><td>paymentdate</td><td>amountper share</td><td>totalamount ( in millions )</td></tr><tr><td>2</td><td>2016</td><td>$ 1.16</td><td>$ 172</td></tr><tr><td>3</td><td>2017</td><td>$ 1.49</td><td>$ 216</td></tr><tr><td>4</td><td>2018</td><td>$ 1.90</td><td>$ 262</td></tr></table> on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 . stock repurchases our board of directors may authorize the purchase of our common shares . under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration . on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .
Question: what was the amount per share paid in 2018?
Answer: 1.9
Question: what was the amount paid per share in 2017?
Answer: 1.49
Question: what is the ratio of the payments made from 2018 to 2017?
| 1.27517 |
CONVFINQA7118 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) . <table class='wikitable'><tr><td>1</td><td>paymentdate</td><td>amountper share</td><td>totalamount ( in millions )</td></tr><tr><td>2</td><td>2016</td><td>$ 1.16</td><td>$ 172</td></tr><tr><td>3</td><td>2017</td><td>$ 1.49</td><td>$ 216</td></tr><tr><td>4</td><td>2018</td><td>$ 1.90</td><td>$ 262</td></tr></table> on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 . stock repurchases our board of directors may authorize the purchase of our common shares . under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration . on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .
Question: what was the amount per share paid in 2018?
Answer: 1.9
Question: what was the amount paid per share in 2017?
Answer: 1.49
Question: what is the ratio of the payments made from 2018 to 2017?
Answer: 1.27517
Question: what is that less 1?
| 0.27517 |
CONVFINQA7119 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company ( b ) these reclassifications were recorded to interest expense and cost of products sold . additional details regarding the company's cash flow hedges are provided in note 13 . on august 25 , 2016 , in anticipation of proceeds to be received from the divestiture of the respiratory solutions business in the first quarter of fiscal year 2017 , the company entered into an accelerated share repurchase ( "asr" ) agreement . subsequent to the end of the company's fiscal year 2016 and as per the terms of the asr agreement , the company received approximately 1.3 million shares of its common stock , which was recorded as a $ 220 million increase to common stock in treasury . note 4 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>2</td><td>average common shares outstanding</td><td>212702</td><td>202537</td><td>193299</td></tr><tr><td>3</td><td>dilutive share equivalents from share-based plans</td><td>4834</td><td>4972</td><td>4410</td></tr><tr><td>4</td><td>average common and common equivalent shares outstanding 2014 assuming dilution</td><td>217536</td><td>207509</td><td>197709</td></tr></table> average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing the acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17 , 2015 , the company issued approximately 15.9 million of its common shares as part of the purchase consideration . additional disclosures regarding this acquisition are provided in note 9 . options to purchase shares of common stock are excluded from the calculation of diluted earnings per share when their inclusion would have an anti-dilutive effect on the calculation . for the years ended september 30 , 2016 , 2015 and 2014 there were no options to purchase shares of common stock which were excluded from the diluted earnings per share calculation. .
Question: what are the number of outstanding shares in 2016?
| 212702.0 |
CONVFINQA7120 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company ( b ) these reclassifications were recorded to interest expense and cost of products sold . additional details regarding the company's cash flow hedges are provided in note 13 . on august 25 , 2016 , in anticipation of proceeds to be received from the divestiture of the respiratory solutions business in the first quarter of fiscal year 2017 , the company entered into an accelerated share repurchase ( "asr" ) agreement . subsequent to the end of the company's fiscal year 2016 and as per the terms of the asr agreement , the company received approximately 1.3 million shares of its common stock , which was recorded as a $ 220 million increase to common stock in treasury . note 4 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>2</td><td>average common shares outstanding</td><td>212702</td><td>202537</td><td>193299</td></tr><tr><td>3</td><td>dilutive share equivalents from share-based plans</td><td>4834</td><td>4972</td><td>4410</td></tr><tr><td>4</td><td>average common and common equivalent shares outstanding 2014 assuming dilution</td><td>217536</td><td>207509</td><td>197709</td></tr></table> average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing the acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17 , 2015 , the company issued approximately 15.9 million of its common shares as part of the purchase consideration . additional disclosures regarding this acquisition are provided in note 9 . options to purchase shares of common stock are excluded from the calculation of diluted earnings per share when their inclusion would have an anti-dilutive effect on the calculation . for the years ended september 30 , 2016 , 2015 and 2014 there were no options to purchase shares of common stock which were excluded from the diluted earnings per share calculation. .
Question: what are the number of outstanding shares in 2016?
Answer: 212702.0
Question: what are the number of shares in 2015?
| 202537.0 |
CONVFINQA7121 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company ( b ) these reclassifications were recorded to interest expense and cost of products sold . additional details regarding the company's cash flow hedges are provided in note 13 . on august 25 , 2016 , in anticipation of proceeds to be received from the divestiture of the respiratory solutions business in the first quarter of fiscal year 2017 , the company entered into an accelerated share repurchase ( "asr" ) agreement . subsequent to the end of the company's fiscal year 2016 and as per the terms of the asr agreement , the company received approximately 1.3 million shares of its common stock , which was recorded as a $ 220 million increase to common stock in treasury . note 4 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>2</td><td>average common shares outstanding</td><td>212702</td><td>202537</td><td>193299</td></tr><tr><td>3</td><td>dilutive share equivalents from share-based plans</td><td>4834</td><td>4972</td><td>4410</td></tr><tr><td>4</td><td>average common and common equivalent shares outstanding 2014 assuming dilution</td><td>217536</td><td>207509</td><td>197709</td></tr></table> average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing the acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17 , 2015 , the company issued approximately 15.9 million of its common shares as part of the purchase consideration . additional disclosures regarding this acquisition are provided in note 9 . options to purchase shares of common stock are excluded from the calculation of diluted earnings per share when their inclusion would have an anti-dilutive effect on the calculation . for the years ended september 30 , 2016 , 2015 and 2014 there were no options to purchase shares of common stock which were excluded from the diluted earnings per share calculation. .
Question: what are the number of outstanding shares in 2016?
Answer: 212702.0
Question: what are the number of shares in 2015?
Answer: 202537.0
Question: what is the sum?
| 415239.0 |
CONVFINQA7122 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company ( b ) these reclassifications were recorded to interest expense and cost of products sold . additional details regarding the company's cash flow hedges are provided in note 13 . on august 25 , 2016 , in anticipation of proceeds to be received from the divestiture of the respiratory solutions business in the first quarter of fiscal year 2017 , the company entered into an accelerated share repurchase ( "asr" ) agreement . subsequent to the end of the company's fiscal year 2016 and as per the terms of the asr agreement , the company received approximately 1.3 million shares of its common stock , which was recorded as a $ 220 million increase to common stock in treasury . note 4 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>2</td><td>average common shares outstanding</td><td>212702</td><td>202537</td><td>193299</td></tr><tr><td>3</td><td>dilutive share equivalents from share-based plans</td><td>4834</td><td>4972</td><td>4410</td></tr><tr><td>4</td><td>average common and common equivalent shares outstanding 2014 assuming dilution</td><td>217536</td><td>207509</td><td>197709</td></tr></table> average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing the acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17 , 2015 , the company issued approximately 15.9 million of its common shares as part of the purchase consideration . additional disclosures regarding this acquisition are provided in note 9 . options to purchase shares of common stock are excluded from the calculation of diluted earnings per share when their inclusion would have an anti-dilutive effect on the calculation . for the years ended september 30 , 2016 , 2015 and 2014 there were no options to purchase shares of common stock which were excluded from the diluted earnings per share calculation. .
Question: what are the number of outstanding shares in 2016?
Answer: 212702.0
Question: what are the number of shares in 2015?
Answer: 202537.0
Question: what is the sum?
Answer: 415239.0
Question: what is the total sum including shares from 2014?
| 608538.0 |
CONVFINQA7123 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the company granted 1020 performance shares . the vesting of these shares is contingent on meeting stated goals over a performance period . beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . the following table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares</td><td>weighted average grant date fair value</td></tr><tr><td>2</td><td>outstanding at december 31 2009</td><td>116677</td><td>$ 280</td></tr><tr><td>3</td><td>granted</td><td>134245</td><td>275</td></tr><tr><td>4</td><td>vested</td><td>-34630 ( 34630 )</td><td>257</td></tr><tr><td>5</td><td>cancelled</td><td>-19830 ( 19830 )</td><td>260</td></tr><tr><td>6</td><td>outstanding at december 31 2010</td><td>196462</td><td>283</td></tr></table> the total fair value of restricted stock that vested during the years ended december 31 , 2010 , 2009 and 2008 , was $ 10.3 million , $ 6.2 million and $ 2.5 million , respectively . eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration . shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq . compensation expense is recognized on the dates of purchase for the discount from the closing price . in 2010 , 2009 and 2008 , a total of 4371 , 4402 and 5600 shares , respectively , of class a common stock were issued to participating employees . these shares are subject to a six-month holding period . annual expense of $ 0.1 million for the purchase discount was recognized in 2010 , 2009 and 2008 , respectively . non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 . non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution . as a result , 7470 , 11674 and 5509 shares of class a common stock were issued to non-executive directors during 2010 , 2009 and 2008 , respectively . these shares are not subject to any vesting restrictions . expense of $ 2.4 million , $ 2.5 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2010 , 2009 and 2008 , respectively. .
Question: what was the total fair value of restricted stock that vested in 2010, in dollars?
| 10300000.0 |
CONVFINQA7124 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the company granted 1020 performance shares . the vesting of these shares is contingent on meeting stated goals over a performance period . beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . the following table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares</td><td>weighted average grant date fair value</td></tr><tr><td>2</td><td>outstanding at december 31 2009</td><td>116677</td><td>$ 280</td></tr><tr><td>3</td><td>granted</td><td>134245</td><td>275</td></tr><tr><td>4</td><td>vested</td><td>-34630 ( 34630 )</td><td>257</td></tr><tr><td>5</td><td>cancelled</td><td>-19830 ( 19830 )</td><td>260</td></tr><tr><td>6</td><td>outstanding at december 31 2010</td><td>196462</td><td>283</td></tr></table> the total fair value of restricted stock that vested during the years ended december 31 , 2010 , 2009 and 2008 , was $ 10.3 million , $ 6.2 million and $ 2.5 million , respectively . eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration . shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq . compensation expense is recognized on the dates of purchase for the discount from the closing price . in 2010 , 2009 and 2008 , a total of 4371 , 4402 and 5600 shares , respectively , of class a common stock were issued to participating employees . these shares are subject to a six-month holding period . annual expense of $ 0.1 million for the purchase discount was recognized in 2010 , 2009 and 2008 , respectively . non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 . non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution . as a result , 7470 , 11674 and 5509 shares of class a common stock were issued to non-executive directors during 2010 , 2009 and 2008 , respectively . these shares are not subject to any vesting restrictions . expense of $ 2.4 million , $ 2.5 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2010 , 2009 and 2008 , respectively. .
Question: what was the total fair value of restricted stock that vested in 2010, in dollars?
Answer: 10300000.0
Question: and what was the total number of shares in that process?
| 40077.82101 |
CONVFINQA7125 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the company granted 1020 performance shares . the vesting of these shares is contingent on meeting stated goals over a performance period . beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . the following table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares</td><td>weighted average grant date fair value</td></tr><tr><td>2</td><td>outstanding at december 31 2009</td><td>116677</td><td>$ 280</td></tr><tr><td>3</td><td>granted</td><td>134245</td><td>275</td></tr><tr><td>4</td><td>vested</td><td>-34630 ( 34630 )</td><td>257</td></tr><tr><td>5</td><td>cancelled</td><td>-19830 ( 19830 )</td><td>260</td></tr><tr><td>6</td><td>outstanding at december 31 2010</td><td>196462</td><td>283</td></tr></table> the total fair value of restricted stock that vested during the years ended december 31 , 2010 , 2009 and 2008 , was $ 10.3 million , $ 6.2 million and $ 2.5 million , respectively . eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration . shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq . compensation expense is recognized on the dates of purchase for the discount from the closing price . in 2010 , 2009 and 2008 , a total of 4371 , 4402 and 5600 shares , respectively , of class a common stock were issued to participating employees . these shares are subject to a six-month holding period . annual expense of $ 0.1 million for the purchase discount was recognized in 2010 , 2009 and 2008 , respectively . non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 . non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution . as a result , 7470 , 11674 and 5509 shares of class a common stock were issued to non-executive directors during 2010 , 2009 and 2008 , respectively . these shares are not subject to any vesting restrictions . expense of $ 2.4 million , $ 2.5 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2010 , 2009 and 2008 , respectively. .
Question: what was the total fair value of restricted stock that vested in 2010, in dollars?
Answer: 10300000.0
Question: and what was the total number of shares in that process?
Answer: 40077.82101
Question: what was the number of shares that vested based on the average grant fair value in 2010?
| 34630.0 |
CONVFINQA7126 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the company granted 1020 performance shares . the vesting of these shares is contingent on meeting stated goals over a performance period . beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . the following table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value . <table class='wikitable'><tr><td>1</td><td>-</td><td>number of shares</td><td>weighted average grant date fair value</td></tr><tr><td>2</td><td>outstanding at december 31 2009</td><td>116677</td><td>$ 280</td></tr><tr><td>3</td><td>granted</td><td>134245</td><td>275</td></tr><tr><td>4</td><td>vested</td><td>-34630 ( 34630 )</td><td>257</td></tr><tr><td>5</td><td>cancelled</td><td>-19830 ( 19830 )</td><td>260</td></tr><tr><td>6</td><td>outstanding at december 31 2010</td><td>196462</td><td>283</td></tr></table> the total fair value of restricted stock that vested during the years ended december 31 , 2010 , 2009 and 2008 , was $ 10.3 million , $ 6.2 million and $ 2.5 million , respectively . eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration . shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq . compensation expense is recognized on the dates of purchase for the discount from the closing price . in 2010 , 2009 and 2008 , a total of 4371 , 4402 and 5600 shares , respectively , of class a common stock were issued to participating employees . these shares are subject to a six-month holding period . annual expense of $ 0.1 million for the purchase discount was recognized in 2010 , 2009 and 2008 , respectively . non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 . non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution . as a result , 7470 , 11674 and 5509 shares of class a common stock were issued to non-executive directors during 2010 , 2009 and 2008 , respectively . these shares are not subject to any vesting restrictions . expense of $ 2.4 million , $ 2.5 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2010 , 2009 and 2008 , respectively. .
Question: what was the total fair value of restricted stock that vested in 2010, in dollars?
Answer: 10300000.0
Question: and what was the total number of shares in that process?
Answer: 40077.82101
Question: what was the number of shares that vested based on the average grant fair value in 2010?
Answer: 34630.0
Question: and what is, then, the difference between the number of actual shares that vested in that year and the one of shares that vested based on the average grant fair value?
| 5447.82101 |
CONVFINQA7127 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 . in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 . during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 . the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 . each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 . each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els . these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes . since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part . holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 . we may choose to pay the purchase price in cash or common stock or a combination thereof . during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares . in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes . most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares . during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan . in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas . during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations . under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating . the unsecured senior notes and senior debentures are not redeemable prior to maturity . our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio . we are in compliance with all covenants as of december 31 , 2005 . following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>2006</td><td>$ 600883</td></tr><tr><td>2</td><td>2007</td><td>329493</td></tr><tr><td>3</td><td>2008</td><td>245257</td></tr><tr><td>4</td><td>2009 ( 1 )</td><td>361449</td></tr><tr><td>5</td><td>2010</td><td>687376</td></tr></table> 1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 . the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 . this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 . we may choose to pay any amounts in cash or common stock or a combination thereof . note 6 . shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction . as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share . total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock . the forward sale contract matured in february 2006 . during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us . upon settlement of the contract , we received 218089 additional shares of our common stock . these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 . our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock . offerings to employees are made on a quarterly basis . subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period . shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd . notes to the consolidated financial statements ( continued ) .
Question: what was the ratio of the leases for splendour and legend of the seas from 1996 to 1995?
| 1.01538 |
CONVFINQA7128 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 . in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 . during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 . the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 . each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 . each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els . these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes . since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part . holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 . we may choose to pay the purchase price in cash or common stock or a combination thereof . during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares . in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes . most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares . during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan . in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas . during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations . under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating . the unsecured senior notes and senior debentures are not redeemable prior to maturity . our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio . we are in compliance with all covenants as of december 31 , 2005 . following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>2006</td><td>$ 600883</td></tr><tr><td>2</td><td>2007</td><td>329493</td></tr><tr><td>3</td><td>2008</td><td>245257</td></tr><tr><td>4</td><td>2009 ( 1 )</td><td>361449</td></tr><tr><td>5</td><td>2010</td><td>687376</td></tr></table> 1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 . the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 . this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 . we may choose to pay any amounts in cash or common stock or a combination thereof . note 6 . shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction . as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share . total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock . the forward sale contract matured in february 2006 . during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us . upon settlement of the contract , we received 218089 additional shares of our common stock . these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 . our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock . offerings to employees are made on a quarterly basis . subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period . shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd . notes to the consolidated financial statements ( continued ) .
Question: what was the ratio of the leases for splendour and legend of the seas from 1996 to 1995?
Answer: 1.01538
Question: what was the portion of debt maturity in 2010 compared to 2006?
| 1.14394 |
CONVFINQA7129 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 . in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 . during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 . the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 . each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 . each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els . these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes . since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part . holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 . we may choose to pay the purchase price in cash or common stock or a combination thereof . during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares . in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes . most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares . during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan . in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas . during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations . under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating . the unsecured senior notes and senior debentures are not redeemable prior to maturity . our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio . we are in compliance with all covenants as of december 31 , 2005 . following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>2006</td><td>$ 600883</td></tr><tr><td>2</td><td>2007</td><td>329493</td></tr><tr><td>3</td><td>2008</td><td>245257</td></tr><tr><td>4</td><td>2009 ( 1 )</td><td>361449</td></tr><tr><td>5</td><td>2010</td><td>687376</td></tr></table> 1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 . the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 . this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 . we may choose to pay any amounts in cash or common stock or a combination thereof . note 6 . shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction . as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share . total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock . the forward sale contract matured in february 2006 . during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us . upon settlement of the contract , we received 218089 additional shares of our common stock . these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 . our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock . offerings to employees are made on a quarterly basis . subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period . shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd . notes to the consolidated financial statements ( continued ) .
Question: what was the ratio of the leases for splendour and legend of the seas from 1996 to 1995?
Answer: 1.01538
Question: what was the portion of debt maturity in 2010 compared to 2006?
Answer: 1.14394
Question: and as a percentage?
| 114.39432 |
CONVFINQA7130 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>range of risk-free interest rate</td><td>0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )</td><td>0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )</td><td>0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )</td></tr><tr><td>3</td><td>weighted average risk-free interest rate</td><td>0.09% ( 0.09 % )</td><td>0.10% ( 0.10 % )</td><td>0.08% ( 0.08 % )</td></tr><tr><td>4</td><td>expected life of shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>5</td><td>range of expected volatility of underlying stock price over the option period</td><td>11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % )</td><td>12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % )</td><td>33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )</td></tr><tr><td>6</td><td>weighted average expected volatility of underlying stock price</td><td>14.14% ( 14.14 % )</td><td>12.88% ( 12.88 % )</td><td>33.54% ( 33.54 % )</td></tr><tr><td>7</td><td>expected annual dividend yield</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td></tr></table> 16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
Question: what was the weighted average fair value per share of espp share purchase options in 2013?
| 13.42 |
CONVFINQA7131 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>range of risk-free interest rate</td><td>0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )</td><td>0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )</td><td>0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )</td></tr><tr><td>3</td><td>weighted average risk-free interest rate</td><td>0.09% ( 0.09 % )</td><td>0.10% ( 0.10 % )</td><td>0.08% ( 0.08 % )</td></tr><tr><td>4</td><td>expected life of shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>5</td><td>range of expected volatility of underlying stock price over the option period</td><td>11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % )</td><td>12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % )</td><td>33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )</td></tr><tr><td>6</td><td>weighted average expected volatility of underlying stock price</td><td>14.14% ( 14.14 % )</td><td>12.88% ( 12.88 % )</td><td>33.54% ( 33.54 % )</td></tr><tr><td>7</td><td>expected annual dividend yield</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td></tr></table> 16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
Question: what was the weighted average fair value per share of espp share purchase options in 2013?
Answer: 13.42
Question: what was the value in 2012?
| 13.64 |
CONVFINQA7132 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>range of risk-free interest rate</td><td>0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )</td><td>0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )</td><td>0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )</td></tr><tr><td>3</td><td>weighted average risk-free interest rate</td><td>0.09% ( 0.09 % )</td><td>0.10% ( 0.10 % )</td><td>0.08% ( 0.08 % )</td></tr><tr><td>4</td><td>expected life of shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>5</td><td>range of expected volatility of underlying stock price over the option period</td><td>11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % )</td><td>12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % )</td><td>33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )</td></tr><tr><td>6</td><td>weighted average expected volatility of underlying stock price</td><td>14.14% ( 14.14 % )</td><td>12.88% ( 12.88 % )</td><td>33.54% ( 33.54 % )</td></tr><tr><td>7</td><td>expected annual dividend yield</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td></tr></table> 16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
Question: what was the weighted average fair value per share of espp share purchase options in 2013?
Answer: 13.42
Question: what was the value in 2012?
Answer: 13.64
Question: what was the change in value?
| -0.22 |
CONVFINQA7133 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>range of risk-free interest rate</td><td>0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )</td><td>0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )</td><td>0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )</td></tr><tr><td>3</td><td>weighted average risk-free interest rate</td><td>0.09% ( 0.09 % )</td><td>0.10% ( 0.10 % )</td><td>0.08% ( 0.08 % )</td></tr><tr><td>4</td><td>expected life of shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>5</td><td>range of expected volatility of underlying stock price over the option period</td><td>11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % )</td><td>12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % )</td><td>33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )</td></tr><tr><td>6</td><td>weighted average expected volatility of underlying stock price</td><td>14.14% ( 14.14 % )</td><td>12.88% ( 12.88 % )</td><td>33.54% ( 33.54 % )</td></tr><tr><td>7</td><td>expected annual dividend yield</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td></tr></table> 16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
Question: what was the weighted average fair value per share of espp share purchase options in 2013?
Answer: 13.42
Question: what was the value in 2012?
Answer: 13.64
Question: what was the change in value?
Answer: -0.22
Question: what was the value in 2012?
| 13.64 |
CONVFINQA7134 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>range of risk-free interest rate</td><td>0.06% ( 0.06 % ) 2013 0.11% ( 0.11 % )</td><td>0.07% ( 0.07 % ) 2013 0.13% ( 0.13 % )</td><td>0.05% ( 0.05 % ) 2013 0.12% ( 0.12 % )</td></tr><tr><td>3</td><td>weighted average risk-free interest rate</td><td>0.09% ( 0.09 % )</td><td>0.10% ( 0.10 % )</td><td>0.08% ( 0.08 % )</td></tr><tr><td>4</td><td>expected life of shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>5</td><td>range of expected volatility of underlying stock price over the option period</td><td>11.29% ( 11.29 % ) 2013 16.59% ( 16.59 % )</td><td>12.21% ( 12.21 % ) 2013 13.57% ( 13.57 % )</td><td>33.16% ( 33.16 % ) 2013 33.86% ( 33.86 % )</td></tr><tr><td>6</td><td>weighted average expected volatility of underlying stock price</td><td>14.14% ( 14.14 % )</td><td>12.88% ( 12.88 % )</td><td>33.54% ( 33.54 % )</td></tr><tr><td>7</td><td>expected annual dividend yield</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td><td>1.50% ( 1.50 % )</td></tr></table> 16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
Question: what was the weighted average fair value per share of espp share purchase options in 2013?
Answer: 13.42
Question: what was the value in 2012?
Answer: 13.64
Question: what was the change in value?
Answer: -0.22
Question: what was the value in 2012?
Answer: 13.64
Question: what is the percent change?
| -0.01613 |
CONVFINQA7135 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses . this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans . capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses . the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 . see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively . citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations . the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level . senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) . the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items . among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s . earnings and capital . the finalco has established capital targets for citigroup and for significant subsidiaries . at december 31 , 2008 , these targets exceeded the regulatory standards . common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings . on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share . the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted . there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset . however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders . capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) . capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) . tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves . both measures of capital are stated as a percentage of risk-weighted assets . risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts . citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets . to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels . as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 . citigroup regulatory capital ratios at year end 2008 2007 . <table class='wikitable'><tr><td>1</td><td>at year end</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>tier 1 capital</td><td>11.92% ( 11.92 % )</td><td>7.12% ( 7.12 % )</td></tr><tr><td>3</td><td>total capital ( tier 1 and tier 2 )</td><td>15.70</td><td>10.70</td></tr><tr><td>4</td><td>leverage ( 1 )</td><td>6.08</td><td>4.03</td></tr></table> leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets . events occurring during 2008 , including the transactions with the u.s . government , affected citigroup 2019s capital ratios , and any additional u.s . government financial involvement with the company could further impact the company 2019s capital ratios . in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios . see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d .
Question: what was the conversion price before the reset of convertible preferred stock issued in the private offering?
| 31.62 |
CONVFINQA7136 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses . this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans . capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses . the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 . see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively . citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations . the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level . senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) . the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items . among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s . earnings and capital . the finalco has established capital targets for citigroup and for significant subsidiaries . at december 31 , 2008 , these targets exceeded the regulatory standards . common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings . on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share . the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted . there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset . however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders . capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) . capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) . tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves . both measures of capital are stated as a percentage of risk-weighted assets . risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts . citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets . to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels . as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 . citigroup regulatory capital ratios at year end 2008 2007 . <table class='wikitable'><tr><td>1</td><td>at year end</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>tier 1 capital</td><td>11.92% ( 11.92 % )</td><td>7.12% ( 7.12 % )</td></tr><tr><td>3</td><td>total capital ( tier 1 and tier 2 )</td><td>15.70</td><td>10.70</td></tr><tr><td>4</td><td>leverage ( 1 )</td><td>6.08</td><td>4.03</td></tr></table> leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets . events occurring during 2008 , including the transactions with the u.s . government , affected citigroup 2019s capital ratios , and any additional u.s . government financial involvement with the company could further impact the company 2019s capital ratios . in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios . see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d .
Question: what was the conversion price before the reset of convertible preferred stock issued in the private offering?
Answer: 31.62
Question: and what became the conversion price with that reset?
| 26.35 |
CONVFINQA7137 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses . this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans . capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses . the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 . see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively . citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations . the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level . senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) . the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items . among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s . earnings and capital . the finalco has established capital targets for citigroup and for significant subsidiaries . at december 31 , 2008 , these targets exceeded the regulatory standards . common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings . on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share . the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted . there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset . however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders . capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) . capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) . tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves . both measures of capital are stated as a percentage of risk-weighted assets . risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts . citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets . to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels . as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 . citigroup regulatory capital ratios at year end 2008 2007 . <table class='wikitable'><tr><td>1</td><td>at year end</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>tier 1 capital</td><td>11.92% ( 11.92 % )</td><td>7.12% ( 7.12 % )</td></tr><tr><td>3</td><td>total capital ( tier 1 and tier 2 )</td><td>15.70</td><td>10.70</td></tr><tr><td>4</td><td>leverage ( 1 )</td><td>6.08</td><td>4.03</td></tr></table> leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets . events occurring during 2008 , including the transactions with the u.s . government , affected citigroup 2019s capital ratios , and any additional u.s . government financial involvement with the company could further impact the company 2019s capital ratios . in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios . see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d .
Question: what was the conversion price before the reset of convertible preferred stock issued in the private offering?
Answer: 31.62
Question: and what became the conversion price with that reset?
Answer: 26.35
Question: what, then, was the change in the conversion price because of that reset?
| 5.27 |
CONVFINQA7138 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses . this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans . capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses . the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 . see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively . citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations . the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level . senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) . the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items . among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s . earnings and capital . the finalco has established capital targets for citigroup and for significant subsidiaries . at december 31 , 2008 , these targets exceeded the regulatory standards . common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings . on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share . the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted . there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset . however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders . capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) . capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) . tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves . both measures of capital are stated as a percentage of risk-weighted assets . risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts . citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets . to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels . as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 . citigroup regulatory capital ratios at year end 2008 2007 . <table class='wikitable'><tr><td>1</td><td>at year end</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>tier 1 capital</td><td>11.92% ( 11.92 % )</td><td>7.12% ( 7.12 % )</td></tr><tr><td>3</td><td>total capital ( tier 1 and tier 2 )</td><td>15.70</td><td>10.70</td></tr><tr><td>4</td><td>leverage ( 1 )</td><td>6.08</td><td>4.03</td></tr></table> leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets . events occurring during 2008 , including the transactions with the u.s . government , affected citigroup 2019s capital ratios , and any additional u.s . government financial involvement with the company could further impact the company 2019s capital ratios . in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios . see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d .
Question: what was the conversion price before the reset of convertible preferred stock issued in the private offering?
Answer: 31.62
Question: and what became the conversion price with that reset?
Answer: 26.35
Question: what, then, was the change in the conversion price because of that reset?
Answer: 5.27
Question: and how much does this change represent in relation to the original conversion price, in percentage?
| 0.16667 |
CONVFINQA7139 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
28 , 35 , or 90 days . the funds associated with failed auctions will not be accessible until a successful auction occurs or a buyer is found outside of the auction process . based on broker- dealer valuation models and an analysis of other-than-temporary impairment factors , auction rate securities with an original par value of approximately $ 34 million were written-down to an estimated fair value of $ 16 million as of december 31 , 2007 . this write-down resulted in an 201cother-than-temporary 201d impairment charge of approximately $ 8 million ( pre-tax ) included in net income and a temporary impairment charge of $ 10 million ( pre-tax ) reflected as an unrealized loss within other comprehensive income for 2007 . as of december 31 , 2007 , these investments in auction rate securities have been in a loss position for less than six months . these auction rate securities are classified as non-current marketable securities as of december 31 , 2007 as indicated in the preceding table . 3m reviews impairments associated with the above in accordance with emerging issues task force ( eitf ) 03-1 and fsp sfas 115-1 and 124-1 , 201cthe meaning of other-than-temporary-impairment and its application to certain investments , 201d to determine the classification of the impairment as 201ctemporary 201d or 201cother-than-temporary . 201d a temporary impairment charge results in an unrealized loss being recorded in the other comprehensive income component of stockholders 2019 equity . such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as other-than-temporary . the company believes that a portion of the impairment of its auction rate securities investments is temporary and a portion is other-than-temporary . the factors evaluated to differentiate between temporary and other-than-temporary include the projected future cash flows , credit ratings actions , and assessment of the credit quality of the underlying collateral . the balance at december 31 , 2007 for marketable securities and short-term investments by contractual maturity are shown below . actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties . dec . 31 , ( millions ) 2007 . <table class='wikitable'><tr><td>1</td><td>( millions )</td><td>dec . 31 2007</td></tr><tr><td>2</td><td>due in one year or less</td><td>$ 231</td></tr><tr><td>3</td><td>due after one year through three years</td><td>545</td></tr><tr><td>4</td><td>due after three years through five years</td><td>221</td></tr><tr><td>5</td><td>due after five years</td><td>62</td></tr><tr><td>6</td><td>total marketable securities</td><td>$ 1059</td></tr></table> predetermined intervals , usually every 7 .
Question: as of december 31, 2007, what was the impact of the adjustement on the auction rate securities?
| 18.0 |
CONVFINQA7140 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
28 , 35 , or 90 days . the funds associated with failed auctions will not be accessible until a successful auction occurs or a buyer is found outside of the auction process . based on broker- dealer valuation models and an analysis of other-than-temporary impairment factors , auction rate securities with an original par value of approximately $ 34 million were written-down to an estimated fair value of $ 16 million as of december 31 , 2007 . this write-down resulted in an 201cother-than-temporary 201d impairment charge of approximately $ 8 million ( pre-tax ) included in net income and a temporary impairment charge of $ 10 million ( pre-tax ) reflected as an unrealized loss within other comprehensive income for 2007 . as of december 31 , 2007 , these investments in auction rate securities have been in a loss position for less than six months . these auction rate securities are classified as non-current marketable securities as of december 31 , 2007 as indicated in the preceding table . 3m reviews impairments associated with the above in accordance with emerging issues task force ( eitf ) 03-1 and fsp sfas 115-1 and 124-1 , 201cthe meaning of other-than-temporary-impairment and its application to certain investments , 201d to determine the classification of the impairment as 201ctemporary 201d or 201cother-than-temporary . 201d a temporary impairment charge results in an unrealized loss being recorded in the other comprehensive income component of stockholders 2019 equity . such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as other-than-temporary . the company believes that a portion of the impairment of its auction rate securities investments is temporary and a portion is other-than-temporary . the factors evaluated to differentiate between temporary and other-than-temporary include the projected future cash flows , credit ratings actions , and assessment of the credit quality of the underlying collateral . the balance at december 31 , 2007 for marketable securities and short-term investments by contractual maturity are shown below . actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties . dec . 31 , ( millions ) 2007 . <table class='wikitable'><tr><td>1</td><td>( millions )</td><td>dec . 31 2007</td></tr><tr><td>2</td><td>due in one year or less</td><td>$ 231</td></tr><tr><td>3</td><td>due after one year through three years</td><td>545</td></tr><tr><td>4</td><td>due after three years through five years</td><td>221</td></tr><tr><td>5</td><td>due after five years</td><td>62</td></tr><tr><td>6</td><td>total marketable securities</td><td>$ 1059</td></tr></table> predetermined intervals , usually every 7 .
Question: as of december 31, 2007, what was the impact of the adjustement on the auction rate securities?
Answer: 18.0
Question: and what is this impact as a portion of those original securities?
| 0.52941 |
CONVFINQA7141 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
28 , 35 , or 90 days . the funds associated with failed auctions will not be accessible until a successful auction occurs or a buyer is found outside of the auction process . based on broker- dealer valuation models and an analysis of other-than-temporary impairment factors , auction rate securities with an original par value of approximately $ 34 million were written-down to an estimated fair value of $ 16 million as of december 31 , 2007 . this write-down resulted in an 201cother-than-temporary 201d impairment charge of approximately $ 8 million ( pre-tax ) included in net income and a temporary impairment charge of $ 10 million ( pre-tax ) reflected as an unrealized loss within other comprehensive income for 2007 . as of december 31 , 2007 , these investments in auction rate securities have been in a loss position for less than six months . these auction rate securities are classified as non-current marketable securities as of december 31 , 2007 as indicated in the preceding table . 3m reviews impairments associated with the above in accordance with emerging issues task force ( eitf ) 03-1 and fsp sfas 115-1 and 124-1 , 201cthe meaning of other-than-temporary-impairment and its application to certain investments , 201d to determine the classification of the impairment as 201ctemporary 201d or 201cother-than-temporary . 201d a temporary impairment charge results in an unrealized loss being recorded in the other comprehensive income component of stockholders 2019 equity . such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as other-than-temporary . the company believes that a portion of the impairment of its auction rate securities investments is temporary and a portion is other-than-temporary . the factors evaluated to differentiate between temporary and other-than-temporary include the projected future cash flows , credit ratings actions , and assessment of the credit quality of the underlying collateral . the balance at december 31 , 2007 for marketable securities and short-term investments by contractual maturity are shown below . actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties . dec . 31 , ( millions ) 2007 . <table class='wikitable'><tr><td>1</td><td>( millions )</td><td>dec . 31 2007</td></tr><tr><td>2</td><td>due in one year or less</td><td>$ 231</td></tr><tr><td>3</td><td>due after one year through three years</td><td>545</td></tr><tr><td>4</td><td>due after three years through five years</td><td>221</td></tr><tr><td>5</td><td>due after five years</td><td>62</td></tr><tr><td>6</td><td>total marketable securities</td><td>$ 1059</td></tr></table> predetermined intervals , usually every 7 .
Question: as of december 31, 2007, what was the impact of the adjustement on the auction rate securities?
Answer: 18.0
Question: and what is this impact as a portion of those original securities?
Answer: 0.52941
Question: in that same year, what percentage did the securities due in one year or less represent in relation to the total?
| 0.21813 |
CONVFINQA7142 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: . <table class='wikitable'><tr><td>1</td><td>( dollars in thousands )</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>2</td><td>balance at january 1</td><td>$ 29010</td><td>$ 34366</td><td>$ 29132</td></tr><tr><td>3</td><td>additions based on tax positions related to the current year</td><td>7119</td><td>6997</td><td>5234</td></tr><tr><td>4</td><td>additions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>5</td><td>reductions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6</td><td>settlements with taxing authorities</td><td>-12356 ( 12356 )</td><td>-12353 ( 12353 )</td><td>-</td></tr><tr><td>7</td><td>lapses of applicable statutes of limitations</td><td>-</td><td>-</td><td>-</td></tr><tr><td>8</td><td>balance at december 31</td><td>$ 23773</td><td>$ 29010</td><td>$ 34366</td></tr></table> the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized . in 2010 , the company favorably settled a 2003 and 2004 irs audit . the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand . in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit . the company is no longer subject to u.s . federal , state and local or foreign income tax examinations by tax authorities for years before 2007 . the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes . during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties . included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit . the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date . for u.s . income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 . in addition , for u.s . income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire . management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented . tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
Question: what was the net change in value of unrecognized tax benefits in 2009?
| -5356.0 |
CONVFINQA7143 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: . <table class='wikitable'><tr><td>1</td><td>( dollars in thousands )</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>2</td><td>balance at january 1</td><td>$ 29010</td><td>$ 34366</td><td>$ 29132</td></tr><tr><td>3</td><td>additions based on tax positions related to the current year</td><td>7119</td><td>6997</td><td>5234</td></tr><tr><td>4</td><td>additions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>5</td><td>reductions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6</td><td>settlements with taxing authorities</td><td>-12356 ( 12356 )</td><td>-12353 ( 12353 )</td><td>-</td></tr><tr><td>7</td><td>lapses of applicable statutes of limitations</td><td>-</td><td>-</td><td>-</td></tr><tr><td>8</td><td>balance at december 31</td><td>$ 23773</td><td>$ 29010</td><td>$ 34366</td></tr></table> the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized . in 2010 , the company favorably settled a 2003 and 2004 irs audit . the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand . in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit . the company is no longer subject to u.s . federal , state and local or foreign income tax examinations by tax authorities for years before 2007 . the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes . during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties . included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit . the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date . for u.s . income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 . in addition , for u.s . income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire . management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented . tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
Question: what was the net change in value of unrecognized tax benefits in 2009?
Answer: -5356.0
Question: what was the value at the start of 2009?
| 34366.0 |
CONVFINQA7144 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: . <table class='wikitable'><tr><td>1</td><td>( dollars in thousands )</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>2</td><td>balance at january 1</td><td>$ 29010</td><td>$ 34366</td><td>$ 29132</td></tr><tr><td>3</td><td>additions based on tax positions related to the current year</td><td>7119</td><td>6997</td><td>5234</td></tr><tr><td>4</td><td>additions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>5</td><td>reductions for tax positions of prior years</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6</td><td>settlements with taxing authorities</td><td>-12356 ( 12356 )</td><td>-12353 ( 12353 )</td><td>-</td></tr><tr><td>7</td><td>lapses of applicable statutes of limitations</td><td>-</td><td>-</td><td>-</td></tr><tr><td>8</td><td>balance at december 31</td><td>$ 23773</td><td>$ 29010</td><td>$ 34366</td></tr></table> the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized . in 2010 , the company favorably settled a 2003 and 2004 irs audit . the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand . in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit . the company is no longer subject to u.s . federal , state and local or foreign income tax examinations by tax authorities for years before 2007 . the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes . during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties . included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit . the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date . for u.s . income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 . in addition , for u.s . income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire . management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented . tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
Question: what was the net change in value of unrecognized tax benefits in 2009?
Answer: -5356.0
Question: what was the value at the start of 2009?
Answer: 34366.0
Question: what is the percent change?
| -0.15585 |
CONVFINQA7145 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to . <table class='wikitable'><tr><td>1</td><td>for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )</td><td>directamount</td><td>ceded to other companies</td><td>assumed from other companies</td><td>net amount</td><td>percentage of amount assumed to net</td></tr><tr><td>2</td><td>2010</td><td>$ 15780</td><td>$ 5792</td><td>$ 3516</td><td>$ 13504</td><td>26% ( 26 % )</td></tr><tr><td>3</td><td>2009</td><td>$ 15415</td><td>$ 5943</td><td>$ 3768</td><td>$ 13240</td><td>28% ( 28 % )</td></tr><tr><td>4</td><td>2008</td><td>$ 16087</td><td>$ 6144</td><td>$ 3260</td><td>$ 13203</td><td>25% ( 25 % )</td></tr></table> .
Question: what is the direct amount for 2010?
| 15780.0 |
CONVFINQA7146 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to . <table class='wikitable'><tr><td>1</td><td>for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )</td><td>directamount</td><td>ceded to other companies</td><td>assumed from other companies</td><td>net amount</td><td>percentage of amount assumed to net</td></tr><tr><td>2</td><td>2010</td><td>$ 15780</td><td>$ 5792</td><td>$ 3516</td><td>$ 13504</td><td>26% ( 26 % )</td></tr><tr><td>3</td><td>2009</td><td>$ 15415</td><td>$ 5943</td><td>$ 3768</td><td>$ 13240</td><td>28% ( 28 % )</td></tr><tr><td>4</td><td>2008</td><td>$ 16087</td><td>$ 6144</td><td>$ 3260</td><td>$ 13203</td><td>25% ( 25 % )</td></tr></table> .
Question: what is the direct amount for 2010?
Answer: 15780.0
Question: what about in 2009?
| 15415.0 |
CONVFINQA7147 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to . <table class='wikitable'><tr><td>1</td><td>for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )</td><td>directamount</td><td>ceded to other companies</td><td>assumed from other companies</td><td>net amount</td><td>percentage of amount assumed to net</td></tr><tr><td>2</td><td>2010</td><td>$ 15780</td><td>$ 5792</td><td>$ 3516</td><td>$ 13504</td><td>26% ( 26 % )</td></tr><tr><td>3</td><td>2009</td><td>$ 15415</td><td>$ 5943</td><td>$ 3768</td><td>$ 13240</td><td>28% ( 28 % )</td></tr><tr><td>4</td><td>2008</td><td>$ 16087</td><td>$ 6144</td><td>$ 3260</td><td>$ 13203</td><td>25% ( 25 % )</td></tr></table> .
Question: what is the direct amount for 2010?
Answer: 15780.0
Question: what about in 2009?
Answer: 15415.0
Question: what is the net change in direct amount from 2009 to 2010?
| 365.0 |
CONVFINQA7148 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to . <table class='wikitable'><tr><td>1</td><td>for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )</td><td>directamount</td><td>ceded to other companies</td><td>assumed from other companies</td><td>net amount</td><td>percentage of amount assumed to net</td></tr><tr><td>2</td><td>2010</td><td>$ 15780</td><td>$ 5792</td><td>$ 3516</td><td>$ 13504</td><td>26% ( 26 % )</td></tr><tr><td>3</td><td>2009</td><td>$ 15415</td><td>$ 5943</td><td>$ 3768</td><td>$ 13240</td><td>28% ( 28 % )</td></tr><tr><td>4</td><td>2008</td><td>$ 16087</td><td>$ 6144</td><td>$ 3260</td><td>$ 13203</td><td>25% ( 25 % )</td></tr></table> .
Question: what is the direct amount for 2010?
Answer: 15780.0
Question: what about in 2009?
Answer: 15415.0
Question: what is the net change in direct amount from 2009 to 2010?
Answer: 365.0
Question: what is the direct amount for 2009?
| 15415.0 |
CONVFINQA7149 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to . <table class='wikitable'><tr><td>1</td><td>for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )</td><td>directamount</td><td>ceded to other companies</td><td>assumed from other companies</td><td>net amount</td><td>percentage of amount assumed to net</td></tr><tr><td>2</td><td>2010</td><td>$ 15780</td><td>$ 5792</td><td>$ 3516</td><td>$ 13504</td><td>26% ( 26 % )</td></tr><tr><td>3</td><td>2009</td><td>$ 15415</td><td>$ 5943</td><td>$ 3768</td><td>$ 13240</td><td>28% ( 28 % )</td></tr><tr><td>4</td><td>2008</td><td>$ 16087</td><td>$ 6144</td><td>$ 3260</td><td>$ 13203</td><td>25% ( 25 % )</td></tr></table> .
Question: what is the direct amount for 2010?
Answer: 15780.0
Question: what about in 2009?
Answer: 15415.0
Question: what is the net change in direct amount from 2009 to 2010?
Answer: 365.0
Question: what is the direct amount for 2009?
Answer: 15415.0
Question: what growth rate does this represent?
| 0.02368 |
CONVFINQA7150 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>december 312014</td><td>net inflows ( outflows )</td><td>acquisition ( 1 )</td><td>market change</td><td>fx impact</td><td>december 312015</td></tr><tr><td>2</td><td>asset allocation and balanced</td><td>$ 183032</td><td>$ 12926</td><td>$ 2014</td><td>$ -6731 ( 6731 )</td><td>$ -3391 ( 3391 )</td><td>$ 185836</td></tr><tr><td>3</td><td>target date/risk</td><td>128611</td><td>218</td><td>2014</td><td>-1308 ( 1308 )</td><td>-1857 ( 1857 )</td><td>125664</td></tr><tr><td>4</td><td>fiduciary</td><td>66194</td><td>3985</td><td>2014</td><td>627</td><td>-6373 ( 6373 )</td><td>64433</td></tr><tr><td>5</td><td>futureadvisor</td><td>2014</td><td>38</td><td>366</td><td>-1 ( 1 )</td><td>2014</td><td>403</td></tr><tr><td>6</td><td>multi-asset</td><td>$ 377837</td><td>$ 17167</td><td>$ 366</td><td>$ -7413 ( 7413 )</td><td>$ -11621 ( 11621 )</td><td>$ 376336</td></tr></table> ( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation andmulti-asset income suites. .
Question: what is the value of total multi assets in 2015?
| 376336.0 |
CONVFINQA7151 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>december 312014</td><td>net inflows ( outflows )</td><td>acquisition ( 1 )</td><td>market change</td><td>fx impact</td><td>december 312015</td></tr><tr><td>2</td><td>asset allocation and balanced</td><td>$ 183032</td><td>$ 12926</td><td>$ 2014</td><td>$ -6731 ( 6731 )</td><td>$ -3391 ( 3391 )</td><td>$ 185836</td></tr><tr><td>3</td><td>target date/risk</td><td>128611</td><td>218</td><td>2014</td><td>-1308 ( 1308 )</td><td>-1857 ( 1857 )</td><td>125664</td></tr><tr><td>4</td><td>fiduciary</td><td>66194</td><td>3985</td><td>2014</td><td>627</td><td>-6373 ( 6373 )</td><td>64433</td></tr><tr><td>5</td><td>futureadvisor</td><td>2014</td><td>38</td><td>366</td><td>-1 ( 1 )</td><td>2014</td><td>403</td></tr><tr><td>6</td><td>multi-asset</td><td>$ 377837</td><td>$ 17167</td><td>$ 366</td><td>$ -7413 ( 7413 )</td><td>$ -11621 ( 11621 )</td><td>$ 376336</td></tr></table> ( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation andmulti-asset income suites. .
Question: what is the value of total multi assets in 2015?
Answer: 376336.0
Question: what was the value in 2014?
| 377837.0 |
CONVFINQA7152 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>december 312014</td><td>net inflows ( outflows )</td><td>acquisition ( 1 )</td><td>market change</td><td>fx impact</td><td>december 312015</td></tr><tr><td>2</td><td>asset allocation and balanced</td><td>$ 183032</td><td>$ 12926</td><td>$ 2014</td><td>$ -6731 ( 6731 )</td><td>$ -3391 ( 3391 )</td><td>$ 185836</td></tr><tr><td>3</td><td>target date/risk</td><td>128611</td><td>218</td><td>2014</td><td>-1308 ( 1308 )</td><td>-1857 ( 1857 )</td><td>125664</td></tr><tr><td>4</td><td>fiduciary</td><td>66194</td><td>3985</td><td>2014</td><td>627</td><td>-6373 ( 6373 )</td><td>64433</td></tr><tr><td>5</td><td>futureadvisor</td><td>2014</td><td>38</td><td>366</td><td>-1 ( 1 )</td><td>2014</td><td>403</td></tr><tr><td>6</td><td>multi-asset</td><td>$ 377837</td><td>$ 17167</td><td>$ 366</td><td>$ -7413 ( 7413 )</td><td>$ -11621 ( 11621 )</td><td>$ 376336</td></tr></table> ( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation andmulti-asset income suites. .
Question: what is the value of total multi assets in 2015?
Answer: 376336.0
Question: what was the value in 2014?
Answer: 377837.0
Question: what is the net change?
| -1501.0 |
CONVFINQA7153 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>december 312014</td><td>net inflows ( outflows )</td><td>acquisition ( 1 )</td><td>market change</td><td>fx impact</td><td>december 312015</td></tr><tr><td>2</td><td>asset allocation and balanced</td><td>$ 183032</td><td>$ 12926</td><td>$ 2014</td><td>$ -6731 ( 6731 )</td><td>$ -3391 ( 3391 )</td><td>$ 185836</td></tr><tr><td>3</td><td>target date/risk</td><td>128611</td><td>218</td><td>2014</td><td>-1308 ( 1308 )</td><td>-1857 ( 1857 )</td><td>125664</td></tr><tr><td>4</td><td>fiduciary</td><td>66194</td><td>3985</td><td>2014</td><td>627</td><td>-6373 ( 6373 )</td><td>64433</td></tr><tr><td>5</td><td>futureadvisor</td><td>2014</td><td>38</td><td>366</td><td>-1 ( 1 )</td><td>2014</td><td>403</td></tr><tr><td>6</td><td>multi-asset</td><td>$ 377837</td><td>$ 17167</td><td>$ 366</td><td>$ -7413 ( 7413 )</td><td>$ -11621 ( 11621 )</td><td>$ 376336</td></tr></table> ( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation andmulti-asset income suites. .
Question: what is the value of total multi assets in 2015?
Answer: 376336.0
Question: what was the value in 2014?
Answer: 377837.0
Question: what is the net change?
Answer: -1501.0
Question: what was the 2014 value?
| 377837.0 |
CONVFINQA7154 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . althoughmany clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>december 312014</td><td>net inflows ( outflows )</td><td>acquisition ( 1 )</td><td>market change</td><td>fx impact</td><td>december 312015</td></tr><tr><td>2</td><td>asset allocation and balanced</td><td>$ 183032</td><td>$ 12926</td><td>$ 2014</td><td>$ -6731 ( 6731 )</td><td>$ -3391 ( 3391 )</td><td>$ 185836</td></tr><tr><td>3</td><td>target date/risk</td><td>128611</td><td>218</td><td>2014</td><td>-1308 ( 1308 )</td><td>-1857 ( 1857 )</td><td>125664</td></tr><tr><td>4</td><td>fiduciary</td><td>66194</td><td>3985</td><td>2014</td><td>627</td><td>-6373 ( 6373 )</td><td>64433</td></tr><tr><td>5</td><td>futureadvisor</td><td>2014</td><td>38</td><td>366</td><td>-1 ( 1 )</td><td>2014</td><td>403</td></tr><tr><td>6</td><td>multi-asset</td><td>$ 377837</td><td>$ 17167</td><td>$ 366</td><td>$ -7413 ( 7413 )</td><td>$ -11621 ( 11621 )</td><td>$ 376336</td></tr></table> ( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation andmulti-asset income suites. .
Question: what is the value of total multi assets in 2015?
Answer: 376336.0
Question: what was the value in 2014?
Answer: 377837.0
Question: what is the net change?
Answer: -1501.0
Question: what was the 2014 value?
Answer: 377837.0
Question: what is the net change divided by the 2014 value?
| -0.00397 |
CONVFINQA7155 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report . other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>payments due by period ( a ) total</td><td>payments due by period ( a ) less than1 year</td><td>payments due by period ( a ) 1-3 years</td><td>payments due by period ( a ) 3-5 years</td><td>payments due by period ( a ) more than 5 years</td></tr><tr><td>2</td><td>long-term debt</td><td>$ 2301.6</td><td>$ 38.5</td><td>$ 278.4</td><td>$ 972.9</td><td>$ 1011.8</td></tr><tr><td>3</td><td>capital lease obligations</td><td>7.6</td><td>2.7</td><td>2.4</td><td>0.4</td><td>2.1</td></tr><tr><td>4</td><td>interest payments on long-term debt ( b )</td><td>826.5</td><td>138.8</td><td>259.4</td><td>204.8</td><td>223.5</td></tr><tr><td>5</td><td>operating leases</td><td>185.9</td><td>45.0</td><td>58.5</td><td>38.7</td><td>43.7</td></tr><tr><td>6</td><td>purchase obligations ( c )</td><td>7450.4</td><td>2682.5</td><td>3169.4</td><td>1524.6</td><td>73.9</td></tr><tr><td>7</td><td>total payments on contractual obligations</td><td>$ 10772.0</td><td>$ 2907.5</td><td>$ 3768.1</td><td>$ 2741.4</td><td>$ 1355.0</td></tr></table> total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 69.1 million in 2007 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 . payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter . we reduced our share repurchase program in 2006 to $ 45.7 million , net of issuances , compared to $ 358.1 million net repurchases in 2005 and $ 50 million in 2004 . the net repurchases in 2006 did not include a forward contract entered into in december 2006 for the repurchase of 1200000 shares . the contract was settled on january 5 , 2007 , for $ 51.9 million in cash . in 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million . annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 . total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004. .
Question: what is the total dividends paid in 2005 and 2006?
| 83.5 |
CONVFINQA7156 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report . other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>payments due by period ( a ) total</td><td>payments due by period ( a ) less than1 year</td><td>payments due by period ( a ) 1-3 years</td><td>payments due by period ( a ) 3-5 years</td><td>payments due by period ( a ) more than 5 years</td></tr><tr><td>2</td><td>long-term debt</td><td>$ 2301.6</td><td>$ 38.5</td><td>$ 278.4</td><td>$ 972.9</td><td>$ 1011.8</td></tr><tr><td>3</td><td>capital lease obligations</td><td>7.6</td><td>2.7</td><td>2.4</td><td>0.4</td><td>2.1</td></tr><tr><td>4</td><td>interest payments on long-term debt ( b )</td><td>826.5</td><td>138.8</td><td>259.4</td><td>204.8</td><td>223.5</td></tr><tr><td>5</td><td>operating leases</td><td>185.9</td><td>45.0</td><td>58.5</td><td>38.7</td><td>43.7</td></tr><tr><td>6</td><td>purchase obligations ( c )</td><td>7450.4</td><td>2682.5</td><td>3169.4</td><td>1524.6</td><td>73.9</td></tr><tr><td>7</td><td>total payments on contractual obligations</td><td>$ 10772.0</td><td>$ 2907.5</td><td>$ 3768.1</td><td>$ 2741.4</td><td>$ 1355.0</td></tr></table> total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 69.1 million in 2007 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 . payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter . we reduced our share repurchase program in 2006 to $ 45.7 million , net of issuances , compared to $ 358.1 million net repurchases in 2005 and $ 50 million in 2004 . the net repurchases in 2006 did not include a forward contract entered into in december 2006 for the repurchase of 1200000 shares . the contract was settled on january 5 , 2007 , for $ 51.9 million in cash . in 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million . annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 . total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004. .
Question: what is the total dividends paid in 2005 and 2006?
Answer: 83.5
Question: what about the total if 2005 is inlcuded?
| 122.4 |
CONVFINQA7157 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>sales</td><td>$ 6525</td><td>$ 7970</td><td>$ 7320</td></tr><tr><td>3</td><td>operating profit</td><td>50</td><td>103</td><td>108</td></tr></table> distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2008?
| 5.2 |
CONVFINQA7158 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>sales</td><td>$ 6525</td><td>$ 7970</td><td>$ 7320</td></tr><tr><td>3</td><td>operating profit</td><td>50</td><td>103</td><td>108</td></tr></table> distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2008?
Answer: 5.2
Question: what about in 2007?
| 4.7 |
CONVFINQA7159 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>sales</td><td>$ 6525</td><td>$ 7970</td><td>$ 7320</td></tr><tr><td>3</td><td>operating profit</td><td>50</td><td>103</td><td>108</td></tr></table> distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2008?
Answer: 5.2
Question: what about in 2007?
Answer: 4.7
Question: what is net increase?
| 0.5 |
CONVFINQA7160 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>sales</td><td>$ 6525</td><td>$ 7970</td><td>$ 7320</td></tr><tr><td>3</td><td>operating profit</td><td>50</td><td>103</td><td>108</td></tr></table> distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2008?
Answer: 5.2
Question: what about in 2007?
Answer: 4.7
Question: what is net increase?
Answer: 0.5
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2007?
| 4.7 |
CONVFINQA7161 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 . <table class='wikitable'><tr><td>1</td><td>in millions</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>2</td><td>sales</td><td>$ 6525</td><td>$ 7970</td><td>$ 7320</td></tr><tr><td>3</td><td>operating profit</td><td>50</td><td>103</td><td>108</td></tr></table> distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2008?
Answer: 5.2
Question: what about in 2007?
Answer: 4.7
Question: what is net increase?
Answer: 0.5
Question: what is the annual sales of printing papers and graphic arts supplies and equipment in 2007?
Answer: 4.7
Question: what growth rate does this represent?
| 0.10638 |
CONVFINQA7162 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 . debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter . ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements . letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively . the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries . certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries . note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries . the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness . on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 . also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 . the proceeds from these financings were used to refinance existing u.s . can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt . ( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth . during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 . the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs . a summary of total interest cost paid and accrued follows: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>2</td><td>interest costs before refinancing costs</td><td>$ 155.8</td><td>$ 142.5</td><td>$ 102.4</td></tr><tr><td>3</td><td>debt refinancing costs</td><td>2013</td><td>2013</td><td>19.3</td></tr><tr><td>4</td><td>total interest costs</td><td>155.8</td><td>142.5</td><td>121.7</td></tr><tr><td>5</td><td>amounts capitalized</td><td>-6.4 ( 6.4 )</td><td>-8.1 ( 8.1 )</td><td>-5.3 ( 5.3 )</td></tr><tr><td>6</td><td>interest expense</td><td>$ 149.4</td><td>$ 134.4</td><td>$ 116.4</td></tr><tr><td>7</td><td>interest paid during the year ( a )</td><td>$ 153.9</td><td>$ 125.4</td><td>$ 138.5</td></tr></table> ( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. .
Question: what is the balance of letters of credit outstanding as of december 31, 2007?
| 41.0 |
CONVFINQA7163 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 . debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter . ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements . letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively . the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries . certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries . note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries . the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness . on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 . also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 . the proceeds from these financings were used to refinance existing u.s . can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt . ( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth . during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 . the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs . a summary of total interest cost paid and accrued follows: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>2</td><td>interest costs before refinancing costs</td><td>$ 155.8</td><td>$ 142.5</td><td>$ 102.4</td></tr><tr><td>3</td><td>debt refinancing costs</td><td>2013</td><td>2013</td><td>19.3</td></tr><tr><td>4</td><td>total interest costs</td><td>155.8</td><td>142.5</td><td>121.7</td></tr><tr><td>5</td><td>amounts capitalized</td><td>-6.4 ( 6.4 )</td><td>-8.1 ( 8.1 )</td><td>-5.3 ( 5.3 )</td></tr><tr><td>6</td><td>interest expense</td><td>$ 149.4</td><td>$ 134.4</td><td>$ 116.4</td></tr><tr><td>7</td><td>interest paid during the year ( a )</td><td>$ 153.9</td><td>$ 125.4</td><td>$ 138.5</td></tr></table> ( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. .
Question: what is the balance of letters of credit outstanding as of december 31, 2007?
Answer: 41.0
Question: what about 2006?
| 52.4 |
CONVFINQA7164 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 . debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter . ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements . letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively . the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries . certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries . note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries . the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness . on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 . also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 . the proceeds from these financings were used to refinance existing u.s . can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt . ( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth . during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 . the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs . a summary of total interest cost paid and accrued follows: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>2</td><td>interest costs before refinancing costs</td><td>$ 155.8</td><td>$ 142.5</td><td>$ 102.4</td></tr><tr><td>3</td><td>debt refinancing costs</td><td>2013</td><td>2013</td><td>19.3</td></tr><tr><td>4</td><td>total interest costs</td><td>155.8</td><td>142.5</td><td>121.7</td></tr><tr><td>5</td><td>amounts capitalized</td><td>-6.4 ( 6.4 )</td><td>-8.1 ( 8.1 )</td><td>-5.3 ( 5.3 )</td></tr><tr><td>6</td><td>interest expense</td><td>$ 149.4</td><td>$ 134.4</td><td>$ 116.4</td></tr><tr><td>7</td><td>interest paid during the year ( a )</td><td>$ 153.9</td><td>$ 125.4</td><td>$ 138.5</td></tr></table> ( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. .
Question: what is the balance of letters of credit outstanding as of december 31, 2007?
Answer: 41.0
Question: what about 2006?
Answer: 52.4
Question: what is the total of letters of credit outstanding for 2006 and 2007?
| 93.4 |
CONVFINQA7165 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 . debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter . ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements . letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively . the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries . certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries . note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries . the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness . on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 . also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 . the proceeds from these financings were used to refinance existing u.s . can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt . ( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth . during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 . the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs . a summary of total interest cost paid and accrued follows: . <table class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>2</td><td>interest costs before refinancing costs</td><td>$ 155.8</td><td>$ 142.5</td><td>$ 102.4</td></tr><tr><td>3</td><td>debt refinancing costs</td><td>2013</td><td>2013</td><td>19.3</td></tr><tr><td>4</td><td>total interest costs</td><td>155.8</td><td>142.5</td><td>121.7</td></tr><tr><td>5</td><td>amounts capitalized</td><td>-6.4 ( 6.4 )</td><td>-8.1 ( 8.1 )</td><td>-5.3 ( 5.3 )</td></tr><tr><td>6</td><td>interest expense</td><td>$ 149.4</td><td>$ 134.4</td><td>$ 116.4</td></tr><tr><td>7</td><td>interest paid during the year ( a )</td><td>$ 153.9</td><td>$ 125.4</td><td>$ 138.5</td></tr></table> ( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. .
Question: what is the balance of letters of credit outstanding as of december 31, 2007?
Answer: 41.0
Question: what about 2006?
Answer: 52.4
Question: what is the total of letters of credit outstanding for 2006 and 2007?
Answer: 93.4
Question: what is the average for these two years?
| 46.7 |
CONVFINQA7166 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) the effect of foreign exchange rate changes on cash , cash equivalents and restricted cash included in the consolidated statements of cash flows resulted in an increase of $ 11.6 in 2016 , primarily a result of the brazilian real strengthening against the u.s . dollar as of december 31 , 2016 compared to december 31 , 2015. . <table class='wikitable'><tr><td>1</td><td>balance sheet data</td><td>december 31 , 2017</td><td>december 31 , 2016</td></tr><tr><td>2</td><td>cash cash equivalents and marketable securities</td><td>$ 791.0</td><td>$ 1100.6</td></tr><tr><td>3</td><td>short-term borrowings</td><td>$ 84.9</td><td>$ 85.7</td></tr><tr><td>4</td><td>current portion of long-term debt</td><td>2.0</td><td>323.9</td></tr><tr><td>5</td><td>long-term debt</td><td>1285.6</td><td>1280.7</td></tr><tr><td>6</td><td>total debt</td><td>$ 1372.5</td><td>$ 1690.3</td></tr></table> liquidity outlook we expect our cash flow from operations and existing cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility , uncommitted lines of credit and a commercial paper program available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends . from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk . our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit ratings , and those related to the financial markets , such as the amount or terms of available credit . there can be no guarantee that we would be able to access new sources of liquidity , or continue to access existing sources of liquidity , on commercially reasonable terms , or at all . funding requirements our most significant funding requirements include our operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends , taxes and debt service . additionally , we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests . notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , we had outstanding short-term borrowings of $ 84.9 from our uncommitted lines of credit used primarily to fund seasonal working capital needs . the remainder of our debt is primarily long-term , with maturities scheduled through 2024 . see the table below for the maturity schedule of our long-term debt . 2022 acquisitions 2013 we paid cash of $ 29.7 , net of cash acquired of $ 7.1 , for acquisitions completed in 2017 . we also paid $ 0.9 in up-front payments and $ 100.8 in deferred payments for prior-year acquisitions as well as ownership increases in our consolidated subsidiaries . in addition to potential cash expenditures for new acquisitions , we expect to pay approximately $ 42.0 in 2018 related to prior acquisitions . we may also be required to pay approximately $ 33.0 in 2018 related to put options held by minority shareholders if exercised . we will continue to evaluate strategic opportunities to grow and continue to strengthen our market position , particularly in our digital and marketing services offerings , and to expand our presence in high-growth and key strategic world markets . 2022 dividends 2013 during 2017 , we paid four quarterly cash dividends of $ 0.18 per share on our common stock , which corresponded to aggregate dividend payments of $ 280.3 . on february 14 , 2018 , we announced that our board of directors ( the 201cboard 201d ) had declared a common stock cash dividend of $ 0.21 per share , payable on march 15 , 2018 to holders of record as of the close of business on march 1 , 2018 . assuming we pay a quarterly dividend of $ 0.21 per share and there is no significant change in the number of outstanding shares as of december 31 , 2017 , we would expect to pay approximately $ 320.0 over the next twelve months. .
Question: what was the net decrease in cash equivalent and marketable securities from 2016 to 2017?
| 309.6 |
CONVFINQA7167 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) the effect of foreign exchange rate changes on cash , cash equivalents and restricted cash included in the consolidated statements of cash flows resulted in an increase of $ 11.6 in 2016 , primarily a result of the brazilian real strengthening against the u.s . dollar as of december 31 , 2016 compared to december 31 , 2015. . <table class='wikitable'><tr><td>1</td><td>balance sheet data</td><td>december 31 , 2017</td><td>december 31 , 2016</td></tr><tr><td>2</td><td>cash cash equivalents and marketable securities</td><td>$ 791.0</td><td>$ 1100.6</td></tr><tr><td>3</td><td>short-term borrowings</td><td>$ 84.9</td><td>$ 85.7</td></tr><tr><td>4</td><td>current portion of long-term debt</td><td>2.0</td><td>323.9</td></tr><tr><td>5</td><td>long-term debt</td><td>1285.6</td><td>1280.7</td></tr><tr><td>6</td><td>total debt</td><td>$ 1372.5</td><td>$ 1690.3</td></tr></table> liquidity outlook we expect our cash flow from operations and existing cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility , uncommitted lines of credit and a commercial paper program available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends . from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk . our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit ratings , and those related to the financial markets , such as the amount or terms of available credit . there can be no guarantee that we would be able to access new sources of liquidity , or continue to access existing sources of liquidity , on commercially reasonable terms , or at all . funding requirements our most significant funding requirements include our operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends , taxes and debt service . additionally , we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests . notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , we had outstanding short-term borrowings of $ 84.9 from our uncommitted lines of credit used primarily to fund seasonal working capital needs . the remainder of our debt is primarily long-term , with maturities scheduled through 2024 . see the table below for the maturity schedule of our long-term debt . 2022 acquisitions 2013 we paid cash of $ 29.7 , net of cash acquired of $ 7.1 , for acquisitions completed in 2017 . we also paid $ 0.9 in up-front payments and $ 100.8 in deferred payments for prior-year acquisitions as well as ownership increases in our consolidated subsidiaries . in addition to potential cash expenditures for new acquisitions , we expect to pay approximately $ 42.0 in 2018 related to prior acquisitions . we may also be required to pay approximately $ 33.0 in 2018 related to put options held by minority shareholders if exercised . we will continue to evaluate strategic opportunities to grow and continue to strengthen our market position , particularly in our digital and marketing services offerings , and to expand our presence in high-growth and key strategic world markets . 2022 dividends 2013 during 2017 , we paid four quarterly cash dividends of $ 0.18 per share on our common stock , which corresponded to aggregate dividend payments of $ 280.3 . on february 14 , 2018 , we announced that our board of directors ( the 201cboard 201d ) had declared a common stock cash dividend of $ 0.21 per share , payable on march 15 , 2018 to holders of record as of the close of business on march 1 , 2018 . assuming we pay a quarterly dividend of $ 0.21 per share and there is no significant change in the number of outstanding shares as of december 31 , 2017 , we would expect to pay approximately $ 320.0 over the next twelve months. .
Question: what was the net decrease in cash equivalent and marketable securities from 2016 to 2017?
Answer: 309.6
Question: what is that divided by the 2017 value?
| 0.2813 |
CONVFINQA7168 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) the effect of foreign exchange rate changes on cash , cash equivalents and restricted cash included in the consolidated statements of cash flows resulted in an increase of $ 11.6 in 2016 , primarily a result of the brazilian real strengthening against the u.s . dollar as of december 31 , 2016 compared to december 31 , 2015. . <table class='wikitable'><tr><td>1</td><td>balance sheet data</td><td>december 31 , 2017</td><td>december 31 , 2016</td></tr><tr><td>2</td><td>cash cash equivalents and marketable securities</td><td>$ 791.0</td><td>$ 1100.6</td></tr><tr><td>3</td><td>short-term borrowings</td><td>$ 84.9</td><td>$ 85.7</td></tr><tr><td>4</td><td>current portion of long-term debt</td><td>2.0</td><td>323.9</td></tr><tr><td>5</td><td>long-term debt</td><td>1285.6</td><td>1280.7</td></tr><tr><td>6</td><td>total debt</td><td>$ 1372.5</td><td>$ 1690.3</td></tr></table> liquidity outlook we expect our cash flow from operations and existing cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility , uncommitted lines of credit and a commercial paper program available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends . from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk . our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit ratings , and those related to the financial markets , such as the amount or terms of available credit . there can be no guarantee that we would be able to access new sources of liquidity , or continue to access existing sources of liquidity , on commercially reasonable terms , or at all . funding requirements our most significant funding requirements include our operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends , taxes and debt service . additionally , we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests . notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , we had outstanding short-term borrowings of $ 84.9 from our uncommitted lines of credit used primarily to fund seasonal working capital needs . the remainder of our debt is primarily long-term , with maturities scheduled through 2024 . see the table below for the maturity schedule of our long-term debt . 2022 acquisitions 2013 we paid cash of $ 29.7 , net of cash acquired of $ 7.1 , for acquisitions completed in 2017 . we also paid $ 0.9 in up-front payments and $ 100.8 in deferred payments for prior-year acquisitions as well as ownership increases in our consolidated subsidiaries . in addition to potential cash expenditures for new acquisitions , we expect to pay approximately $ 42.0 in 2018 related to prior acquisitions . we may also be required to pay approximately $ 33.0 in 2018 related to put options held by minority shareholders if exercised . we will continue to evaluate strategic opportunities to grow and continue to strengthen our market position , particularly in our digital and marketing services offerings , and to expand our presence in high-growth and key strategic world markets . 2022 dividends 2013 during 2017 , we paid four quarterly cash dividends of $ 0.18 per share on our common stock , which corresponded to aggregate dividend payments of $ 280.3 . on february 14 , 2018 , we announced that our board of directors ( the 201cboard 201d ) had declared a common stock cash dividend of $ 0.21 per share , payable on march 15 , 2018 to holders of record as of the close of business on march 1 , 2018 . assuming we pay a quarterly dividend of $ 0.21 per share and there is no significant change in the number of outstanding shares as of december 31 , 2017 , we would expect to pay approximately $ 320.0 over the next twelve months. .
Question: what was the net decrease in cash equivalent and marketable securities from 2016 to 2017?
Answer: 309.6
Question: what is that divided by the 2017 value?
Answer: 0.2813
Question: what is that shown as a percent?
| 28.13011 |
CONVFINQA7169 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
| 39.82 |
CONVFINQA7170 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
Answer: 39.82
Question: what is the percent change?
| 0.3982 |
CONVFINQA7171 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
Answer: 39.82
Question: what is the percent change?
Answer: 0.3982
Question: what is the value of the s&p 500 in 2007?
| 182.87 |
CONVFINQA7172 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
Answer: 39.82
Question: what is the percent change?
Answer: 0.3982
Question: what is the value of the s&p 500 in 2007?
Answer: 182.87
Question: what was the net change in difference from 2002 to 2007?
| 82.87 |
CONVFINQA7173 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
Answer: 39.82
Question: what is the percent change?
Answer: 0.3982
Question: what is the value of the s&p 500 in 2007?
Answer: 182.87
Question: what was the net change in difference from 2002 to 2007?
Answer: 82.87
Question: what is the percent change?
| 0.8287 |
CONVFINQA7174 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite 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 28 , 2002 and tracks it through december 29 , 2007 . 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 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including 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 . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/28/02</td><td>1/3/04</td><td>1/1/05</td><td>12/31/05</td><td>12/30/06</td><td>12/29/07</td></tr><tr><td>2</td><td>cadence design systems inc .</td><td>100.00</td><td>149.92</td><td>113.38</td><td>138.92</td><td>147.04</td><td>139.82</td></tr><tr><td>3</td><td>s & p 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>4</td><td>nasdaq composite</td><td>100.00</td><td>149.75</td><td>164.64</td><td>168.60</td><td>187.83</td><td>205.22</td></tr><tr><td>5</td><td>s & p information technology</td><td>100.00</td><td>147.23</td><td>150.99</td><td>152.49</td><td>165.32</td><td>192.28</td></tr></table> the stock price performance included in this graph is not necessarily indicative of future stock price performance .
Question: what was the net change in value of cadence design from 2002 to 2007?
Answer: 39.82
Question: what is the percent change?
Answer: 0.3982
Question: what is the value of the s&p 500 in 2007?
Answer: 182.87
Question: what was the net change in difference from 2002 to 2007?
Answer: 82.87
Question: what is the percent change?
Answer: 0.8287
Question: what is the difference of the 2 stock price percent changes?
| -0.4305 |
CONVFINQA7175 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
during 2014 , 2013 and 2012 , netherland , sewell & associates , inc . ( "nsai" ) prepared a certification of the prior year's reserves for the alba field in e.g . the nsai summary reports are filed as an exhibit to this annual report on form 10-k . members of the nsai team have multiple years of industry experience , having worked for large , international oil and gas companies before joining nsai . the senior technical advisor has over 35 years of practical experience in petroleum geosciences , with over 15 years experience in the estimation and evaluation of reserves . the second team member has over 10 years of practical experience in petroleum engineering , with 5 years experience in the estimation and evaluation of reserves . both are registered professional engineers in the state of texas . ryder scott company ( "ryder scott" ) also performed audits of the prior years' reserves of several of our fields in 2014 , 2013 and 2012 . their summary reports are filed as exhibits to this annual report on form 10-k . the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott . he is a member of spe , where he served on the oil and gas reserves committee , and is a registered professional engineer in the state of texas . changes in proved undeveloped reserves as of december 31 , 2014 , 728 mmboe of proved undeveloped reserves were reported , an increase of 101 mmboe from december 31 , 2013 . the following table shows changes in total proved undeveloped reserves for 2014 : ( mmboe ) . <table class='wikitable'><tr><td>1</td><td>beginning of year</td><td>627</td></tr><tr><td>2</td><td>revisions of previous estimates</td><td>1</td></tr><tr><td>3</td><td>improved recovery</td><td>1</td></tr><tr><td>4</td><td>purchases of reserves in place</td><td>4</td></tr><tr><td>5</td><td>extensions discoveries and other additions</td><td>227</td></tr><tr><td>6</td><td>dispositions</td><td>-29 ( 29 )</td></tr><tr><td>7</td><td>transfers to proved developed</td><td>-103 ( 103 )</td></tr><tr><td>8</td><td>end of year</td><td>728</td></tr></table> significant additions to proved undeveloped reserves during 2014 included 121 mmboe in the eagle ford and 61 mmboe in the bakken shale plays due to development drilling . transfers from proved undeveloped to proved developed reserves included 67 mmboe in the eagle ford , 26 mmboe in the bakken and 1 mmboe in the oklahoma resource basins due to development drilling and completions . costs incurred in 2014 , 2013 and 2012 relating to the development of proved undeveloped reserves , were $ 3149 million , $ 2536 million and $ 1995 million . a total of 102 mmboe was booked as extensions , discoveries or other additions due to the application of reliable technology . technologies included statistical analysis of production performance , decline curve analysis , pressure and rate transient analysis , reservoir simulation and volumetric analysis . the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking proved reserves . projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete , or the timing of when additional gas compression is needed . of the 728 mmboe of proved undeveloped reserves at december 31 , 2014 , 19 percent of the volume is associated with projects that have been included in proved reserves for more than five years . the majority of this volume is related to a compression project in e.g . that was sanctioned by our board of directors in 2004 . the timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels . performance of this field since the board sanctioned the project has far exceeded expectations . estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 . during 2012 , the compression project received the approval of the e.g . government , allowing design and planning work to progress towards implementation , with completion expected by mid-2016 . the other component of alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled in the second quarter of 2015 . proved undeveloped reserves for the north gialo development , located in the libyan sahara desert , were booked for the first time in 2010 . this development , which is anticipated to take more than five years to develop , is executed by the operator and encompasses a multi-year drilling program including the design , fabrication and installation of extensive liquid handling and gas recycling facilities . anecdotal evidence from similar development projects in the region lead to an expected project execution time frame of more than five years from the time the reserves were initially booked . interruptions associated with the civil unrest in 2011 and third-party labor strikes and civil unrest in 2013-2014 have also extended the project duration . as of december 31 , 2014 , future development costs estimated to be required for the development of proved undeveloped crude oil and condensate , ngls , natural gas and synthetic crude oil reserves related to continuing operations for the years 2015 through 2019 are projected to be $ 2915 million , $ 2598 million , $ 2493 million , $ 2669 million and $ 2745 million. .
Question: what was the change in the total of undeveloped reserves throughout 2014?
| 101.0 |
CONVFINQA7176 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
during 2014 , 2013 and 2012 , netherland , sewell & associates , inc . ( "nsai" ) prepared a certification of the prior year's reserves for the alba field in e.g . the nsai summary reports are filed as an exhibit to this annual report on form 10-k . members of the nsai team have multiple years of industry experience , having worked for large , international oil and gas companies before joining nsai . the senior technical advisor has over 35 years of practical experience in petroleum geosciences , with over 15 years experience in the estimation and evaluation of reserves . the second team member has over 10 years of practical experience in petroleum engineering , with 5 years experience in the estimation and evaluation of reserves . both are registered professional engineers in the state of texas . ryder scott company ( "ryder scott" ) also performed audits of the prior years' reserves of several of our fields in 2014 , 2013 and 2012 . their summary reports are filed as exhibits to this annual report on form 10-k . the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott . he is a member of spe , where he served on the oil and gas reserves committee , and is a registered professional engineer in the state of texas . changes in proved undeveloped reserves as of december 31 , 2014 , 728 mmboe of proved undeveloped reserves were reported , an increase of 101 mmboe from december 31 , 2013 . the following table shows changes in total proved undeveloped reserves for 2014 : ( mmboe ) . <table class='wikitable'><tr><td>1</td><td>beginning of year</td><td>627</td></tr><tr><td>2</td><td>revisions of previous estimates</td><td>1</td></tr><tr><td>3</td><td>improved recovery</td><td>1</td></tr><tr><td>4</td><td>purchases of reserves in place</td><td>4</td></tr><tr><td>5</td><td>extensions discoveries and other additions</td><td>227</td></tr><tr><td>6</td><td>dispositions</td><td>-29 ( 29 )</td></tr><tr><td>7</td><td>transfers to proved developed</td><td>-103 ( 103 )</td></tr><tr><td>8</td><td>end of year</td><td>728</td></tr></table> significant additions to proved undeveloped reserves during 2014 included 121 mmboe in the eagle ford and 61 mmboe in the bakken shale plays due to development drilling . transfers from proved undeveloped to proved developed reserves included 67 mmboe in the eagle ford , 26 mmboe in the bakken and 1 mmboe in the oklahoma resource basins due to development drilling and completions . costs incurred in 2014 , 2013 and 2012 relating to the development of proved undeveloped reserves , were $ 3149 million , $ 2536 million and $ 1995 million . a total of 102 mmboe was booked as extensions , discoveries or other additions due to the application of reliable technology . technologies included statistical analysis of production performance , decline curve analysis , pressure and rate transient analysis , reservoir simulation and volumetric analysis . the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking proved reserves . projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete , or the timing of when additional gas compression is needed . of the 728 mmboe of proved undeveloped reserves at december 31 , 2014 , 19 percent of the volume is associated with projects that have been included in proved reserves for more than five years . the majority of this volume is related to a compression project in e.g . that was sanctioned by our board of directors in 2004 . the timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels . performance of this field since the board sanctioned the project has far exceeded expectations . estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 . during 2012 , the compression project received the approval of the e.g . government , allowing design and planning work to progress towards implementation , with completion expected by mid-2016 . the other component of alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled in the second quarter of 2015 . proved undeveloped reserves for the north gialo development , located in the libyan sahara desert , were booked for the first time in 2010 . this development , which is anticipated to take more than five years to develop , is executed by the operator and encompasses a multi-year drilling program including the design , fabrication and installation of extensive liquid handling and gas recycling facilities . anecdotal evidence from similar development projects in the region lead to an expected project execution time frame of more than five years from the time the reserves were initially booked . interruptions associated with the civil unrest in 2011 and third-party labor strikes and civil unrest in 2013-2014 have also extended the project duration . as of december 31 , 2014 , future development costs estimated to be required for the development of proved undeveloped crude oil and condensate , ngls , natural gas and synthetic crude oil reserves related to continuing operations for the years 2015 through 2019 are projected to be $ 2915 million , $ 2598 million , $ 2493 million , $ 2669 million and $ 2745 million. .
Question: what was the change in the total of undeveloped reserves throughout 2014?
Answer: 101.0
Question: and how much does this change represent in relation to that total in the beginning of the year?
| 0.13874 |
CONVFINQA7177 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
incentive compensation expense ( $ 8.2 million ) and related fringe benefit costs ( $ 1.4 million ) , and higher warehousing costs due to customer requirements ( $ 2.0 million ) . corporate overhead for the year ended december 31 , 2006 , increased $ 3.1 million , or 6.5% ( 6.5 % ) , from the year ended december 31 , 2005 . the increase was primarily attributable to higher incentive compensation expense ( $ 2.6 million ) and other increased costs which were not individually significant . other expense , net , decreased $ 2.1 million , or 20.1% ( 20.1 % ) for the year ended december 31 , 2006 compared to the year ended december 31 , 2005 . the decrease was primarily due to a $ 3.1 million decrease in expenses related to the disposals of property , plant and equipment as part of planned disposals in connection with capital projects . partially offsetting the decrease in fixed asset disposal expense was higher legal expenses ( $ 0.5 million ) and increased losses on disposals of storeroom items ( $ 0.4 million ) . interest expense , net and income taxes interest expense , net of interest income , increased by $ 3.1 million , or 11.1% ( 11.1 % ) , for the year ended december 31 , 2006 compared to the full year 2005 , primarily as a result of higher interest expense on our variable rate debt due to higher interest rates . pca 2019s effective tax rate was 35.8% ( 35.8 % ) for the year ended december 31 , 2006 and 40.2% ( 40.2 % ) for the year ended december 31 , 2005 . the lower tax rate in 2006 is primarily due to a larger domestic manufacturer 2019s deduction and a reduction in the texas state tax rate . for both years 2006 and 2005 , tax rates were higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes . year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december 31 , 2005 and 2004 are set forth below : for the year ended december 31 , ( in millions ) 2005 2004 change . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>for the year ended december 31 , 2005</td><td>for the year ended december 31 , 2004</td><td>change</td></tr><tr><td>2</td><td>net sales</td><td>$ 1993.7</td><td>$ 1890.1</td><td>$ 103.6</td></tr><tr><td>3</td><td>income from operations</td><td>$ 116.1</td><td>$ 140.5</td><td>$ -24.4 ( 24.4 )</td></tr><tr><td>4</td><td>interest expense net</td><td>-28.1 ( 28.1 )</td><td>-29.6 ( 29.6 )</td><td>1.5</td></tr><tr><td>5</td><td>income before taxes</td><td>88.0</td><td>110.9</td><td>-22.9 ( 22.9 )</td></tr><tr><td>6</td><td>provision for income taxes</td><td>-35.4 ( 35.4 )</td><td>-42.2 ( 42.2 )</td><td>6.8</td></tr><tr><td>7</td><td>net income</td><td>$ 52.6</td><td>$ 68.7</td><td>$ -16.1 ( 16.1 )</td></tr></table> net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 . net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 . total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 . excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) . containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
Question: what is the operating margin in 2004?
| 0.07433 |
CONVFINQA7178 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
incentive compensation expense ( $ 8.2 million ) and related fringe benefit costs ( $ 1.4 million ) , and higher warehousing costs due to customer requirements ( $ 2.0 million ) . corporate overhead for the year ended december 31 , 2006 , increased $ 3.1 million , or 6.5% ( 6.5 % ) , from the year ended december 31 , 2005 . the increase was primarily attributable to higher incentive compensation expense ( $ 2.6 million ) and other increased costs which were not individually significant . other expense , net , decreased $ 2.1 million , or 20.1% ( 20.1 % ) for the year ended december 31 , 2006 compared to the year ended december 31 , 2005 . the decrease was primarily due to a $ 3.1 million decrease in expenses related to the disposals of property , plant and equipment as part of planned disposals in connection with capital projects . partially offsetting the decrease in fixed asset disposal expense was higher legal expenses ( $ 0.5 million ) and increased losses on disposals of storeroom items ( $ 0.4 million ) . interest expense , net and income taxes interest expense , net of interest income , increased by $ 3.1 million , or 11.1% ( 11.1 % ) , for the year ended december 31 , 2006 compared to the full year 2005 , primarily as a result of higher interest expense on our variable rate debt due to higher interest rates . pca 2019s effective tax rate was 35.8% ( 35.8 % ) for the year ended december 31 , 2006 and 40.2% ( 40.2 % ) for the year ended december 31 , 2005 . the lower tax rate in 2006 is primarily due to a larger domestic manufacturer 2019s deduction and a reduction in the texas state tax rate . for both years 2006 and 2005 , tax rates were higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes . year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december 31 , 2005 and 2004 are set forth below : for the year ended december 31 , ( in millions ) 2005 2004 change . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>for the year ended december 31 , 2005</td><td>for the year ended december 31 , 2004</td><td>change</td></tr><tr><td>2</td><td>net sales</td><td>$ 1993.7</td><td>$ 1890.1</td><td>$ 103.6</td></tr><tr><td>3</td><td>income from operations</td><td>$ 116.1</td><td>$ 140.5</td><td>$ -24.4 ( 24.4 )</td></tr><tr><td>4</td><td>interest expense net</td><td>-28.1 ( 28.1 )</td><td>-29.6 ( 29.6 )</td><td>1.5</td></tr><tr><td>5</td><td>income before taxes</td><td>88.0</td><td>110.9</td><td>-22.9 ( 22.9 )</td></tr><tr><td>6</td><td>provision for income taxes</td><td>-35.4 ( 35.4 )</td><td>-42.2 ( 42.2 )</td><td>6.8</td></tr><tr><td>7</td><td>net income</td><td>$ 52.6</td><td>$ 68.7</td><td>$ -16.1 ( 16.1 )</td></tr></table> net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 . net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 . total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 . excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) . containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
Question: what is the operating margin in 2004?
Answer: 0.07433
Question: what is the income from operations in 2005?
| 116.1 |
CONVFINQA7179 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
incentive compensation expense ( $ 8.2 million ) and related fringe benefit costs ( $ 1.4 million ) , and higher warehousing costs due to customer requirements ( $ 2.0 million ) . corporate overhead for the year ended december 31 , 2006 , increased $ 3.1 million , or 6.5% ( 6.5 % ) , from the year ended december 31 , 2005 . the increase was primarily attributable to higher incentive compensation expense ( $ 2.6 million ) and other increased costs which were not individually significant . other expense , net , decreased $ 2.1 million , or 20.1% ( 20.1 % ) for the year ended december 31 , 2006 compared to the year ended december 31 , 2005 . the decrease was primarily due to a $ 3.1 million decrease in expenses related to the disposals of property , plant and equipment as part of planned disposals in connection with capital projects . partially offsetting the decrease in fixed asset disposal expense was higher legal expenses ( $ 0.5 million ) and increased losses on disposals of storeroom items ( $ 0.4 million ) . interest expense , net and income taxes interest expense , net of interest income , increased by $ 3.1 million , or 11.1% ( 11.1 % ) , for the year ended december 31 , 2006 compared to the full year 2005 , primarily as a result of higher interest expense on our variable rate debt due to higher interest rates . pca 2019s effective tax rate was 35.8% ( 35.8 % ) for the year ended december 31 , 2006 and 40.2% ( 40.2 % ) for the year ended december 31 , 2005 . the lower tax rate in 2006 is primarily due to a larger domestic manufacturer 2019s deduction and a reduction in the texas state tax rate . for both years 2006 and 2005 , tax rates were higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes . year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december 31 , 2005 and 2004 are set forth below : for the year ended december 31 , ( in millions ) 2005 2004 change . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>for the year ended december 31 , 2005</td><td>for the year ended december 31 , 2004</td><td>change</td></tr><tr><td>2</td><td>net sales</td><td>$ 1993.7</td><td>$ 1890.1</td><td>$ 103.6</td></tr><tr><td>3</td><td>income from operations</td><td>$ 116.1</td><td>$ 140.5</td><td>$ -24.4 ( 24.4 )</td></tr><tr><td>4</td><td>interest expense net</td><td>-28.1 ( 28.1 )</td><td>-29.6 ( 29.6 )</td><td>1.5</td></tr><tr><td>5</td><td>income before taxes</td><td>88.0</td><td>110.9</td><td>-22.9 ( 22.9 )</td></tr><tr><td>6</td><td>provision for income taxes</td><td>-35.4 ( 35.4 )</td><td>-42.2 ( 42.2 )</td><td>6.8</td></tr><tr><td>7</td><td>net income</td><td>$ 52.6</td><td>$ 68.7</td><td>$ -16.1 ( 16.1 )</td></tr></table> net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 . net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 . total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 . excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) . containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
Question: what is the operating margin in 2004?
Answer: 0.07433
Question: what is the income from operations in 2005?
Answer: 116.1
Question: what about the total net sales?
| 1993.7 |
CONVFINQA7180 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
incentive compensation expense ( $ 8.2 million ) and related fringe benefit costs ( $ 1.4 million ) , and higher warehousing costs due to customer requirements ( $ 2.0 million ) . corporate overhead for the year ended december 31 , 2006 , increased $ 3.1 million , or 6.5% ( 6.5 % ) , from the year ended december 31 , 2005 . the increase was primarily attributable to higher incentive compensation expense ( $ 2.6 million ) and other increased costs which were not individually significant . other expense , net , decreased $ 2.1 million , or 20.1% ( 20.1 % ) for the year ended december 31 , 2006 compared to the year ended december 31 , 2005 . the decrease was primarily due to a $ 3.1 million decrease in expenses related to the disposals of property , plant and equipment as part of planned disposals in connection with capital projects . partially offsetting the decrease in fixed asset disposal expense was higher legal expenses ( $ 0.5 million ) and increased losses on disposals of storeroom items ( $ 0.4 million ) . interest expense , net and income taxes interest expense , net of interest income , increased by $ 3.1 million , or 11.1% ( 11.1 % ) , for the year ended december 31 , 2006 compared to the full year 2005 , primarily as a result of higher interest expense on our variable rate debt due to higher interest rates . pca 2019s effective tax rate was 35.8% ( 35.8 % ) for the year ended december 31 , 2006 and 40.2% ( 40.2 % ) for the year ended december 31 , 2005 . the lower tax rate in 2006 is primarily due to a larger domestic manufacturer 2019s deduction and a reduction in the texas state tax rate . for both years 2006 and 2005 , tax rates were higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes . year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december 31 , 2005 and 2004 are set forth below : for the year ended december 31 , ( in millions ) 2005 2004 change . <table class='wikitable'><tr><td>1</td><td>( in millions )</td><td>for the year ended december 31 , 2005</td><td>for the year ended december 31 , 2004</td><td>change</td></tr><tr><td>2</td><td>net sales</td><td>$ 1993.7</td><td>$ 1890.1</td><td>$ 103.6</td></tr><tr><td>3</td><td>income from operations</td><td>$ 116.1</td><td>$ 140.5</td><td>$ -24.4 ( 24.4 )</td></tr><tr><td>4</td><td>interest expense net</td><td>-28.1 ( 28.1 )</td><td>-29.6 ( 29.6 )</td><td>1.5</td></tr><tr><td>5</td><td>income before taxes</td><td>88.0</td><td>110.9</td><td>-22.9 ( 22.9 )</td></tr><tr><td>6</td><td>provision for income taxes</td><td>-35.4 ( 35.4 )</td><td>-42.2 ( 42.2 )</td><td>6.8</td></tr><tr><td>7</td><td>net income</td><td>$ 52.6</td><td>$ 68.7</td><td>$ -16.1 ( 16.1 )</td></tr></table> net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 . net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 . total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 . excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) . containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
Question: what is the operating margin in 2004?
Answer: 0.07433
Question: what is the income from operations in 2005?
Answer: 116.1
Question: what about the total net sales?
Answer: 1993.7
Question: what is the operating margin in 2004?
| 0.05823 |
CONVFINQA7181 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2008 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/31/2008</td><td>12/31/2009</td><td>12/31/2010</td><td>12/31/2011</td><td>12/31/2012</td><td>12/31/2013</td></tr><tr><td>2</td><td>united parcel service inc .</td><td>$ 100.00</td><td>$ 107.75</td><td>$ 140.39</td><td>$ 145.84</td><td>$ 151.44</td><td>$ 221.91</td></tr><tr><td>3</td><td>standard & poor 2019s 500 index</td><td>$ 100.00</td><td>$ 126.45</td><td>$ 145.49</td><td>$ 148.55</td><td>$ 172.30</td><td>$ 228.09</td></tr><tr><td>4</td><td>dow jones transportation average</td><td>$ 100.00</td><td>$ 118.59</td><td>$ 150.30</td><td>$ 150.31</td><td>$ 161.56</td><td>$ 228.42</td></tr></table> .
Question: what is the value of united parcel service inc. in 2013 less a $100 initial investment?
| 121.91 |
CONVFINQA7182 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2008 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. . <table class='wikitable'><tr><td>1</td><td>-</td><td>12/31/2008</td><td>12/31/2009</td><td>12/31/2010</td><td>12/31/2011</td><td>12/31/2012</td><td>12/31/2013</td></tr><tr><td>2</td><td>united parcel service inc .</td><td>$ 100.00</td><td>$ 107.75</td><td>$ 140.39</td><td>$ 145.84</td><td>$ 151.44</td><td>$ 221.91</td></tr><tr><td>3</td><td>standard & poor 2019s 500 index</td><td>$ 100.00</td><td>$ 126.45</td><td>$ 145.49</td><td>$ 148.55</td><td>$ 172.30</td><td>$ 228.09</td></tr><tr><td>4</td><td>dow jones transportation average</td><td>$ 100.00</td><td>$ 118.59</td><td>$ 150.30</td><td>$ 150.31</td><td>$ 161.56</td><td>$ 228.42</td></tr></table> .
Question: what is the value of united parcel service inc. in 2013 less a $100 initial investment?
Answer: 121.91
Question: what is that value over 100?
| 1.2191 |
CONVFINQA7183 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 . commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . we also have one land lease that expires in 2091 . rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental . rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>rent expense</td><td>$ 111149</td><td>$ 118976</td><td>$ 105809</td></tr><tr><td>3</td><td>less : sublease income</td><td>1412</td><td>3057</td><td>2330</td></tr><tr><td>4</td><td>net rent expense</td><td>$ 109737</td><td>$ 115919</td><td>$ 103479</td></tr></table> we occupy three office buildings in san jose , california where our corporate headquarters are located . we reference these office buildings as the almaden tower and the east and west towers . in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million . upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement . we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase . see note 6 for discussion of our east and west towers purchase . the lease agreement for the almaden tower is effective through march 2017 . we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets . as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value . under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million . if we purchase the building , the investment in the lease receivable may be credited against the purchase price . the residual value guarantee under the almaden tower obligation is $ 89.4 million . the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly . as of november 28 , 2014 , we were in compliance with all of the covenants . in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building . if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable . the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets . see note 16 for discussion of our capital lease obligation . unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
Question: what was the net rent expense in 2014?
| 109737.0 |
CONVFINQA7184 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 . commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . we also have one land lease that expires in 2091 . rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental . rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>rent expense</td><td>$ 111149</td><td>$ 118976</td><td>$ 105809</td></tr><tr><td>3</td><td>less : sublease income</td><td>1412</td><td>3057</td><td>2330</td></tr><tr><td>4</td><td>net rent expense</td><td>$ 109737</td><td>$ 115919</td><td>$ 103479</td></tr></table> we occupy three office buildings in san jose , california where our corporate headquarters are located . we reference these office buildings as the almaden tower and the east and west towers . in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million . upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement . we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase . see note 6 for discussion of our east and west towers purchase . the lease agreement for the almaden tower is effective through march 2017 . we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets . as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value . under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million . if we purchase the building , the investment in the lease receivable may be credited against the purchase price . the residual value guarantee under the almaden tower obligation is $ 89.4 million . the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly . as of november 28 , 2014 , we were in compliance with all of the covenants . in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building . if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable . the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets . see note 16 for discussion of our capital lease obligation . unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
Question: what was the net rent expense in 2014?
Answer: 109737.0
Question: and what was it in 2013?
| 115919.0 |
CONVFINQA7185 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 . commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . we also have one land lease that expires in 2091 . rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental . rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>rent expense</td><td>$ 111149</td><td>$ 118976</td><td>$ 105809</td></tr><tr><td>3</td><td>less : sublease income</td><td>1412</td><td>3057</td><td>2330</td></tr><tr><td>4</td><td>net rent expense</td><td>$ 109737</td><td>$ 115919</td><td>$ 103479</td></tr></table> we occupy three office buildings in san jose , california where our corporate headquarters are located . we reference these office buildings as the almaden tower and the east and west towers . in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million . upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement . we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase . see note 6 for discussion of our east and west towers purchase . the lease agreement for the almaden tower is effective through march 2017 . we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets . as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value . under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million . if we purchase the building , the investment in the lease receivable may be credited against the purchase price . the residual value guarantee under the almaden tower obligation is $ 89.4 million . the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly . as of november 28 , 2014 , we were in compliance with all of the covenants . in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building . if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable . the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets . see note 16 for discussion of our capital lease obligation . unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
Question: what was the net rent expense in 2014?
Answer: 109737.0
Question: and what was it in 2013?
Answer: 115919.0
Question: what was, then, the change in net rent expense over the year?
| -6182.0 |
CONVFINQA7186 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 . commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . we also have one land lease that expires in 2091 . rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental . rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>rent expense</td><td>$ 111149</td><td>$ 118976</td><td>$ 105809</td></tr><tr><td>3</td><td>less : sublease income</td><td>1412</td><td>3057</td><td>2330</td></tr><tr><td>4</td><td>net rent expense</td><td>$ 109737</td><td>$ 115919</td><td>$ 103479</td></tr></table> we occupy three office buildings in san jose , california where our corporate headquarters are located . we reference these office buildings as the almaden tower and the east and west towers . in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million . upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement . we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase . see note 6 for discussion of our east and west towers purchase . the lease agreement for the almaden tower is effective through march 2017 . we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets . as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value . under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million . if we purchase the building , the investment in the lease receivable may be credited against the purchase price . the residual value guarantee under the almaden tower obligation is $ 89.4 million . the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly . as of november 28 , 2014 , we were in compliance with all of the covenants . in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building . if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable . the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets . see note 16 for discussion of our capital lease obligation . unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
Question: what was the net rent expense in 2014?
Answer: 109737.0
Question: and what was it in 2013?
Answer: 115919.0
Question: what was, then, the change in net rent expense over the year?
Answer: -6182.0
Question: what was the total of net rent expense in 2013?
| 115919.0 |
CONVFINQA7187 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 . commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . we also have one land lease that expires in 2091 . rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental . rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : . <table class='wikitable'><tr><td>1</td><td>-</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>2</td><td>rent expense</td><td>$ 111149</td><td>$ 118976</td><td>$ 105809</td></tr><tr><td>3</td><td>less : sublease income</td><td>1412</td><td>3057</td><td>2330</td></tr><tr><td>4</td><td>net rent expense</td><td>$ 109737</td><td>$ 115919</td><td>$ 103479</td></tr></table> we occupy three office buildings in san jose , california where our corporate headquarters are located . we reference these office buildings as the almaden tower and the east and west towers . in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million . upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement . we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase . see note 6 for discussion of our east and west towers purchase . the lease agreement for the almaden tower is effective through march 2017 . we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets . as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value . under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million . if we purchase the building , the investment in the lease receivable may be credited against the purchase price . the residual value guarantee under the almaden tower obligation is $ 89.4 million . the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly . as of november 28 , 2014 , we were in compliance with all of the covenants . in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building . if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable . the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets . see note 16 for discussion of our capital lease obligation . unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
Question: what was the net rent expense in 2014?
Answer: 109737.0
Question: and what was it in 2013?
Answer: 115919.0
Question: what was, then, the change in net rent expense over the year?
Answer: -6182.0
Question: what was the total of net rent expense in 2013?
Answer: 115919.0
Question: and how much does that change represent in relation to this total?
| -0.05333 |
CONVFINQA7188 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. . <table class='wikitable'><tr><td>1</td><td>-</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>2</td><td>basic net income available for common shares</td><td>$ 161272</td><td>$ 229967</td><td>$ 212958</td></tr><tr><td>3</td><td>joint venture partner convertible ownership net income</td><td>2014</td><td>3423</td><td>2014</td></tr><tr><td>4</td><td>minority interest in earnings of common unitholders</td><td>18568</td><td>32463</td><td>32071</td></tr><tr><td>5</td><td>diluted net income available for common shares and dilutive potential common shares</td><td>$ 179840</td><td>$ 265853</td><td>$ 245029</td></tr><tr><td>6</td><td>weighted average number of common shares outstanding</td><td>133981</td><td>129660</td><td>126836</td></tr><tr><td>7</td><td>weighted average partnership units outstanding</td><td>15442</td><td>18301</td><td>19070</td></tr><tr><td>8</td><td>joint venture partner convertible ownership common share equivalents</td><td>2014</td><td>2092</td><td>2014</td></tr><tr><td>9</td><td>dilutive shares for stock-based compensation plans</td><td>1416</td><td>1657</td><td>1535</td></tr><tr><td>10</td><td>weighted average number of common shares and dilutive potential common shares</td><td>150839</td><td>151710</td><td>147441</td></tr></table> .
Question: what is the basic net income available in 2001?
| 229967.0 |
CONVFINQA7189 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. . <table class='wikitable'><tr><td>1</td><td>-</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>2</td><td>basic net income available for common shares</td><td>$ 161272</td><td>$ 229967</td><td>$ 212958</td></tr><tr><td>3</td><td>joint venture partner convertible ownership net income</td><td>2014</td><td>3423</td><td>2014</td></tr><tr><td>4</td><td>minority interest in earnings of common unitholders</td><td>18568</td><td>32463</td><td>32071</td></tr><tr><td>5</td><td>diluted net income available for common shares and dilutive potential common shares</td><td>$ 179840</td><td>$ 265853</td><td>$ 245029</td></tr><tr><td>6</td><td>weighted average number of common shares outstanding</td><td>133981</td><td>129660</td><td>126836</td></tr><tr><td>7</td><td>weighted average partnership units outstanding</td><td>15442</td><td>18301</td><td>19070</td></tr><tr><td>8</td><td>joint venture partner convertible ownership common share equivalents</td><td>2014</td><td>2092</td><td>2014</td></tr><tr><td>9</td><td>dilutive shares for stock-based compensation plans</td><td>1416</td><td>1657</td><td>1535</td></tr><tr><td>10</td><td>weighted average number of common shares and dilutive potential common shares</td><td>150839</td><td>151710</td><td>147441</td></tr></table> .
Question: what is the basic net income available in 2001?
Answer: 229967.0
Question: what is the basic net income available in 2002?
| 161272.0 |
CONVFINQA7190 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. . <table class='wikitable'><tr><td>1</td><td>-</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>2</td><td>basic net income available for common shares</td><td>$ 161272</td><td>$ 229967</td><td>$ 212958</td></tr><tr><td>3</td><td>joint venture partner convertible ownership net income</td><td>2014</td><td>3423</td><td>2014</td></tr><tr><td>4</td><td>minority interest in earnings of common unitholders</td><td>18568</td><td>32463</td><td>32071</td></tr><tr><td>5</td><td>diluted net income available for common shares and dilutive potential common shares</td><td>$ 179840</td><td>$ 265853</td><td>$ 245029</td></tr><tr><td>6</td><td>weighted average number of common shares outstanding</td><td>133981</td><td>129660</td><td>126836</td></tr><tr><td>7</td><td>weighted average partnership units outstanding</td><td>15442</td><td>18301</td><td>19070</td></tr><tr><td>8</td><td>joint venture partner convertible ownership common share equivalents</td><td>2014</td><td>2092</td><td>2014</td></tr><tr><td>9</td><td>dilutive shares for stock-based compensation plans</td><td>1416</td><td>1657</td><td>1535</td></tr><tr><td>10</td><td>weighted average number of common shares and dilutive potential common shares</td><td>150839</td><td>151710</td><td>147441</td></tr></table> .
Question: what is the basic net income available in 2001?
Answer: 229967.0
Question: what is the basic net income available in 2002?
Answer: 161272.0
Question: what is the net difference between 2001 and 2002?
| 68695.0 |
CONVFINQA7191 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. . <table class='wikitable'><tr><td>1</td><td>-</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>2</td><td>basic net income available for common shares</td><td>$ 161272</td><td>$ 229967</td><td>$ 212958</td></tr><tr><td>3</td><td>joint venture partner convertible ownership net income</td><td>2014</td><td>3423</td><td>2014</td></tr><tr><td>4</td><td>minority interest in earnings of common unitholders</td><td>18568</td><td>32463</td><td>32071</td></tr><tr><td>5</td><td>diluted net income available for common shares and dilutive potential common shares</td><td>$ 179840</td><td>$ 265853</td><td>$ 245029</td></tr><tr><td>6</td><td>weighted average number of common shares outstanding</td><td>133981</td><td>129660</td><td>126836</td></tr><tr><td>7</td><td>weighted average partnership units outstanding</td><td>15442</td><td>18301</td><td>19070</td></tr><tr><td>8</td><td>joint venture partner convertible ownership common share equivalents</td><td>2014</td><td>2092</td><td>2014</td></tr><tr><td>9</td><td>dilutive shares for stock-based compensation plans</td><td>1416</td><td>1657</td><td>1535</td></tr><tr><td>10</td><td>weighted average number of common shares and dilutive potential common shares</td><td>150839</td><td>151710</td><td>147441</td></tr></table> .
Question: what is the basic net income available in 2001?
Answer: 229967.0
Question: what is the basic net income available in 2002?
Answer: 161272.0
Question: what is the net difference between 2001 and 2002?
Answer: 68695.0
Question: what is the difference divided by the 2001 value?
| 0.42596 |
CONVFINQA7192 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. . <table class='wikitable'><tr><td>1</td><td>-</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>2</td><td>basic net income available for common shares</td><td>$ 161272</td><td>$ 229967</td><td>$ 212958</td></tr><tr><td>3</td><td>joint venture partner convertible ownership net income</td><td>2014</td><td>3423</td><td>2014</td></tr><tr><td>4</td><td>minority interest in earnings of common unitholders</td><td>18568</td><td>32463</td><td>32071</td></tr><tr><td>5</td><td>diluted net income available for common shares and dilutive potential common shares</td><td>$ 179840</td><td>$ 265853</td><td>$ 245029</td></tr><tr><td>6</td><td>weighted average number of common shares outstanding</td><td>133981</td><td>129660</td><td>126836</td></tr><tr><td>7</td><td>weighted average partnership units outstanding</td><td>15442</td><td>18301</td><td>19070</td></tr><tr><td>8</td><td>joint venture partner convertible ownership common share equivalents</td><td>2014</td><td>2092</td><td>2014</td></tr><tr><td>9</td><td>dilutive shares for stock-based compensation plans</td><td>1416</td><td>1657</td><td>1535</td></tr><tr><td>10</td><td>weighted average number of common shares and dilutive potential common shares</td><td>150839</td><td>151710</td><td>147441</td></tr></table> .
Question: what is the basic net income available in 2001?
Answer: 229967.0
Question: what is the basic net income available in 2002?
Answer: 161272.0
Question: what is the net difference between 2001 and 2002?
Answer: 68695.0
Question: what is the difference divided by the 2001 value?
Answer: 0.42596
Question: what would be this number displayed as a percentage?
| 42.59574 |
CONVFINQA7193 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement . in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels . the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile . sub-limits are set below the approved level of risk limits . sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders . accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance . sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area . our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded . when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee . such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit . model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions . prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations . significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee . see 201cmodel risk management 201d for further information about the review and validation of these models . systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner . metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region . the tables below present average daily var and period-end var , as well as the high and low var for the period . diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories . this effect arises because the four market risk categories are not perfectly correlated . the table below presents average daily var by risk category. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2017</td><td>year ended december 2016</td><td>year ended december 2015</td></tr><tr><td>2</td><td>interest rates</td><td>$ 40</td><td>$ 45</td><td>$ 47</td></tr><tr><td>3</td><td>equity prices</td><td>24</td><td>25</td><td>26</td></tr><tr><td>4</td><td>currency rates</td><td>12</td><td>21</td><td>30</td></tr><tr><td>5</td><td>commodity prices</td><td>13</td><td>17</td><td>20</td></tr><tr><td>6</td><td>diversification effect</td><td>-35 ( 35 )</td><td>-45 ( 45 )</td><td>-47 ( 47 )</td></tr><tr><td>7</td><td>total</td><td>$ 54</td><td>$ 63</td><td>$ 76</td></tr></table> our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to lower levels of volatility . our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to reduced exposures . goldman sachs 2017 form 10-k 91 .
Question: what was the average daily var in the currency rates risk category in 2017?
| 12.0 |
CONVFINQA7194 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement . in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels . the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile . sub-limits are set below the approved level of risk limits . sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders . accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance . sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area . our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded . when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee . such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit . model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions . prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations . significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee . see 201cmodel risk management 201d for further information about the review and validation of these models . systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner . metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region . the tables below present average daily var and period-end var , as well as the high and low var for the period . diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories . this effect arises because the four market risk categories are not perfectly correlated . the table below presents average daily var by risk category. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2017</td><td>year ended december 2016</td><td>year ended december 2015</td></tr><tr><td>2</td><td>interest rates</td><td>$ 40</td><td>$ 45</td><td>$ 47</td></tr><tr><td>3</td><td>equity prices</td><td>24</td><td>25</td><td>26</td></tr><tr><td>4</td><td>currency rates</td><td>12</td><td>21</td><td>30</td></tr><tr><td>5</td><td>commodity prices</td><td>13</td><td>17</td><td>20</td></tr><tr><td>6</td><td>diversification effect</td><td>-35 ( 35 )</td><td>-45 ( 45 )</td><td>-47 ( 47 )</td></tr><tr><td>7</td><td>total</td><td>$ 54</td><td>$ 63</td><td>$ 76</td></tr></table> our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to lower levels of volatility . our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to reduced exposures . goldman sachs 2017 form 10-k 91 .
Question: what was the average daily var in the currency rates risk category in 2017?
Answer: 12.0
Question: and what was it in 2016?
| 21.0 |
CONVFINQA7195 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement . in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels . the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile . sub-limits are set below the approved level of risk limits . sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders . accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance . sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area . our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded . when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee . such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit . model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions . prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations . significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee . see 201cmodel risk management 201d for further information about the review and validation of these models . systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner . metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region . the tables below present average daily var and period-end var , as well as the high and low var for the period . diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories . this effect arises because the four market risk categories are not perfectly correlated . the table below presents average daily var by risk category. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2017</td><td>year ended december 2016</td><td>year ended december 2015</td></tr><tr><td>2</td><td>interest rates</td><td>$ 40</td><td>$ 45</td><td>$ 47</td></tr><tr><td>3</td><td>equity prices</td><td>24</td><td>25</td><td>26</td></tr><tr><td>4</td><td>currency rates</td><td>12</td><td>21</td><td>30</td></tr><tr><td>5</td><td>commodity prices</td><td>13</td><td>17</td><td>20</td></tr><tr><td>6</td><td>diversification effect</td><td>-35 ( 35 )</td><td>-45 ( 45 )</td><td>-47 ( 47 )</td></tr><tr><td>7</td><td>total</td><td>$ 54</td><td>$ 63</td><td>$ 76</td></tr></table> our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to lower levels of volatility . our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to reduced exposures . goldman sachs 2017 form 10-k 91 .
Question: what was the average daily var in the currency rates risk category in 2017?
Answer: 12.0
Question: and what was it in 2016?
Answer: 21.0
Question: what was, then, the change over the year?
| -9.0 |
CONVFINQA7196 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement . in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels . the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile . sub-limits are set below the approved level of risk limits . sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders . accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance . sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area . our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded . when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee . such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit . model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions . prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations . significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee . see 201cmodel risk management 201d for further information about the review and validation of these models . systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner . metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region . the tables below present average daily var and period-end var , as well as the high and low var for the period . diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories . this effect arises because the four market risk categories are not perfectly correlated . the table below presents average daily var by risk category. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2017</td><td>year ended december 2016</td><td>year ended december 2015</td></tr><tr><td>2</td><td>interest rates</td><td>$ 40</td><td>$ 45</td><td>$ 47</td></tr><tr><td>3</td><td>equity prices</td><td>24</td><td>25</td><td>26</td></tr><tr><td>4</td><td>currency rates</td><td>12</td><td>21</td><td>30</td></tr><tr><td>5</td><td>commodity prices</td><td>13</td><td>17</td><td>20</td></tr><tr><td>6</td><td>diversification effect</td><td>-35 ( 35 )</td><td>-45 ( 45 )</td><td>-47 ( 47 )</td></tr><tr><td>7</td><td>total</td><td>$ 54</td><td>$ 63</td><td>$ 76</td></tr></table> our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to lower levels of volatility . our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to reduced exposures . goldman sachs 2017 form 10-k 91 .
Question: what was the average daily var in the currency rates risk category in 2017?
Answer: 12.0
Question: and what was it in 2016?
Answer: 21.0
Question: what was, then, the change over the year?
Answer: -9.0
Question: what was the average daily var in the currency rates risk category in 2016?
| 21.0 |
CONVFINQA7197 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement . in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels . the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile . sub-limits are set below the approved level of risk limits . sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders . accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance . sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area . our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded . when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee . such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit . model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions . prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations . significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee . see 201cmodel risk management 201d for further information about the review and validation of these models . systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner . metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region . the tables below present average daily var and period-end var , as well as the high and low var for the period . diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories . this effect arises because the four market risk categories are not perfectly correlated . the table below presents average daily var by risk category. . <table class='wikitable'><tr><td>1</td><td>$ in millions</td><td>year ended december 2017</td><td>year ended december 2016</td><td>year ended december 2015</td></tr><tr><td>2</td><td>interest rates</td><td>$ 40</td><td>$ 45</td><td>$ 47</td></tr><tr><td>3</td><td>equity prices</td><td>24</td><td>25</td><td>26</td></tr><tr><td>4</td><td>currency rates</td><td>12</td><td>21</td><td>30</td></tr><tr><td>5</td><td>commodity prices</td><td>13</td><td>17</td><td>20</td></tr><tr><td>6</td><td>diversification effect</td><td>-35 ( 35 )</td><td>-45 ( 45 )</td><td>-47 ( 47 )</td></tr><tr><td>7</td><td>total</td><td>$ 54</td><td>$ 63</td><td>$ 76</td></tr></table> our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to lower levels of volatility . our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect . the overall decrease was primarily due to reduced exposures . goldman sachs 2017 form 10-k 91 .
Question: what was the average daily var in the currency rates risk category in 2017?
Answer: 12.0
Question: and what was it in 2016?
Answer: 21.0
Question: what was, then, the change over the year?
Answer: -9.0
Question: what was the average daily var in the currency rates risk category in 2016?
Answer: 21.0
Question: and how much does that change represent in relation this 2016 average daily var, in percentage?
| -0.42857 |
CONVFINQA7198 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
on december 19 , 2011 , we redeemed the remaining $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 , and all $ 300 million of our outstanding 6.125% ( 6.125 % ) notes due january 15 , 2012 . the redemptions resulted in an early extinguishment charge of $ 5 million in the fourth quarter of 2011 . receivables securitization facility 2013 as of december 31 , 2013 and 2012 , we recorded $ 0 and $ 100 million , respectively , as secured debt under our receivables securitization facility . ( see further discussion of our receivables securitization facility in note 10 ) . 15 . variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) . these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions . within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices . depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant . we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry . as such , we have no control over activities that could materially impact the fair value of the leased assets . we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vies . the future minimum lease payments associated with the vie leases totaled $ 3.3 billion as of december 31 , 2013 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million , net of $ 1092 million of accumulated depreciation , and $ 2467 million , net of $ 966 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2013 , were as follows : millions operating leases capital leases . <table class='wikitable'><tr><td>1</td><td>millions</td><td>operatingleases</td><td>capitalleases</td></tr><tr><td>2</td><td>2014</td><td>$ 512</td><td>$ 272</td></tr><tr><td>3</td><td>2015</td><td>477</td><td>260</td></tr><tr><td>4</td><td>2016</td><td>438</td><td>239</td></tr><tr><td>5</td><td>2017</td><td>400</td><td>247</td></tr><tr><td>6</td><td>2018</td><td>332</td><td>225</td></tr><tr><td>7</td><td>later years</td><td>1907</td><td>957</td></tr><tr><td>8</td><td>total minimum leasepayments</td><td>$ 4066</td><td>$ 2200</td></tr><tr><td>9</td><td>amount representing interest</td><td>n/a</td><td>-498 ( 498 )</td></tr><tr><td>10</td><td>present value of minimum leasepayments</td><td>n/a</td><td>$ 1702</td></tr></table> approximately 94% ( 94 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 , $ 631 million in 2012 , and $ 637 million in 2011 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
Question: what is the net change in value of rent expense for operating leases with terms exceeding one month from 2011 to 2012?
| -6.0 |
CONVFINQA7199 | Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.
on december 19 , 2011 , we redeemed the remaining $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 , and all $ 300 million of our outstanding 6.125% ( 6.125 % ) notes due january 15 , 2012 . the redemptions resulted in an early extinguishment charge of $ 5 million in the fourth quarter of 2011 . receivables securitization facility 2013 as of december 31 , 2013 and 2012 , we recorded $ 0 and $ 100 million , respectively , as secured debt under our receivables securitization facility . ( see further discussion of our receivables securitization facility in note 10 ) . 15 . variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) . these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions . within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices . depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant . we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry . as such , we have no control over activities that could materially impact the fair value of the leased assets . we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vies . the future minimum lease payments associated with the vie leases totaled $ 3.3 billion as of december 31 , 2013 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million , net of $ 1092 million of accumulated depreciation , and $ 2467 million , net of $ 966 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2013 , were as follows : millions operating leases capital leases . <table class='wikitable'><tr><td>1</td><td>millions</td><td>operatingleases</td><td>capitalleases</td></tr><tr><td>2</td><td>2014</td><td>$ 512</td><td>$ 272</td></tr><tr><td>3</td><td>2015</td><td>477</td><td>260</td></tr><tr><td>4</td><td>2016</td><td>438</td><td>239</td></tr><tr><td>5</td><td>2017</td><td>400</td><td>247</td></tr><tr><td>6</td><td>2018</td><td>332</td><td>225</td></tr><tr><td>7</td><td>later years</td><td>1907</td><td>957</td></tr><tr><td>8</td><td>total minimum leasepayments</td><td>$ 4066</td><td>$ 2200</td></tr><tr><td>9</td><td>amount representing interest</td><td>n/a</td><td>-498 ( 498 )</td></tr><tr><td>10</td><td>present value of minimum leasepayments</td><td>n/a</td><td>$ 1702</td></tr></table> approximately 94% ( 94 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 , $ 631 million in 2012 , and $ 637 million in 2011 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
Question: what is the net change in value of rent expense for operating leases with terms exceeding one month from 2011 to 2012?
Answer: -6.0
Question: what is that over the 2011 value?
| -0.00942 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.