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what is the estimated growth rate in net periodic pension cost from 2011 to 2012? | 14.1000003815 | CodeFinQA | the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 .
| <i>Millions</i> | <i>Est.2013</i> | <i>2012</i> | <i>2011</i> | <i>2010</i> |
| :--- | :--- | :--- | :--- | :--- |
| Net periodic pension cost | $111 | $89 | $78 | $51 |
| Net periodic OPEB cost/(benefit) | 15 | 13 | (6) | (14) |
our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 . the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 . the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) . cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 . these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts . forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions . forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved . forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information . forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances . however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control . the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information . to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k . all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors . forward-looking statements speak only as of the date the statement was made . we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information . if we do update one or more forward-looking .
| string | null | increase = 89 - 78
decrease = 78 - 51
percent_increase = increase / 78
percent_decrease = decrease / 51
answer = percent_increase * 100 |
what is the percentage of existing technology among the total intangible assets? | 65 | CodeFinQA | note 3 . business combinations purchase combinations . during the fiscal years presented , the company made a number of purchase acquisitions . for each acquisition , the excess of the purchase price over the estimated value of the net tangible assets acquired was allocated to various intangible assets , consisting primarily of developed technology , customer and contract-related assets and goodwill . the values assigned to developed technologies related to each acquisition were based upon future discounted cash flows related to the existing products 2019 projected income streams . goodwill , representing the excess of the purchase consideration over the fair value of tangible and identifiable intangible assets acquired in the acquisitions , will not to be amortized . goodwill is not deductible for tax purposes . the amounts allocated to purchased in-process research and developments were determined through established valuation techniques in the high-technology industry and were expensed upon acquisition because technological feasibility had not been established and no future alternative uses existed . the consolidated financial statements include the operating results of each business from the date of acquisition . the company does not consider these acquisitions to be material to its results of operations and is therefore not presenting pro forma statements of operations for the fiscal years ended october 31 , 2006 , 2005 and 2004 . fiscal 2006 acquisitions sigma-c software ag ( sigma-c ) the company acquired sigma-c on august 16 , 2006 in an all-cash transaction . reasons for the acquisition . sigma-c provides simulation software that allows semiconductor manufacturers and their suppliers to develop and optimize process sequences for optical lithography , e-beam lithography and next-generation lithography technologies . the company believes the acquisition will enable a tighter integration between design and manufacturing tools , allowing the company 2019s customers to perform more accurate design layout analysis with 3d lithography simulation and better understand issues that affect ic wafer yields . purchase price . the company paid $ 20.5 million in cash for the outstanding shares and shareholder notes of which $ 2.05 million was deposited with an escrow agent and will be paid per the escrow agreement . the company believes that the escrow amount will be paid . the total purchase consideration consisted of: .
| | (in thousands) |
| :--- | :--- |
| Cash paid | $20,500 |
| Acquisition-related costs | 2,053 |
| Total purchase price | $22,553 |
acquisition-related costs of $ 2.1 million consist primarily of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs . as of october 31 , 2006 , the company had paid $ 0.9 million of the acquisition-related costs . the $ 1.2 million balance remaining at october 31 , 2006 primarily consists of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs . assets acquired . the company performed a preliminary valuation and allocated the total purchase consideration to assets and liabilities . the company acquired $ 6.0 million of intangible assets consisting of $ 3.9 million in existing technology , $ 1.9 million in customer relationships and $ 0.2 million in trade names to be amortized over five years . the company also acquired assets of $ 3.9 million and assumed liabilities of $ 5.1 million as result of this transaction . goodwill , representing the excess of the purchase price over the .
| string | null | intangible_assets = 3.9
total_intangible_assets = 6.0
percent_technology = intangible_assets / total_intangible_assets
answer = percent_technology * 100 |
as of september 30 , 2009 , what percentage of trust-held shares represented directors' compensation? | 5 | CodeFinQA | the company has a restricted stock plan for non-employee directors which reserves for issuance of 300000 shares of the company 2019s common stock . no restricted shares were issued in 2009 . the company has a directors 2019 deferral plan , which provides a means to defer director compensation , from time to time , on a deferred stock or cash basis . as of september 30 , 2009 , 86643 shares were held in trust , of which 4356 shares represented directors 2019 compensation in 2009 , in accordance with the provisions of the plan . under this plan , which is unfunded , directors have an unsecured contractual commitment from the company . the company also has a deferred compensation plan that allows certain highly-compensated employees , including executive officers , to defer salary , annual incentive awards and certain equity-based compensation . as of september 30 , 2009 , 557235 shares were issuable under this plan . note 16 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: .
| | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Average common shares outstanding | 240,479 | 244,323 | 244,929 |
| Dilutive share equivalents from share-based plans | 6,319 | 8,358 | 9,881 |
| Average common and common equivalent sharesoutstanding — assuming dilution | 246,798 | 252,681 | 254,810 |
average common and common equivalent shares outstanding 2014 assuming dilution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246798 252681 254810 note 17 2014 segment data the company 2019s organizational structure is based upon its three principal business segments : bd medical ( 201cmedical 201d ) , bd diagnostics ( 201cdiagnostics 201d ) and bd biosciences ( 201cbiosciences 201d ) . the principal product lines in the medical segment include needles , syringes and intravenous catheters for medication delivery ; safety-engineered and auto-disable devices ; prefilled iv flush syringes ; syringes and pen needles for the self-injection of insulin and other drugs used in the treatment of diabetes ; prefillable drug delivery devices provided to pharmaceutical companies and sold to end-users as drug/device combinations ; surgical blades/scalpels and regional anesthesia needles and trays ; critical care monitoring devices ; ophthalmic surgical instruments ; and sharps disposal containers . the principal products and services in the diagnostics segment include integrated systems for specimen collection ; an extensive line of safety-engineered specimen blood collection products and systems ; plated media ; automated blood culturing systems ; molecular testing systems for sexually transmitted diseases and healthcare-associated infections ; microorganism identification and drug susceptibility systems ; liquid-based cytology systems for cervical cancer screening ; and rapid diagnostic assays . the principal product lines in the biosciences segment include fluorescence activated cell sorters and analyzers ; cell imaging systems ; monoclonal antibodies and kits for performing cell analysis ; reagent systems for life sciences research ; tools to aid in drug discovery and growth of tissue and cells ; cell culture media supplements for biopharmaceutical manufacturing ; and diagnostic assays . the company evaluates performance of its business segments based upon operating income . segment operating income represents revenues reduced by product costs and operating expenses . the company hedges against certain forecasted sales of u.s.-produced products sold outside the united states . gains and losses associated with these foreign currency translation hedges are reported in segment revenues based upon their proportionate share of these international sales of u.s.-produced products . becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .
| string | null | directors_compensation = 4356
total_shares = 86643
percent_directors = directors_compensation / total_shares
answer = percent_directors * 100 |
what percentage of total commercial commitments are receivables securitization facility? | 22 | CodeFinQA | amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .
| | | <i>Amount of Commitment Expiration per Period</i> |
| :--- | :--- | :--- |
| <i>Other Commercial Commitments</i><i>Millions</i> | <i>Total</i> | <i>2013</i> | <i>2014</i> | <i>2015</i> | <i>2016</i> | <i>2017</i> | <i>After 2017</i> |
| Credit facilities [a] | $1,800 | $- | $- | $1,800 | $- | $- | $- |
| Receivables securitization facility [b] | 600 | 600 | - | - | - | - | - |
| Guarantees [c] | 307 | 8 | 214 | 12 | 30 | 10 | 33 |
| Standby letters of credit [d] | 25 | 24 | 1 | - | - | - | - |
| Total commercialcommitments | $2,732 | $632 | $215 | $1,812 | $30 | $10 | $33 |
[a] none of the credit facility was used as of december 31 , 2012 . [b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt . the full program matures in july 2013 . [c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . [d] none of the letters of credit were drawn upon as of december 31 , 2012 . off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees . we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 . we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . the final guarantee expires in 2022 . we are not aware of any existing event of default that would require us to satisfy these guarantees . we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions . during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 . all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages . the current agreements will remain in effect until renegotiated under provisions of the railway labor act . the next round of negotiations will begin in early 2015 . inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies . as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts . derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .
| string | null | percent_b = 600 / 2732
answer = percent_b * 100 |
what is the annual amortization expense related to srpep transaction of 2012 , in millions? | 4 | CodeFinQA | the impairment tests performed for intangible assets as of july 31 , 2013 , 2012 and 2011 indicated no impairment charges were required . estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( in millions ) .
| Year | Amount |
| :--- | :--- |
| 2014 | $ 156 |
| 2015 | 126 |
| 2016 | 91 |
| 2017 | 74 |
| 2018 | 24 |
indefinite-lived acquired management contracts in july 2013 , in connection with the credit suisse etf transaction , the company acquired $ 231 million of indefinite-lived management contracts . in march 2012 , in connection with the claymore transaction , the company acquired $ 163 million of indefinite-lived etp management contracts . finite-lived acquired management contracts in october 2013 , in connection with the mgpa transaction , the company acquired $ 29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years . in september 2012 , in connection with the srpep transaction , the company acquired $ 40 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years . 11 . other assets at march 31 , 2013 , blackrock held an approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) , which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition . on may 8 , 2013 , pennymac became the sole managing member of pnmac in connection with an initial public offering of pennymac ( the 201cpennymac ipo 201d ) . as a result of the pennymac ipo , blackrock recorded a noncash , nonoperating pre-tax gain of $ 39 million related to the carrying value of its equity method investment . subsequent to the pennymac ipo , the company contributed 6.1 million units of its investment to a new donor advised fund ( the 201ccharitable contribution 201d ) . the fair value of the charitable contribution was $ 124 million and is included in general and administration expenses on the consolidated statements of income . in connection with the charitable contribution , the company also recorded a noncash , nonoperating pre-tax gain of $ 80 million related to the contributed investment and a tax benefit of approximately $ 48 million . the carrying value and fair value of the company 2019s remaining interest ( approximately 20% ( 20 % ) or 16 million shares and units ) was approximately $ 127 million and $ 273 million , respectively , at december 31 , 2013 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2013 ( level 1 input ) . 12 . borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 included $ 100 million under the 2012 revolving credit facility . 2013 revolving credit facility . in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) . in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) . in march 2013 , the company 2019s credit facility was amended to extend the maturity date by one year to march 2018 and the amount of the aggregate commitment was increased to $ 3.990 billion ( the 201c2013 credit facility 201d ) . the 2013 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2013 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2013 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2013 . the 2013 credit facility provides back- up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2013 , the company had no amount outstanding under the 2013 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion . on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the commercial paper program is currently supported by the 2013 credit facility . at december 31 , 2013 and 2012 , blackrock had no cp notes outstanding. .
| string | null | interest_rate = 40
years = 10
answer = interest_rate / 100 * years |
what percentage of total operating expenses was fuel in 2014? | 23 | CodeFinQA | operating expenses millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 .
| <i>Millions</i> | <i>2014</i> | <i>2013</i> | <i>2012</i> | <i>% Change 2014 v 2013</i> | <i>% Change 2013 v 2012</i> |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Compensation and benefits | $5,076 | $4,807 | $4,685 | 6% | 3% |
| Fuel | 3,539 | 3,534 | 3,608 | - | (2) |
| Purchased services and materials | 2,558 | 2,315 | 2,143 | 10 | 8 |
| Depreciation | 1,904 | 1,777 | 1,760 | 7 | 1 |
| Equipment and other rents | 1,234 | 1,235 | 1,197 | - | 3 |
| Other | 924 | 849 | 788 | 9 | 8 |
| Total | $15,235 | $14,517 | $14,181 | 5% | 2% |
operating expenses increased $ 718 million in 2014 versus 2013 . volume-related expenses , incremental costs associated with operating a slower network , depreciation , wage and benefit inflation , and locomotive and freight car materials contributed to the higher costs . lower fuel price partially offset these increases . in addition , there were approximately $ 35 million of weather related costs in the first quarter of operating expenses increased $ 336 million in 2013 versus 2012 . wage and benefit inflation , new logistics management fees and container costs for our automotive business , locomotive overhauls , property taxes and repairs on jointly owned property contributed to higher expenses during the year . lower fuel prices partially offset the cost increases . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . volume-related expenses , including training , and a slower network increased our train and engine work force , which , along with general wage and benefit inflation , drove increased wages . weather-related costs in the first quarter of 2014 also increased costs . general wages and benefits inflation , including increased pension and other postretirement benefits , and higher work force levels drove the increases in 2013 versus 2012 . the impact of ongoing productivity initiatives partially offset these increases . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense . this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles . lower locomotive diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2013 , compared to $ 3.22 in 2012 , decreased expenses by $ 75 million . volume , as measured by gross ton-miles , decreased 1% ( 1 % ) while the fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles , increased 2% ( 2 % ) compared to 2012 . declines in heavier , more fuel-efficient coal shipments drove the variances in gross-ton-miles and the fuel consumption rate . purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies . expenses for purchased services increased 8% ( 8 % ) compared to 2013 primarily due to volume- 2014 operating expenses .
| string | null | percent_fuel = 3539 / 15235
answer = percent_fuel * 100 |
what is the percentage increase in service costs from 2017 to 2018? | 23.6399993896 | CodeFinQA | note 9 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations . postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material . the measurement date used for the company 2019s employee benefit plans is september 30 . effective january 1 , 2018 , the legacy u.s . pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .
| | Pension Plans |
| :--- | :--- |
| (Millions of dollars) | 2019 | 2018 | 2017 |
| Service cost | $134 | $136 | $110 |
| Interest cost | 107 | 90 | 61 |
| Expected return on plan assets | ( 180) | ( 154) | ( 112) |
| Amortization of prior service credit | ( 13) | ( 13) | ( 14) |
| Amortization of loss | 78 | 78 | 92 |
| Settlements | 10 | 2 | — |
| Net pension cost | $135 | $137 | $138 |
| Net pension cost included in the preceding table that is attributable to international plans | $32 | $34 | $43 |
net pension cost included in the preceding table that is attributable to international plans $ 32 $ 34 $ 43 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods . the settlement losses recorded in 2019 and 2018 primarily included lump sum benefit payments associated with the company 2019s u.s . supplemental pension plan . the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year . as further discussed in note 2 , upon adopting an accounting standard update on october 1 , 2018 , all components of the company 2019s net periodic pension and postretirement benefit costs , aside from service cost , are recorded to other income ( expense ) , net on its consolidated statements of income , for all periods presented . notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company .
| string | null | increase_2018 = 136
increase_2017 = 110
percent_increase = (increase_2018 - increase_2017) / increase_2017
answer = percent_increase * 100 |
what was the change in the fair value of the debt acquisition date fair value of the borrow- ings | 0.0900000036 | CodeFinQA | determined that it was the primary beneficiary of the 2001 financing entities and thus consolidated the entities effective march 16 , 2011 . effective april 30 , 2011 , international paper liquidated its interest in the 2001 financing entities . activity between the company and the 2002 financ- ing entities was as follows: .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Revenue (loss) (a) | $— | $2 | $5 |
| Expense (b) | — | 3 | 8 |
| Cash receipts (c) | 252 | 192 | 3 |
| Cash payments (d) | 159 | 244 | 8 |
( a ) the revenue is included in equity earnings ( loss ) , net of tax in the accompanying consolidated statement of operations . ( b ) the expense is included in interest expense , net in the accom- panying consolidated statement of operations . ( c ) the cash receipts are equity distributions from the 2002 financ- ing entities to international paper and cash receipts from the maturity of the 2002 monetized notes . ( d ) the cash payments include both interest and principal on the associated debt obligations . on may 31 , 2011 , the third-party equity holder of the 2002 financing entities retired its class a interest in the entities for $ 51 million . as a result of the retire- ment , effective may 31 , 2011 , international paper owned 100% ( 100 % ) of the 2002 financing entities . based on an analysis performed by the company after the retirement , under guidance that considers the poten- tial magnitude of the variability in the structure and which party has controlling financial interest , international paper determined that it was the pri- mary beneficiary of the 2002 financing entities and thus consolidated the entities effective may 31 , 2011 . during the year ended december 31 , 2011 approx- imately $ 191 million of the 2002 monetized notes matured . outstanding debt related to these entities of $ 158 million is included in floating rate notes due 2011 2013 2017 in the summary of long-term debt in note 12 at december 31 , 2011 . as of may 31 , 2012 , this debt had been repaid . during the year ended december 31 , 2012 , $ 252 mil- lion of the 2002 monetized notes matured . as of result of these maturities , accounts and notes receivable decreased $ 252 million and notes payable and current maturities of long-term debt decreased $ 158 million . deferred tax liabilities associated with the 2002 forestland installment sales decreased $ 67 million . effective june 1 , 2012 , international paper liquidated its interest in the 2002 financing entities . the use of the above entities facilitated the mone- tization of the credit enhanced timber and mone- tized notes in a cost effective manner by increasing the borrowing capacity and lowering the interest rate while continuing to preserve the tax deferral that resulted from the forestlands installment sales and the offset accounting treatment described above . in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper . in october 2007 , temple-inland sold 1.55 million acres of timberlands for $ 2.38 billion . the total con- sideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities . the notes are shown in financial assets of special pur- pose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit rat- ings on their long-term debt . in the third quarter of 2012 , international paper completed is preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion . as a result of this analysis , financial assets of special purposed entities decreased by $ 292 million and goodwill increased by the same amount . as of december 31 , 2012 , the fair value of the notes was $ 2.21 billion . in december 2007 , temple-inland 2019s two wholly- owned special purpose entities borrowed $ 2.14 bil- lion shown in nonrecourse financial liabilities of special purpose entities in the accompanying con- solidated balance sheet . the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the company . the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is down- graded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution . in the third quarter of 2012 , international paper completed its preliminary analy- sis of the acquisition date fair value of the borrow- ings and determined it to be $ 2.03 billion . as a result of this analysis , nonrecourse financial liabilities of special purpose entities decreased by $ 110 million and goodwill decreased by the same amount . as of december 31 , 2012 , the fair value of this debt was $ 2.12 billion . the buyer of the temple-inland timberland issued the $ 2.38 billion in notes from its wholly-owned , bankruptcy-remote special purpose entities . the buyer 2019s special purpose entities held the timberlands from the transaction date until november 2008 , at which time the timberlands were transferred out of the buyer 2019s special purpose entities . due to the transfer of the timberlands , temple-inland evaluated the buyer 2019s special purpose entities and determined that they were variable interest entities and that temple-inland was the primary beneficiary . as a result , in 2008 , temple-inland .
| string | null | fair_value_2012 = 2.12
fair_value_2011 = 2.03
change = fair_value_2012 - fair_value_2011
answer = change |
as of dec 31 , 2009 , what was the average loan commitment for the company for all of its total loan commitments , in millions> | 4.8350000381 | CodeFinQA | latin american investments during 2009 , the company acquired a land parcel located in rio clara , brazil through a newly formed consolidated joint venture in which the company has a 70% ( 70 % ) controlling ownership interest for a purchase price of 3.3 million brazilian reals ( approximately usd $ 1.5 million ) . this parcel will be developed into a 48000 square foot retail shopping center . additionally , during 2009 , the company acquired a land parcel located in san luis potosi , mexico , through an unconsolidated joint venture in which the company has a noncontrolling interest , for an aggregate purchase price of approximately $ 0.8 million . the company recognized equity in income from its unconsolidated mexican investments in real estate joint ventures of approximately $ 7.0 million , $ 17.1 million , and $ 5.2 million during 2009 , 2008 and 2007 , respectively . the company recognized equity in income from its unconsolidated chilean investments in real estate joint ventures of approximately $ 0.4 million , $ 0.2 and $ 0.1 million during 2009 , 2008 and 2007 , respectively . the company 2019s revenues from its consolidated mexican subsidiaries aggregated approximately $ 23.4 million , $ 20.3 million , $ 8.5 million during 2009 , 2008 and 2007 , respectively . the company 2019s revenues from its consolidated brazilian subsidiaries aggregated approximately $ 1.5 million and $ 0.4 million during 2009 and 2008 , respectively . the company 2019s revenues from its consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008 , respectively . mortgages and other financing receivables during 2009 , the company provided financing to five borrowers for an aggregate amount of approximately $ 8.3 million . during 2009 , the company received an aggregate of approximately $ 40.4 million which fully paid down the outstanding balance on four mortgage receivables . as of december 31 , 2009 , the company had 37 loans with total commitments of up to $ 178.9 million , of which approximately $ 131.3 million has been funded . availability under the company 2019s revolving credit facilities are expected to be sufficient to fund these remaining commitments . ( see note 10 of the notes to consolidated financial statements included in this annual report on form 10-k. ) asset impairments on a continuous basis , management assesses whether there are any indicators , including property operating performance and general market conditions , that the value of the company 2019s assets ( including any related amortizable intangible assets or liabilities ) may be impaired . to the extent impairment has occurred , the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset . during 2009 , economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets . year over year increases in capitalization rates , discount rates and vacancies as well as the deterioration of real estate market fundamentals , negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general . as a result of the volatility and declining market conditions described above , as well as the company 2019s strategy in relation to certain of its non-retail assets , the company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175.1 million , before income tax benefit of approximately $ 22.5 million and noncontrolling interests of approximately $ 1.2 million . details of these non-cash impairment charges are as follows ( in millions ) : .
| Impairment of property carrying values | $50.0 |
| :--- | :--- |
| Real estate under development | 2.1 |
| Investments in other real estate investments | 49.2 |
| Marketable securities and other investments | 30.1 |
| Investments in real estate joint ventures | 43.7 |
| Total impairment charges | $175.1 |
( see notes 2 , 6 , 8 , 9 , 10 and 11 of the notes to consolidated financial statements included in this annual report on form 10-k. ) .
| string | null | loan_commitment = 178.9
total_loans = 37
answer = loan_commitment / total_loans |
what percentage of total aggregate debt maturities as of december 31 , 2008 are due after 2013? | 64 | CodeFinQA | debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2008 , excluding market value adjustments . millions of dollars .
| 2009 | $720 |
| :--- | :--- |
| 2010 | 465 |
| 2011 | 555 |
| 2012 | 746 |
| 2013 | 713 |
| Thereafter | 5,728 |
| Total debt | $8,927 |
as of december 31 , 2008 , we have reclassified as long-term debt approximately $ 400 million of debt due within one year that we intend to refinance . this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long-term debt on a long-term basis . at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intended to refinance at that time . mortgaged properties 2013 equipment with a carrying value of approximately $ 2.7 billion and $ 2.8 billion at december 31 , 2008 and 2007 , respectively , serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 on december 31 , 2008 , we had $ 1.9 billion of credit available under our revolving credit facility ( the facility ) . the facility is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2008 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment- grade borrowers . the facility allows borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires union pacific corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing . at december 31 , 2008 , and december 31 , 2007 ( and at all times during these periods ) , we were in compliance with this covenant . the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa . at december 31 , 2008 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 30.9 billion of debt ( as defined in the facility ) , and we had $ 9.9 billion of debt ( as defined in the facility ) outstanding at that date . under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the .
| string | null | percent_after_2013 = 5728 / 8927
answer = percent_after_2013 * 100 |
in 2007 what was the percent of the shared based compensation associated with stock options | 50 | CodeFinQA | notes to the audited consolidated financial statements for 2007 , 2006 , and 2005 , total share-based compensation expense ( before tax ) of approximately $ 26 million , $ 29 million , and $ 22 million , respectively , was recognized in selling , general and administrative expense in the consolidated statement of earnings for all share-based awards of which approximately $ 13 million , $ 17 million , and $ 5 million , respectively , related to stock options . sfas no . 123 ( r ) requires that compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for retirement-eligible employees . for 2007 and 2006 , approximately $ 3 million and $ 8 million , respectively , of stock option compensation expense were recognized due to retirement eligibility preceding the requisite vesting period . stock option awards option awards are granted on an annual basis to non-employee directors and to employees who meet certain eligibility requirements . option awards have an exercise price equal to the closing price of the company's stock on the date of grant . the term life of options is ten years with vesting periods that vary up to three years . vesting usually occurs ratably over the vesting period or at the end of the vesting period . the company utilizes the black scholes merton ( "bsm" ) option valuation model which relies on certain assumptions to estimate an option's fair value . the weighted average assumptions used in the determination of fair value for stock options awarded in 2007 , 2006 , and 2005 are provided in the table below: .
| Assumptions | 2007 | 2006 | 2005 |
| :--- | :--- | :--- | :--- |
| Expected volatility rate | 20.80% | 21.40% | 22.90% |
| Expected dividend yield | 2.92% | 3.24% | 3.29% |
| Average risk-free interest rate | 4.24% | 4.62% | 4.48% |
| Expected forfeiture rate | 0.75% | 0.75% | Actual |
| Expected term years | 4.40 | 4.40 | 5.00 |
the volatility rate of grants is derived from historical company common stock price volatility over the same time period as the expected term of each stock option award . the volatility rate is derived by mathematical formula utilizing the weekly high closing stock price data over the expected term . the expected dividend yield is calculated using the expected company annual dividend amount over the expected term divided by the fair market value of the company's common stock . the average risk-free interest rate is derived from united states department of treasury published interest rates of daily yield curves for the same time period as the expected term . sfas no . 123 ( r ) specifies only share-based awards expected to vest be included in share-based compensation expense . estimated forfeiture rates are determined using historical forfeiture experience for each type of award and are excluded from the quantity of awards included in share-based compensation expense . the weighted average expected term reflects the analysis of historical share-based award transactions and includes option swap and reload grants which may have much shorter remaining expected terms than new option grants. .
| string | null | stock_options = 13
total_compensation = 26
percent_compensation = stock_options / total_compensation
answer = percent_compensation * 100 |
what is the average rent expense for operating leases with terms exceeding one month from 2008-2010 , in millions? | 685.6699829102 | CodeFinQA | 2010 . on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 . the redemption resulted in a $ 5 million early extinguishment charge . receivables securitization facility 2013 at december 31 , 2010 , we have recorded $ 100 million 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 ) 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 vie 2019s . the future minimum lease payments associated with the vie leases totaled $ 4.2 billion as of december 31 , 2010 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2010 and 2009 included $ 2520 million , net of $ 901 million of accumulated depreciation , and $ 2754 million , net of $ 927 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 , 2010 , were as follows : millions operating leases capital leases .
| <i>Millions</i> | <i>Operating</i><i>Leases</i> | <i>Capital</i><i>Leases</i> |
| :--- | :--- | :--- |
| 2011 | $613 | $311 |
| 2012 | 526 | 251 |
| 2013 | 461 | 253 |
| 2014 | 382 | 261 |
| 2015 | 340 | 262 |
| Later years | 2,599 | 1,355 |
| Total minimum lease payments | $4,921 | $2,693 |
| Amount representing interest | N/A | (784) |
| Present value of minimum lease payments | N/A | $1,909 |
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 624 million in 2010 , $ 686 million in 2009 , and $ 747 million in 2008 . 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. .
| string | null | rent_2010 = 624
rent_2009 = 686
rent_2008 = 747
total_rent = rent_2010 + rent_2009 + rent_2008
answer = total_rent / 3 |
what percent of total aggregate debt maturities as of december 31 , 2011 are due in 2014? | 8 | CodeFinQA | debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2011 , excluding market value adjustments : millions .
| 2012 | $309 |
| :--- | :--- |
| 2013 | 636 |
| 2014 | 706 |
| 2015 | 467 |
| 2016 | 517 |
| Thereafter | 6,271 |
| Total debt | $8,906 |
as of both december 31 , 2011 and december 31 , 2010 , we have reclassified as long-term debt approximately $ 100 million of debt due within one year that we intend to refinance . this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long- term debt on a long-term basis . mortgaged properties 2013 equipment with a carrying value of approximately $ 2.9 billion and $ 3.2 billion at december 31 , 2011 and 2010 , respectively , served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 during the second quarter of 2011 , we replaced our $ 1.9 billion revolving credit facility , which was scheduled to expire in april 2012 , with a new $ 1.8 billion facility that expires in may 2015 ( the facility ) . the facility is based on substantially similar terms as those in the previous credit facility . on december 31 , 2011 , we had $ 1.8 billion of credit available under the facility , which is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on either facility during 2011 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing . at december 31 , 2011 , and december 31 , 2010 ( and at all times during the year ) , we were in compliance with this covenant . the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa . at december 31 , 2011 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 37.2 billion of debt ( as defined in the facility ) , and we had $ 9.5 billion of debt ( as defined in the facility ) outstanding at that date . under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility also includes a $ 75 million cross-default provision and a change-of-control provision . during 2011 , we did not issue or repay any commercial paper and , at december 31 , 2011 , we had no commercial paper outstanding . outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant ( discussed in the credit facilities section above ) that , under certain circumstances , restricts the payment of cash .
| string | null | percent_2014 = 706 / 8906
answer = percent_2014 * 100 |
what is the average , in millions , of noncontrolling interest relating to the remaining units in 2009-2010? | 111.75 | CodeFinQA | kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the units consisted of ( i ) approximately 81.8 million preferred a units par value $ 1.00 per unit , which pay the holder a return of 7.0% ( 7.0 % ) per annum on the preferred a par value and are redeemable for cash by the holder at any time after one year or callable by the company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% ( 10.0 % ) increase , ( ii ) 2000 class a preferred units , par value $ 10000 per unit , which pay the holder a return equal to libor plus 2.0% ( 2.0 % ) per annum on the class a preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-1 preferred par value and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock , equal to the cash redemption amount , as defined , ( iv ) 5673 class b-2 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-2 preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , and ( v ) 640001 class c downreit units , valued at an issuance price of $ 30.52 per unit which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock equal to the class c cash amount , as defined . the following units have been redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type .
| Type | Units Redeemed | Par Value Redeemed (in millions) | Redemption Type |
| :--- | :--- | :--- | :--- |
| Preferred A Units | 2,200,000 | $2.2 | Cash |
| Class A Preferred Units | 2,000 | $20.0 | Cash |
| Class B-1 Preferred Units | 2,438 | $24.4 | Cash |
| Class B-2 Preferred Units | 5,576 | $55.8 | Cash/Charitable Contribution |
| Class C DownReit Units | 61,804 | $1.9 | Cash |
noncontrolling interest relating to the remaining units was $ 110.4 million and $ 113.1 million as of december 31 , 2010 and 2009 , respectively . during 2006 , the company acquired two shopping center properties located in bay shore and centereach , ny . included in noncontrolling interests was approximately $ 41.6 million , including a discount of $ 0.3 million and a fair market value adjustment of $ 3.8 million , in redeemable units ( the 201credeemable units 201d ) , issued by the company in connection with these transactions . the prop- erties were acquired through the issuance of $ 24.2 million of redeemable units , which are redeemable at the option of the holder ; approximately $ 14.0 million of fixed rate redeemable units and the assumption of approximately $ 23.4 million of non-recourse debt . the redeemable units consist of ( i ) 13963 class a units , par value $ 1000 per unit , which pay the holder a return of 5% ( 5 % ) per annum of the class a par value and are redeemable for cash by the holder at any time after april 3 , 2011 , or callable by the company any time after april 3 , 2016 , and ( ii ) 647758 class b units , valued at an issuance price of $ 37.24 per unit , which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after april 3 , 2007 , for cash or at the option of the company for common stock at a ratio of 1:1 , or callable by the company any time after april 3 , 2026 . the company is restricted from disposing of these assets , other than through a tax free transaction , until april 2016 and april 2026 for the centereach , ny , and bay shore , ny , assets , respectively . during 2007 , 30000 units , or $ 1.1 million par value , of theclass bunits were redeemed by the holder in cash at the option of the company . noncontrolling interest relating to the units was $ 40.4 million and $ 40.3 million as of december 31 , 2010 and 2009 , respectively . noncontrolling interests also includes 138015 convertible units issued during 2006 , by the company , which were valued at approxi- mately $ 5.3 million , including a fair market value adjustment of $ 0.3 million , related to an interest acquired in an office building located in albany , ny . these units are redeemable at the option of the holder after one year for cash or at the option of the company for the company 2019s common stock at a ratio of 1:1 . the holder is entitled to a distribution equal to the dividend rate of the company 2019s common stock . the company is restricted from disposing of these assets , other than through a tax free transaction , until january 2017. .
| string | null | non_2010 = 110.4 + 113.1
non_2009 = non_2010 / 2
answer = non_2009 |
what was the industrial packaging profit margin in 2003 | 6.3000001907 | CodeFinQA | entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases . product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe . average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized . operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 . although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 . we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 . operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 . sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) . additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 . the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime . industrial packaging in millions 2005 2004 2003 .
| <i></i> <i>In millions</i><i></i> | 2005 | 2004 | 2003 |
| :--- | :--- | :--- | :--- |
| Sales | $4,935 | $4,830 | $4,170 |
| Operating Profit | $230 | $380 | $264 |
containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 . soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters . beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply . full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 . however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels . operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 . the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time . implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings . specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 . net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 . operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers . u.s . converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 . sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 . average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year . operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs . european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 . operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively . the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices . the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results . industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .
| string | null | percent_profit = 264 / 4170
answer = percent_profit * 100 |
what was the consumer packaging profit margin in 2013 | 4.6999998093 | CodeFinQA | augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business . consumer packaging .
| In millions | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Sales | $2,940 | $3,403 | $3,435 |
| Operating Profit (Loss) | (25) | 178 | 161 |
north american consumer packaging net sales were $ 1.9 billion in 2015 compared with $ 2.0 billion in 2014 and $ 2.0 billion in 2013 . operating profits were $ 81 million ( $ 91 million excluding the cost associated with the planned conversion of our riegelwood mill to 100% ( 100 % ) pulp production , net of proceeds from the sale of the carolina coated bristols brand , and sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 and $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 . coated paperboard sales volumes in 2015 were lower than in 2014 reflecting weaker market demand . the business took about 77000 tons of market-related downtime in 2015 compared with about 41000 tons in 2014 . average sales price realizations increased modestly year over year as competitive pressures in the current year only partially offset the impact of sales price increases implemented in 2014 . input costs decreased for energy and chemicals , but wood costs increased . planned maintenance downtime costs were $ 10 million lower in 2015 . operating costs were higher , mainly due to inflation and overhead costs . foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand . average sales margins increased due to lower resin costs and a more favorable mix . operating costs and distribution costs were both higher . looking ahead to the first quarter of 2016 , coated paperboard sales volumes are expected to be slightly lower than in the fourth quarter of 2015 due to our exit from the coated bristols market . average sales price realizations are expected to be flat , but margins should benefit from a more favorable product mix . input costs are expected to be higher for wood , chemicals and energy . planned maintenance downtime costs should be $ 4 million higher with a planned maintenance outage scheduled at our augusta mill in the first quarter . foodservice sales volumes are expected to be seasonally lower . average sales margins are expected to improve due to a more favorable mix . operating costs are expected to decrease . european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million in 2014 and $ 380 million in 2013 . operating profits in 2015 were $ 87 million compared with $ 91 million in 2014 and $ 100 million in 2013 . sales volumes in 2015 compared with 2014 increased in europe , but decreased in russia . average sales margins improved in russia due to slightly higher average sales price realizations and a more favorable mix . in europe average sales margins decreased reflecting lower average sales price realizations and an unfavorable mix . input costs were lower in europe , primarily for wood and energy , but were higher in russia , primarily for wood . looking forward to the first quarter of 2016 , compared with the fourth quarter of 2015 , sales volumes are expected to be stable . average sales price realizations are expected to be slightly higher in both russia and europe . input costs are expected to be flat , while operating costs are expected to increase . asian consumer packaging the company sold its 55% ( 55 % ) equity share in the ip-sun jv in october 2015 . net sales and operating profits presented below include results through september 30 , 2015 . net sales were $ 682 million in 2015 compared with $ 1.0 billion in 2014 and $ 1.1 billion in 2013 . operating profits in 2015 were a loss of $ 193 million ( a loss of $ 19 million excluding goodwill and other asset impairment costs ) compared with losses of $ 5 million in 2014 and $ 2 million in 2013 . sales volumes and average sales price realizations were lower in 2015 due to over-supplied market conditions and competitive pressures . average sales margins were also negatively impacted by a less favorable mix . input costs and freight costs were lower and operating costs also decreased . on october 13 , 2015 , the company finalized the sale of its 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business , within the company's consumer packaging segment , to its chinese coated board joint venture partner , shandong sun holding group co. , ltd . for rmb 149 million ( approximately usd $ 23 million ) . during the third quarter of 2015 , a determination was made that the current book value of the asset group exceeded its estimated fair value of $ 23 million , which was the agreed upon selling price . the 2015 loss includes the net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ) . a pre-tax charge of $ 186 million was recorded during the third quarter in the company's consumer packaging segment to write down the long-lived assets of this business to their estimated fair value . in the fourth quarter of 2015 , upon the sale and corresponding deconsolidation of ip-sun jv from the company's consolidated balance sheet , final adjustments were made resulting in a reduction of the impairment of $ 12 million . the amount of pre-tax losses related to noncontrolling interest of the ip-sun jv included in the company's consolidated statement of operations for the years ended december 31 , 2015 , 2014 and 2013 were $ 19 million , $ 12 million and $ 8 million , respectively . the amount of pre-tax losses related to the ip-sun jv included in the company's .
| string | null | margin = 161
revenue = 3435
answer = margin / revenue * 100 |
what was the change in the the company interest-free loan outstanding to an officer in 2005 and 2004 | 61000 | CodeFinQA | fund . employees have the ability to transfer funds from the company stock fund as they choose . the company declared matching contributions to the vertex 401 ( k ) plan as follows ( in thousands ) : q . related party transactions as of december 31 , 2005 and 2004 , the company had an interest-free loan outstanding to an officer in the amount of $ 36000 and $ 97000 , respectively , which was initially advanced in april 2002 . the loan balance is included in other assets on the consolidated balance sheets . in 2001 , the company entered into a four year consulting agreement with a director of the company for the provision of part-time consulting services over a period of four years , at the rate of $ 80000 per year commencing in january 2002 and terminating in january 2006 . r . contingencies the company has certain contingent liabilities that arise in the ordinary course of its business activities . the company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated . on december 17 , 2003 , a purported class action , marguerite sacchetti v . james c . blair et al. , was filed in the superior court of the state of california , county of san diego , naming as defendants all of the directors of aurora who approved the merger of aurora and vertex , which closed in july 2001 . the plaintiffs claim that aurora's directors breached their fiduciary duty to aurora by , among other things , negligently conducting a due diligence examination of vertex by failing to discover alleged problems with vx-745 , a vertex drug candidate that was the subject of a development program which was terminated by vertex in september 2001 . vertex has certain indemnity obligations to aurora's directors under the terms of the merger agreement between vertex and aurora , which could result in vertex liability for attorney's fees and costs in connection with this action , as well as for any ultimate judgment that might be awarded . there is an outstanding directors' and officers' liability policy which may cover a significant portion of any such liability . the defendants are vigorously defending this suit . the company believes this suit will be settled without any significant liability to vertex or the former aurora directors . s . guarantees as permitted under massachusetts law , vertex's articles of organization and bylaws provide that the company will indemnify certain of its officers and directors for certain claims asserted against them in connection with their service as an officer or director . the maximum potential amount of future payments that the company could be required to make under these indemnification provisions is unlimited . however , the company has purchased certain directors' and officers' liability insurance policies that reduce its monetary exposure and enable it to recover a portion of any future amounts paid . the company believes the estimated fair value of these indemnification arrangements is minimal . discretionary matching contributions for the year ended december 31 , $ 2894 $ 2492 $ 2237 .
| | 2005 | 2004 | 2003 |
| :--- | :--- | :--- | :--- |
| Discretionary matching contributions for the year ended December 31, | $2,894 | $2,492 | $2,237 |
| Shares issued for the year ended December 31, | 215 | 239 | 185 |
| Shares issuable as of the year ended December 31, | 19 | 57 | 61 |
.
| string | null | loan_balance_2005 = 97000
loan_balance_2004 = 36000
change = loan_balance_2005 - loan_balance_2004
answer = change |
what was the industrial packaging profit margin in 2012 | 8 | CodeFinQA | ( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) . additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items . industrial packaging .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $13,280 | $10,430 | $9,840 |
| Operating Profit | 1,066 | 1,147 | 826 |
north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 . operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 . sales volumes for the legacy business were about flat in 2012 compared with 2011 . average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year . input costs were lower for recycled fiber , wood and natural gas , but higher for starch . freight costs also increased . plan- ned maintenance downtime costs were higher than in 2011 . operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies . market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 . operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills . operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland . looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days . average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 . input costs are expected to be higher for recycled fiber , wood and starch . planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter . manufacturing operating costs are expected to be lower . european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 . operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 . sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe . demand for pack- aging in the agricultural markets was about flat year- over-year . average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs . other input costs were higher , primarily for energy and distribution . operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant . entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets . average sales margins are expected to improve due to lower input costs for containerboard . other input costs should be about flat . operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs . net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 . operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 . operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs . looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality . net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 . operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .
| string | null | sales = 13280
operating_profit = 1066
answer = operating_profit / sales * 100 |
at december 31 , 2014 what was the percent of the total future minimum commitments under existing non-cancelable purchase obligations in 2016 | 88 | CodeFinQA | at december 31 , 2014 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .
| In millions | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Lease obligations | $142 | $106 | $84 | $63 | $45 | $91 |
| Purchase obligations (a) | 3,266 | 761 | 583 | 463 | 422 | 1,690 |
| Total | $3,408 | $867 | $667 | $526 | $467 | $1,781 |
( a ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 154 million , $ 168 million and $ 185 million for 2014 , 2013 and 2012 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings cercla and state actions international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 95 million in the aggregate as of december 31 , 2014 . cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a remediation feasibility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 50 million to address the selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean- up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . other remediation costs in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 41 million as of december 31 , 2014 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . legal proceedings environmental kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st . regis paper company ( st . regis ) . the company is a successor in interest to st . regis . although the company has not received any orders from the epa , in december 2014 , the epa sent the company a letter demanding payment of $ 19 million to reimburse the epa for costs associated with a time critical removal action of pcb contaminated sediments from a portion of the site . the company 2019s cercla liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the epa at this time . as noted below , the company is involved in allocation/ apportionment litigation with regard to the site . accordingly , it is premature to estimate a loss or range of loss with respect to this site . the company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site . the suit .
| string | null | commitment_2016 = 761
commitment_total = 867
percent_2016 = commitment_2016 / commitment_total
answer = percent_2016 * 100 |
what was the operating profit margin in 2012 | 8.5 | CodeFinQA | freesheet paper were higher in russia , but lower in europe reflecting weak economic conditions and market demand . average sales price realizations for pulp decreased . lower input costs for wood and purchased fiber were partially offset by higher costs for energy , chemicals and packaging . freight costs were also higher . planned maintenance downtime costs were higher due to executing a significant once-every-ten-years maintenance outage plus the regularly scheduled 18-month outage at the saillat mill while outage costs in russia and poland were lower . manufacturing operating costs were favor- entering 2013 , sales volumes in the first quarter are expected to be seasonally weaker in russia , but about flat in europe . average sales price realizations for uncoated freesheet paper are expected to decrease in europe , but increase in russia . input costs should be higher in russia , especially for wood and energy , but be slightly lower in europe . no maintenance outages are scheduled for the first quarter . ind ian papers includes the results of andhra pradesh paper mills ( appm ) of which a 75% ( 75 % ) interest was acquired on october 14 , 2011 . net sales were $ 185 million in 2012 and $ 35 million in 2011 . operat- ing profits were a loss of $ 16 million in 2012 and a loss of $ 3 million in 2011 . asian pr int ing papers net sales were $ 85 mil- lion in 2012 , $ 75 million in 2011 and $ 80 million in 2010 . operating profits were improved from break- even in past years to $ 1 million in 2012 . u.s . pulp net sales were $ 725 million in 2012 compared with $ 725 million in 2011 and $ 715 million in 2010 . operating profits were a loss of $ 59 million in 2012 compared with gains of $ 87 million in 2011 and $ 107 million in 2010 . sales volumes in 2012 increased from 2011 primarily due to the start-up of pulp production at the franklin mill in the third quarter of 2012 . average sales price realizations were significantly lower for both fluff pulp and market pulp . input costs were lower , primarily for wood and energy . freight costs were slightly lower . mill operating costs were unfavorable primarily due to costs associated with the start-up of the franklin mill . planned maintenance downtime costs were lower . in the first quarter of 2013 , sales volumes are expected to be flat with the fourth quarter of 2012 . average sales price realizations are expected to improve reflecting the realization of sales price increases for paper and tissue pulp that were announced in the fourth quarter of 2012 . input costs should be flat . planned maintenance downtime costs should be about $ 9 million higher than in the fourth quarter of 2012 . manufacturing costs related to the franklin mill should be lower as we continue to improve operations . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 and 7% ( 7 % ) from 2010 . operating profits increased 64% ( 64 % ) from 2011 and 29% ( 29 % ) from 2010 . net sales and operating profits include the shorewood business in 2011 and 2010 . exclud- ing asset impairment and other charges associated with the sale of the shorewood business , and facility closure costs , 2012 operating profits were 27% ( 27 % ) lower than in 2011 , but 23% ( 23 % ) higher than in 2010 . benefits from lower raw material costs ( $ 22 million ) , lower maintenance outage costs ( $ 5 million ) and other items ( $ 2 million ) were more than offset by lower sales price realizations and an unfavorable product mix ( $ 66 million ) , lower sales volumes and increased market-related downtime ( $ 22 million ) , and higher operating costs ( $ 40 million ) . in addition , operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north ameri- can shorewood business and $ 72 million for other charges associated with the sale of the shorewood business . consumer packaging .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $3,170 | $3,710 | $3,400 |
| Operating Profit | 268 | 163 | 207 |
north american consumer packaging net sales were $ 2.0 billion in 2012 compared with $ 2.5 billion in 2011 and $ 2.4 billion in 2010 . operating profits were $ 165 million ( $ 162 million excluding a gain related to the sale of the shorewood business ) in 2012 compared with $ 35 million ( $ 236 million excluding asset impairment and other charges asso- ciated with the sale of the shorewood business ) in 2011 and $ 97 million ( $ 105 million excluding facility closure costs ) in 2010 . coated paperboard sales volumes in 2012 were lower than in 2011 reflecting weaker market demand . average sales price realizations were lower , primar- ily for folding carton board . input costs for wood increased , but were partially offset by lower costs for chemicals and energy . planned maintenance down- time costs were slightly lower . market-related down- time was about 113000 tons in 2012 compared with about 38000 tons in 2011. .
| string | null | operating_profit = 268
sales = 3170
answer = operating_profit / sales * 100 |
what percentage of total freight revenues was the industrial products commodity group in 2011? | 17 | CodeFinQA | notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31868 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26020 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2012 2011 2010 .
| <i>Millions</i> | <i>2012</i> | <i>2011</i> | <i>2010</i> |
| :--- | :--- | :--- | :--- |
| Agricultural | $3,280 | $3,324 | $3,018 |
| Automotive | 1,807 | 1,510 | 1,271 |
| Chemicals | 3,238 | 2,815 | 2,425 |
| Coal | 3,912 | 4,084 | 3,489 |
| Industrial Products | 3,494 | 3,166 | 2,639 |
| Intermodal | 3,955 | 3,609 | 3,227 |
| Total freight revenues | $19,686 | $18,508 | $16,069 |
| Other revenues | 1,240 | 1,049 | 896 |
| Total operatingrevenues | $20,926 | $19,557 | $16,965 |
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 1.9 billion in 2012 , $ 1.8 billion in 2011 , and $ 1.6 billion in 2010 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .
| string | null | revenue_industrial_products = 3166
revenue_total = 18508
percent_industrial_products = revenue_industrial_products / revenue_total
answer = percent_industrial_products * 100 |
in 2008 what was the ratio of the rental expense to the programming license expense | 0.7960000038 | CodeFinQA | the following table summarizes our rental expense and program- ming license expense charged to operations: .
| Year ended December 31 (in millions) | 2008 | 2007 | 2006 |
| :--- | :--- | :--- | :--- |
| Rental expense | $436 | $358 | $273 |
| Programming license expense | $548 | $484 | $350 |
contingencies we and the minority owner group in comcast spectacor each have the right to initiate an exit process under which the fair mar- ket value of comcast spectacor would be determined by appraisal . following such determination , we would have the option to acquire the 24.3% ( 24.3 % ) interest in comcast spectacor owned by the minority owner group based on the appraised fair market value . in the event we do not exercise this option , we and the minority owner group would then be required to use our best efforts to sell comcast spectacor . this exit process includes the minority owner group 2019s interest in comcast sportsnet ( philadelphia ) . the minority owners in certain of our technology development ventures also have rights to trigger an exit process after a certain period of time based on the fair value of the entities at the time the exit process is triggered . antitrust cases we are defendants in two purported class actions originally filed in december 2003 in the united states district courts for the district of massachusetts and the eastern district of pennsylvania . the potential class in the massachusetts case is our subscriber base in the 201cboston cluster 201d area , and the potential class in the pennsylvania case is our subscriber base in the 201cphiladelphia and chicago clusters , 201d as those terms are defined in the complaints . in each case , the plaintiffs allege that certain subscriber exchange transactions with other cable providers resulted in unlawful horizontal market restraints in those areas and seek damages under antitrust statutes , including treble damages . our motion to dismiss the pennsylvania case on the pleadings was denied in december 2006 and classes of philadelphia cluster and chicago cluster subscribers were certified in may 2007 and october 2007 , respectively . our motion to dismiss the massachu- setts case , which was transferred to the eastern district of pennsylvania in december 2006 , was denied in july 2007 . we are proceeding with discovery on plaintiffs 2019 claims concerning the philadelphia cluster . plaintiffs 2019 claims concerning the other two clusters are stayed pending determination of the philadelphia cluster claims . in addition , we are among the defendants in a purported class action filed in the united states district court for the central dis- trict of california ( 201ccentral district 201d ) in september 2007 . the plaintiffs allege that the defendants who produce video program- ming have entered into agreements with the defendants who distribute video programming via cable and satellite ( including us , among others ) , which preclude the distributors from reselling channels to subscribers on an 201cunbundled 201d basis in violation of federal antitrust laws . the plaintiffs seek treble damages for the loss of their ability to pick and choose the specific 201cbundled 201d channels to which they wish to subscribe , and injunctive relief requiring each distributor defendant to resell certain channels to its subscribers on an 201cunbundled 201d basis . the potential class is com- prised of all persons residing in the united states who have subscribed to an expanded basic level of video service provided by one of the distributor defendants . we and the other defendants filed motions to dismiss an amended complaint in april 2008 . in june 2008 , the central district denied the motions to dismiss . in july 2008 , we and the other defendants filed motions to certify certain issues decided in the central district 2019s june 2008 order for interlocutory appeal to the ninth circuit court of appeals . on august 8 , 2008 , the central district denied the certification motions . in january 2009 , the central district approved a stip- ulation between the parties dismissing the action as to one of the two plaintiffs identified in the amended complaint as a comcast subscriber . discovery relevant to plaintiffs 2019 anticipated motion for class certification is currently proceeding , with plaintiffs scheduled to file their class certification motion in april 2009 . securities and related litigation we and several of our current and former officers were named as defendants in a purported class action lawsuit filed in the united states district court for the eastern district of pennsylvania ( 201ceastern district 201d ) in january 2008 . we filed a motion to dismiss the case in february 2008 . the plaintiff did not respond , but instead sought leave to amend the complaint , which the court granted . the plaintiff filed an amended complaint in may 2008 naming only us and two current officers as defendants . the alleged class was comprised of purchasers of our publicly issued securities between february 1 , 2007 and december 4 , 2007 . the plaintiff asserted that during the alleged class period , the defend- ants violated federal securities laws through alleged material misstatements and omissions relating to forecast results for 2007 . the plaintiff sought unspecified damages . in june 2008 , we filed a motion to dismiss the amended complaint . in an order dated august 25 , 2008 , the court granted our motion to dismiss and denied the plaintiff permission to amend the complaint again . the plaintiff has not timely appealed the court 2019s decision , so the dis- missal of this case is final . we and several of our current officers have been named as defend- ants in a separate purported class action lawsuit filed in the eastern district in february 2008 . the alleged class comprises participants in our retirement-investment ( 401 ( k ) ) plan that invested in the plan 2019s company stock account . the plaintiff asserts that the defendants breached their fiduciary duties in managing the plan . the plaintiff seeks unspecified damages . the plaintiff filed an amended complaint in june 2008 , and in july 2008 we filed a motion to dismiss the amended complaint . on october 29 , 2008 , 67 comcast 2008 annual report on form 10-k .
| string | null | rental_expense = 436
programming_license_expense = 548
ratio = rental_expense / programming_license_expense
answer = ratio |
what is the percentual increase observed in the balance between 2004 and 2005?\\n | 22.7800006866 | CodeFinQA | fiscal 2004 acquisitions in february 2004 , the company completed the acquisition of all the outstanding shares of accelerant networks , inc . ( accelerant ) for total consideration of $ 23.8 million , and the acquisition of the technology assets of analog design automation , inc . ( ada ) for total consideration of $ 12.2 million . the company acquired accelerant in order to enhance the company 2019s standards-based ip solutions . the company acquired the assets of ada in order to enhance the company 2019s analog and mixed signal offerings . in october 2004 , the company completed the acquisition of cascade semiconductor solutions , inc . ( cascade ) for total upfront consideration of $ 15.8 million and contingent consideration of up to $ 10.0 million to be paid upon the achievement of certain performance milestones over the three years following the acquisition . contingent consideration totaling $ 2.1 million was paid during the fourth quarter of fiscal 2005 and has been allocated to goodwill . the company acquired cascade , an ip provider , in order to augment synopsys 2019 offerings of pci express products . included in the total consideration for the accelerant and cascade acquisitions are aggregate acquisition costs of $ 4.3 million , consisting primarily of legal and accounting fees and other directly related charges . as of october 31 , 2006 the company has paid substantially all the costs related to these acquisitions . in fiscal 2004 , the company completed one additional acquisition and two additional asset acquisition transactions for aggregate consideration of $ 12.3 million in upfront payments and acquisition-related costs . in process research and development expenses associated with these acquisitions totaled $ 1.6 million for fiscal 2004 . these acquisitions are not considered material , individually or in the aggregate , to the company 2019s consolidated balance sheet and results of operations . as of october 31 , 2006 , the company has paid substantially all the costs related to these acquisitions . the company allocated the total aggregate purchase consideration for these transactions to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 24.5 million . aggregate identifiable intangible assets as a result of these acquisitions , consisting primarily of purchased technology and other intangibles , are $ 44.8 million , and are being amortized over three to five years . the company includes the amortization of purchased technology in cost of revenue in its statements of operations . note 4 . goodwill and intangible assets goodwill consists of the following: .
| | (in thousands) |
| :--- | :--- |
| Balance at October 31, 2004 | $593,706 |
| Additions(1) | 169,142 |
| Other adjustments(2) | (33,869) |
| Balance at October 31, 2005 | $728,979 |
| Additions(3) | 27,745 |
| Other adjustments(4) | (21,081) |
| Balance at October 31, 2006 | $735,643 |
( 1 ) during fiscal year 2005 , additions represent goodwill acquired in acquisitions of ise and nassda of $ 72.9 million and $ 92.4 million , respectively , and contingent consideration earned and paid of $ 1.7 million and $ 2.1 million related to an immaterial acquisition and the acquisition of cascade , respectively . ( 2 ) during fiscal year 2005 , synopsys reduced goodwill primarily related to tax reserves for avant! no longer probable due to expiration of the federal statute of limitations for claims. .
| string | null | balance_2004 = 593706
additions_2005 = 169142
additions_2006 = 27745
other_adjustments_2005 = 33869
other_adjustments_2006 = 21081
balance_2005 = 728979
additions_2007 = 27745
other_adjustments_2007 = 21081
balance_2006 = 735643
percent_increase = (balance_2005 - balance_2004) / balance_2004
answer = percent_increase * 100 |
what percentage of the total number of shares purchased were purchased in december? | 34 | CodeFinQA | five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2011 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2016 , we repurchased 35686529 shares of our common stock at an average price of $ 88.36 . the following table presents common stock repurchases during each month for the fourth quarter of 2016 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
| Period | Total Number of Shares Purchased [a] | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly AnnouncedPlan or Program [b] | Maximum Number of Shares Remaining Under the Plan or Program [b] |
| :--- | :--- | :--- | :--- | :--- |
| Oct. 1 through Oct. 31 | 3,501,308 | $92.89 | 3,452,500 | 23,769,426 |
| Nov. 1 through Nov. 30 | 2,901,167 | 95.68 | 2,876,067 | 20,893,359 |
| Dec. 1 through Dec. 31 | 3,296,652 | 104.30 | 3,296,100 | 17,597,259 |
| Total | 9,699,127 | $97.60 | 9,624,667 | N/A |
[a] total number of shares purchased during the quarter includes approximately 74460 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions . on november 17 , 2016 , our board of directors approved the early renewal of the share repurchase program , authorizing the repurchase of up to 120 million shares of our common stock by december 31 , 2020 . the new authorization was effective january 1 , 2017 , and replaces the previous authorization , which expired on december 31 , 2016. .
| string | null | shares_purchased = 3296652
shares_total = 9699127
percent_december = shares_purchased / shares_total
answer = percent_december * 100 |
what was the percentage change in rental income from 2005 to 2006? | 41 | CodeFinQA | the environmental liability includes costs for remediation and restoration of sites , as well as for ongoing monitoring costs , but excludes any anticipated recoveries from third parties . cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations . we believe that we have adequately accrued for our ultimate share of costs at sites subject to joint and several liability . however , the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . estimates may also vary due to changes in federal , state , and local laws governing environmental remediation . we do not expect current obligations to have a material adverse effect on our results of operations or financial condition . guarantees 2013 at december 31 , 2006 , we were contingently liable for $ 464 million in guarantees . we have recorded a liability of $ 6 million for the fair value of these obligations as of december 31 , 2006 . we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . the final guarantee expires in 2022 . we are not aware of any existing event of default that would require us to satisfy these guarantees . we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . indemnities 2013 our maximum potential exposure under indemnification arrangements , including certain tax indemnifications , can range from a specified dollar amount to an unlimited amount , depending on the nature of the transactions and the agreements . due to uncertainty as to whether claims will be made or how they will be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements . we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions . income taxes 2013 as previously reported in our form 10-q for the quarter ended september 30 , 2005 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2002 . among their proposed adjustments is the disallowance of tax deductions claimed in connection with certain donations of property . in the fourth quarter of 2005 , the irs national office issued a technical advice memorandum which left unresolved whether the deductions were proper , pending further factual development . we continue to dispute the donation issue , as well as many of the other proposed adjustments , and will contest the associated tax deficiencies through the irs appeals process , and , if necessary , litigation . in addition , the irs is examining the corporation 2019s federal income tax returns for tax years 2003 and 2004 and should complete their exam in 2007 . we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements . 11 . other income other income included the following for the years ended december 31 : millions of dollars 2006 2005 2004 .
| <i>Millions of Dollars</i> | 2006 | 2005 | 2004 |
| :--- | :--- | :--- | :--- |
| Rental income | $83 | $59 | $55 |
| Net gain on non-operating asset dispositions | 72 | 135 | 69 |
| Interest income | 29 | 17 | 10 |
| Sale of receivables fees | (33) | (23) | (11) |
| Non-operating environmental costs and other | (33) | (43) | (35) |
| Total | $118 | $145 | $88 |
.
| string | null | rental_income_2005 = 83
rental_income_2004 = 59
change = rental_income_2005 - rental_income_2004
percent_change = change / rental_income_2004
answer = percent_change * 100 |
what percent of total operating expenses was fuel in 2007? | 24 | CodeFinQA | volume declines in cement , some agricultural products , and newsprint shipments partially offset the increases . operating expenses millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .
| <i>Millions of Dollars</i> | <i>2008</i> | <i>2007</i> | <i>2006</i> | <i>% Change 2008 v 2007</i> | % Change 2007 v 2006 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Compensation and benefits | $4,457 | $4,526 | $4,535 | (2)% | -% |
| Fuel | 3,983 | 3,104 | 2,968 | 28 | 5 |
| Purchased services and materials | 1,902 | 1,856 | 1,756 | 2 | 6 |
| Depreciation | 1,387 | 1,321 | 1,237 | 5 | 7 |
| Equipment and other rents | 1,326 | 1,368 | 1,396 | (3) | (2) |
| Other | 840 | 733 | 802 | 15 | (9) |
| Total | $13,895 | $12,908 | $12,694 | 8 % | 2% |
operating expenses increased $ 987 million in 2008 . our fuel price per gallon rose 39% ( 39 % ) during the year , increasing operating expenses by $ 1.1 billion compared to 2007 . wage , benefit , and materials inflation , higher depreciation , and costs associated with the january cascade mudslide and hurricanes gustav and ike also increased expenses during the year . cost savings from productivity improvements , better resource utilization , and lower volume helped offset these increases . operating expenses increased $ 214 million in 2007 versus 2006 . higher fuel prices , which rose 9% ( 9 % ) during the period , increased operating expenses by $ 242 million . wage , benefit and materials inflation and higher depreciation expense also increased expenses during the year . productivity improvements , better resource utilization , and a lower fuel consumption rate helped offset these increases . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . productivity initiatives in all areas , combined with lower volume , led to a 4% ( 4 % ) decline in our workforce for 2008 , saving $ 227 million compared to 2007 . conversely , general wage and benefit inflation and higher pension and postretirement benefits increased expenses in 2008 , partially offsetting these reductions . operational improvements and lower volume levels in 2007 led to a 1% ( 1 % ) decline in our workforce , saving $ 79 million in 2007 compared to 2006 . a smaller workforce and less need for new train personnel reduced training costs during the year , which contributed to the improvement . general wage and benefit inflation mostly offset the reductions , reflecting higher salaries and wages and the impact of higher healthcare and other benefit costs . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2008 compared to $ 2.27 per gallon in 2007 , increased expenses by $ 1.1 billion . a 4% ( 4 % ) improvement in our fuel consumption rate resulted in $ 136 million of cost savings due to the use of newer , more fuel 2008 operating expenses .
| string | null | fuel_2007 = 3104
fuel_total = 12908
percent_2007 = fuel_2007 / fuel_total
answer = percent_2007 * 100 |
what portion of total consideration transferred for acquisition of ecp and ais is contingent consideration? | 27.6000003815 | CodeFinQA | abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 . acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) . ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders . ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp . the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp . the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature . purchase price allocation the acquisition of ecp and ais was accounted for as a business combination . the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values . the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) .
| | Total Acquisition Date Fair Value (in thousands) |
| :--- | :--- |
| Cash consideration | $15,750 |
| Contingent consideration | 6,000 |
| Total consideration transferred | $21,750 |
.
| string | null | contingent_consideration = 6000
total_consideration = 21750
percent_contingent = contingent_consideration / total_consideration
answer = percent_contingent * 100 |
what is the range of market performance for the two indexes in 2014? | 53 | CodeFinQA | stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard & poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index . the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december 31 , 2009 and that all dividends were reinvested . market performance .
| Company / Index | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Teleflex Incorporated | 100 | 102 | 119 | 142 | 190 | 235 |
| S&P 500 Index | 100 | 115 | 117 | 136 | 180 | 205 |
| S&P 500 Healthcare Equipment & Supply Index | 100 | 97 | 97 | 113 | 144 | 182 |
s&p 500 healthcare equipment & supply index 100 97 97 113 144 182 .
| string | null | teleflex_2014 = 235
s_and_p_500_2014 = 182
difference = teleflex_2014 - s_and_p_500_2014
answer = difference |
what is the value of operating expenses and other costs concerning the activities , in 2007? | 4871 | CodeFinQA | distribution xpedx , our north american merchant distribution business , distributes products and services to a number of customer markets including : commercial printers with printing papers and graphic pre-press , printing presses and post-press equipment ; building services and away-from-home markets with facility supplies ; manufacturers with packaging supplies and equipment ; and to a growing number of customers , we exclusively provide distribution capabilities including warehousing and delivery services . xpedx is the leading wholesale distribution marketer in these customer and product segments in north america , operating 122 warehouse locations and 130 retail stores in the united states , mexico and cana- forest products international paper owns and manages approx- imately 200000 acres of forestlands and develop- ment properties in the united states , mostly in the south . our remaining forestlands are managed as a portfolio to optimize the economic value to our shareholders . most of our portfolio represents prop- erties that are likely to be sold to investors and other buyers for various purposes . specialty businesses and other chemicals : this business was sold in the first quarter of 2007 . ilim holding s.a . in october 2007 , international paper and ilim holding s.a . ( ilim ) completed a 50:50 joint venture to operate a pulp and paper business located in russia . ilim 2019s facilities include three paper mills located in bratsk , ust-ilimsk , and koryazhma , russia , with combined total pulp and paper capacity of over 2.5 million tons . ilim has exclusive harvesting rights on timberland and forest areas exceeding 12.8 million acres ( 5.2 million hectares ) . products and brand designations appearing in italics are trademarks of international paper or a related company . industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging results for 2009 and 2008 include the cbpr business acquired in the 2008 third quarter . net sales for 2009 increased 16% ( 16 % ) to $ 8.9 billion compared with $ 7.7 billion in 2008 , and 69% ( 69 % ) compared with $ 5.2 billion in 2007 . operating profits were 95% ( 95 % ) higher in 2009 than in 2008 and more than double 2007 levels . benefits from higher total year-over-year shipments , including the impact of the cbpr business , ( $ 11 million ) , favorable operating costs ( $ 294 million ) , and lower raw material and freight costs ( $ 295 million ) were parti- ally offset by the effects of lower price realizations ( $ 243 million ) , higher corporate overhead allocations ( $ 85 million ) , incremental integration costs asso- ciated with the acquisition of the cbpr business ( $ 3 million ) and higher other costs ( $ 7 million ) . additionally , operating profits in 2009 included a gain of $ 849 million relating to alternative fuel mix- ture credits , u.s . plant closure costs of $ 653 million , and costs associated with the shutdown of the eti- enne mill in france of $ 87 million . industrial packaging in millions 2009 2008 2007 .
| <i>In millions</i> | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Sales | $8,890 | $7,690 | $5,245 |
| Operating Profit | 761 | 390 | 374 |
north american industrial packaging results include the net sales and operating profits of the cbpr business from the august 4 , 2008 acquis- ition date . net sales were $ 7.6 billion in 2009 com- pared with $ 6.2 billion in 2008 and $ 3.9 billion in 2007 . operating profits in 2009 were $ 791 million ( $ 682 million excluding alternative fuel mixture cred- its , mill closure costs and costs associated with the cbpr integration ) compared with $ 322 million ( $ 414 million excluding charges related to the write-up of cbpr inventory to fair value , cbpr integration costs and other facility closure costs ) in 2008 and $ 305 million in 2007 . excluding the effect of the cbpr acquisition , con- tainerboard and box shipments were lower in 2009 compared with 2008 reflecting weaker customer demand . average sales price realizations were sig- nificantly lower for both containerboard and boxes due to weaker world-wide economic conditions . however , average sales margins for boxes .
| string | null | operating_expenses = 5245
other_costs = 374
answer = operating_expenses - other_costs |
what is the percentage decrease in carrying value of ipr&d assets due to foreign currency impact? | 20.5 | CodeFinQA | abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . goodwill and in-process research and development ( continued ) the company has no accumulated impairment losses on goodwill . the company performed a step 0 qualitative assessment during the annual impairment review for fiscal 2015 as of october 31 , 2014 and concluded that it is not more likely than not that the fair value of the company 2019s single reporting unit is less than its carrying amount . therefore , the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2015 . as described in note 3 . 201cacquisitions , 201d in july 2014 , the company acquired ecp and ais and recorded $ 18.5 million of ipr&d . the estimated fair value of the ipr&d was determined using a probability-weighted income approach , which discounts expected future cash flows to present value . the projected cash flows from the expandable catheter pump technology were based on certain key assumptions , including estimates of future revenue and expenses , taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development . the company used a discount rate of 22.5% ( 22.5 % ) and cash flows that have been probability adjusted to reflect the risks of product commercialization , which the company believes are appropriate and representative of market participant assumptions . the carrying value of the company 2019s ipr&d assets and the change in the balance for the year ended march 31 , 2015 is as follows : march 31 , ( in $ 000 2019s ) .
| | March 31, 2015 (in $000’s) |
| :--- | :--- |
| Beginning balance | $— |
| Additions | 18,500 |
| Foreign currency translation impact | (3,789) |
| Ending balance | $14,711 |
note 9 . stockholders 2019 equity class b preferred stock the company has authorized 1000000 shares of class b preferred stock , $ .01 par value , of which the board of directors can set the designation , rights and privileges . no shares of class b preferred stock have been issued or are outstanding . stock repurchase program in november 2012 , the company 2019s board of directors authorized a stock repurchase program for up to $ 15.0 million of its common stock . the company financed the stock repurchase program with its available cash . during the year ended march 31 , 2013 , the company repurchased 1123587 shares for $ 15.0 million in open market purchases at an average cost of $ 13.39 per share , including commission expense . the company completed the purchase of common stock under this stock repurchase program in january 2013 . note 10 . stock award plans and stock-based compensation stock award plans the company grants stock options and restricted stock awards to employees and others . all outstanding stock options of the company as of march 31 , 2015 were granted with an exercise price equal to the fair market value on the date of grant . outstanding stock options , if not exercised , expire 10 years from the date of grant . the company 2019s 2008 stock incentive plan ( the 201cplan 201d ) authorizes the grant of a variety of equity awards to the company 2019s officers , directors , employees , consultants and advisers , including awards of unrestricted and restricted stock , restricted stock units , incentive and nonqualified stock options to purchase shares of common stock , performance share awards and stock appreciation rights . the plan provides that options may only be granted at the current market value on the date of grant . each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the plan , while each share of stock issued .
| string | null | ipr_and_d_assets = 18500
carrying_value = 0
change = -3789
percentage_change = change / ipr_and_d_assets
answer = percentage_change * 100 |
what was the change in millions of total other earnings from 2008 to 2009? | 13 | CodeFinQA | notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively . 19 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 . the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature . this would have included the bargained employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively . 20 . other earnings ( millions ) 2010 2009 2008 .
| <i>(Millions)</i> | <i>2010</i> | 2009 | <i>2008</i> |
| :--- | :--- | :--- | :--- |
| Interest income | $34 | $28 | $26 |
| Royalty income | 58 | 45 | 52 |
| Share of net earnings (loss) of equity affiliates (See Note 6) | 45 | (5) | 3 |
| Gain on sale of assets | 8 | 36 | 23 |
| Other | 69 | 74 | 61 |
| <i></i> <i>Total</i> | $214 | $178 | $165 |
total $ 214 $ 178 $ 165 21 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . omnibus incentive plan ( 201cppg omnibus plan 201d ) . shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 . total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan . under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value . the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period . ppg estimates the fair value of stock options using the black-scholes option pricing model . the risk-free interest rate is determined by using the u.s . treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option . the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option . this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options . the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options . 66 2010 ppg annual report and form 10-k .
| string | null | other_earnings_change = 178 - 165 |
if the same amount was spent monthly for 24 months purchasing $ 2.5 billion of common stock , what was the monthly average spent be , in billions? | 0.1040000021 | CodeFinQA | table of contents valero energy corporation notes to consolidated financial statements ( continued ) 11 . equity share activity activity in the number of shares of common stock and treasury stock was as follows ( in millions ) : common treasury .
| | CommonStock | TreasuryStock |
| :--- | :--- | :--- |
| Balance as of December 31, 2015 | 673 | (200) |
| Transactions in connection withstock-based compensation plans | — | 1 |
| Stock purchases under purchase program | — | (23) |
| Balance as of December 31, 2016 | 673 | (222) |
| Transactions in connection withstock-based compensation plans | — | 1 |
| Stock purchases under purchase programs | — | (19) |
| Balance as of December 31, 2017 | 673 | (240) |
| Stock purchases under purchase programs | — | (16) |
| Balance as of December 31, 2018 | 673 | (256) |
preferred stock we have 20 million shares of preferred stock authorized with a par value of $ 0.01 per share . no shares of preferred stock were outstanding as of december 31 , 2018 or 2017 . treasury stock we purchase shares of our common stock as authorized under our common stock purchase program ( described below ) and to meet our obligations under employee stock-based compensation plans . on july 13 , 2015 , our board of directors authorized us to purchase $ 2.5 billion of our outstanding common stock with no expiration date , and we completed that program during 2017 . on september 21 , 2016 , our board of directors authorized our purchase of up to an additional $ 2.5 billion with no expiration date , and we completed that program during 2018 . on january 23 , 2018 , our board of directors authorized our purchase of up to an additional $ 2.5 billion ( the 2018 program ) with no expiration date . during the years ended december 31 , 2018 , 2017 , and 2016 , we purchased $ 1.5 billion , $ 1.3 billion , and $ 1.3 billion , respectively , of our common stock under our programs . as of december 31 , 2018 , we have approval under the 2018 program to purchase approximately $ 2.2 billion of our common stock . common stock dividends on january 24 , 2019 , our board of directors declared a quarterly cash dividend of $ 0.90 per common share payable on march 5 , 2019 to holders of record at the close of business on february 13 , 2019 . valero energy partners lp units on september 16 , 2016 , vlp entered into an equity distribution agreement pursuant to which vlp offered and sold from time to time their common units having an aggregate offering price of up to $ 350 million based on amounts , at prices , and on terms determined by market conditions and other factors at the time of .
| string | null | total_amount_spent = 2.5
number_of_months = 24
answer = total_amount_spent / number_of_months |
based on the review of the activity between the company and the entities what was the ratio of the revenue to expense in 2013 | 57 | CodeFinQA | is downgraded below a specified threshold , the new bank is required to provide credit support for its obligation . fees of $ 5 million were incurred in connection with this replacement . on november 29 , 2011 , standard and poor's reduced its credit rating of senior unsecured long-term debt of lloyds tsb bank plc , which issued letters of credit that support $ 1.2 billion of the timber notes , below the specified threshold . the letters of credit were successfully replaced by another qualifying institution . fees of $ 4 million were incurred in connection with this replacement . on january 23 , 2012 , standard and poor's reduced its credit rating of senior unsecured long-term debt of soci e9t e9 g e9n e9rale sa , which issued letters of credit that support $ 666 million of the timber notes , below the specified threshold . the letters of credit were successfully replaced by another qualifying institution . fees of $ 5 million were incurred in connection with this replacement . on june 21 , 2012 , moody's investor services reduced its credit rating of senior unsecured long-term debt of bnp paribas , which issued letters of credit that support $ 707 million of timber notes , below the specified threshold . on december 19 , 2012 , the company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit , terminable upon 30 days notice . activity between the company and the entities was as follows: .
| In millions | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Revenue (loss) (a) | $45 | $49 | $49 |
| Expense (a) | 79 | 90 | 79 |
| Cash receipts (b) | 33 | 36 | 28 |
| Cash payments (c) | 84 | 87 | 79 |
( a ) the net expense related to the company 2019s interest in the entities is included in interest expense , net in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above . ( b ) the cash receipts are equity distributions from the entities to international paper . ( c ) the semi-annual payments are related to interest on the associated debt obligations discussed above . based on an analysis of the entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest , international paper determined that it is not the primary beneficiary of the entities , and therefore , should not consolidate its investments in these entities . it was also determined that the source of variability in the structure is the value of the timber notes , the assets most significantly impacting the structure 2019s economic performance . the credit quality of the timber notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% ( 100 % ) cash collateralized . international paper analyzed which party has control over the economic performance of each entity , and concluded international paper does not have control over significant decisions surrounding the timber notes and letters of credit and therefore is not the primary beneficiary . the company 2019s maximum exposure to loss equals the value of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure is remote . international paper also held variable interests in two financing entities that were used to monetize long-term notes received from the sale of forestlands in 2001 and 2002 . international paper transferred notes ( the monetized notes , with an original maturity of 10 years from inception ) and cash of approximately $ 1.0 billion to these entities in exchange for preferred interests , and accounted for the transfers as a sale of the notes with no associated gain or loss . in the same period , the entities acquired approximately $ 1.0 billion of international paper debt obligations for cash . international paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended december 31 , 2013 , 2012 or 2011 . the 2001 monetized notes of $ 499 million matured on march 16 , 2011 . following their maturity , international paper purchased the class a preferred interest in the 2001 financing entities from an external third-party for $ 21 million . as a result of the purchase , effective march 16 , 2011 , international paper owned 100% ( 100 % ) of the 2001 financing entities . based on an analysis performed by the company after the purchase , under guidance that considers the potential magnitude of the variability in the structure and which party has a controlling financial interest , international paper determined that it was the primary beneficiary of the 2001 financing entities and thus consolidated the entities effective march 16 , 2011 . effective april 30 , 2011 , international paper liquidated its interest in the 2001 financing entities . activity between the company and the 2001 financing entities during 2011 was immaterial. .
| string | null | revenue = 45
expenses = 79
answer = revenue / expenses * 100 |
what is the percentage change in the balance of total investments gaap from 2011 to 2012? | 7.3000001907 | CodeFinQA | the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges . carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees . finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure . ( dollar amounts in millions ) december 31 , december 31 .
| <i>(Dollar amounts in millions)</i> | December 31, 2012 | December 31, 2011 |
| :--- | :--- | :--- |
| Total investments, GAAP | $1,750 | $1,631 |
| Investments held by consolidated sponsored investmentfunds<sup>(1)</sup> | (524) | (587) |
| Net exposure to consolidated investment funds | 430 | 475 |
| Total investments, as adjusted | 1,656 | 1,519 |
| Federal Reserve Bank stock<sup>(2)</sup> | (89) | (328) |
| Carried interest | (85) | (21) |
| Deferred compensation investments | (62) | (65) |
| Hedged investments | (209) | (43) |
| Total “economic” investment exposure | $1,211 | $1,062 |
total 201ceconomic 201d investment exposure . . . $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds . ( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a . ( 201cbtc 201d ) . total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .
| string | null | total_investments_2012 = 1750
total_investments_2011 = 1631
decrease = total_investments_2012 - total_investments_2011
percent_change = decrease / total_investments_2011
answer = percent_change * 100 |
for years ended dec 31 , 2013 and dec 31 , 2014 , how much did the company repay , in millions , to mtn? | 294.6000061035 | CodeFinQA | kimco realty corporation and subsidiaries notes to consolidated financial statements , continued senior unsecured notes / medium term notes 2013 during september 2009 , the company entered into a fifth supplemental indenture , under the indenture governing its medium term notes ( 201cmtn 201d ) and senior notes , which included the financial covenants for future offerings under the indenture that were removed by the fourth supplemental indenture . in accordance with the terms of the indenture , as amended , pursuant to which the company 2019s senior unsecured notes , except for $ 300.0 million issued during april 2007 under the fourth supplemental indenture , have been issued , the company is subject to maintaining ( a ) certain maximum leverage ratios on both unsecured senior corporate and secured debt , minimum debt service coverage ratios and minimum equity levels , ( b ) certain debt service ratios , ( c ) certain asset to debt ratios and ( d ) restricted from paying dividends in amounts that exceed by more than $ 26.0 million the funds from operations , as defined , generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend ; however , this dividend limitation does not apply to any distributions necessary to maintain the company 2019s qualification as a reit providing the company is in compliance with its total leverage limitations . the company had a mtn program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes , including ( i ) funding specific liquidity requirements in its business , including property acquisitions , development and redevelopment costs and ( ii ) managing the company 2019s debt maturities . interest on the company 2019s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears . proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers , the expansion and improvement of properties in the company 2019s portfolio and the repayment of certain debt obligations of the company . during april 2014 , the company issued $ 500.0 million of 7-year senior unsecured notes at an interest rate of 3.20% ( 3.20 % ) payable semi-annually in arrears which are scheduled to mature in may 2021 . the company used the net proceeds from this issuance of $ 495.4 million , after deducting the underwriting discount and offering expenses , for general corporate purposes including reducing borrowings under the company 2019s revolving credit facility and repayment of maturing debt . in connection with this issuance , the company entered into a seventh supplemental indenture which , among other things , revised , for all securities created on or after the date of the seventh supplemental indenture , the definition of unencumbered total asset value , used to determine compliance with certain covenants within the indenture . during may 2013 , the company issued $ 350.0 million of 10-year senior unsecured notes at an interest rate of 3.125% ( 3.125 % ) payable semi-annually in arrears which are scheduled to mature in june 2023 . net proceeds from the issuance were $ 344.7 million , after related transaction costs of $ 0.5 million . the proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the company 2019s revolving credit facility and the repayment of $ 75.0 million senior unsecured notes which matured in june 2013 . during july 2013 , a wholly-owned subsidiary of the company issued $ 200.0 million canadian denominated ( 201ccad 201d ) series 4 unsecured notes on a private placement basis in canada . the notes bear interest at 3.855% ( 3.855 % ) and are scheduled to mature on august 4 , 2020 . proceeds from the notes were used to repay the company 2019s cad $ 200.0 million 5.180% ( 5.180 % ) unsecured notes , which matured on august 16 , 2013 . during the years ended december 31 , 2014 and 2013 , the company repaid the following notes ( dollars in millions ) : type date issued amount repaid interest rate maturity date date paid .
| Type | Date Issued | Amount Repaid | Interest Rate | Maturity Date | Date Paid |
| :--- | :--- | :--- | :--- | :--- | :--- |
| MTN | Jun-05 | $194.6 | 4.82% | Jun-14 | Jun-14 |
| Senior Note | Oct-06 | $100.0 | 5.95% | Jun-14 | Jun-14 |
| MTN | Oct-03 | $100.0 | 5.19% | Oct-13 | Oct-13 |
| Senior Note | Oct-06 | $75.0 | 4.70% | Jun-13 | Jun-13 |
| Senior Note | Oct-06 | $100.0 | 6.125% | Jan-13 | Jan-13 |
.
| string | null | mtn_repaid = 194.6
mtn_interest = 4.82
mtn_maturity = 'Jun-14'
mtn_paid = 'Jun-14'
senior_repaid = 100.0
senior_interest = 5.95
senior_maturity = 'Jun-14'
senior_paid = 'Jun-14'
answer = mtn_repaid + senior_repaid |
in 2006 what was the ratio of the class a shares and promissory notes international paper contributed in the acquisition of borrower entities interest | 0.5 | CodeFinQA | working on the site . the company resolved five of the eight pending lawsuits arising from this matter and believes that it has adequate insurance to resolve remaining matters . the company believes that the settlement of these lawsuits will not have a material adverse effect on its consolidated financial statements . during the 2009 third quarter , in connection with an environmental site remediation action under cer- cla , international paper submitted to the epa a feasibility study for this site . the epa has indicated that it intends to select a proposed remedial action alternative from those identified in the study and present this proposal for public comment . since it is not currently possible to determine the final remedial action that will be required , the company has accrued , as of december 31 , 2009 , an estimate of the minimum costs that could be required for this site . when the remediation plan is finalized by the epa , it is possible that the remediation costs could be sig- nificantly higher than amounts currently recorded . exterior siding and roofing litigation international paper has established reserves relating to the settlement , during 1998 and 1999 , of three nationwide class action lawsuits against the com- pany and masonite corp. , a former wholly-owned subsidiary of the company . those settlements relate to ( 1 ) exterior hardboard siding installed during the 1980 2019s and 1990 2019s ( the hardboard claims ) ; ( 2 ) omniwood siding installed during the 1990 2019s ( the omniwood claims ) ; and ( 3 ) woodruf roofing installed during the 1980 2019s and 1990 2019s ( the woodruf claims ) . all hardboard claims were required to be made by january 15 , 2008 , while all omniwood and woodruf claims were required to be made by jan- uary 6 , 2009 . the following table presents an analysis of total reserve activity related to the hardboard , omniwood and woodruf settlements for the years ended december 31 , 2009 , 2008 and 2007 : in millions total .
| <i>In millions</i> | Total |
| :--- | :--- |
| Balance, December 31, 2006 | $124 |
| Payments | (78) |
| Balance, December 31, 2007 | 46 |
| Additional provision | 82 |
| Payments | (87) |
| Balance, December 31, 2008 | 41 |
| Payments | (38) |
| Balance, December 31, 2009 | $3 |
the company believes that the aggregate reserve balance remaining at december 31 , 2009 is adequate to cover the final settlement of remaining claims . summary the company is also involved in various other inquiries , administrative proceedings and litigation relating to contracts , sales of property , intellectual property , environmental and safety matters , tax , personal injury , labor and employment and other matters , some of which allege substantial monetary damages . while any proceeding or litigation has the element of uncertainty , the company believes that the outcome of any of the lawsuits or claims that are pending or threatened , or all of them combined , will not have a material adverse effect on its consolidated financial statements . note 12 variable interest entities and preferred securities of subsidiaries variable interest entities in connection with the 2006 sale of approximately 5.6 million acres of forestlands , international paper received installment notes ( the timber notes ) total- ing approximately $ 4.8 billion . the timber notes , which do not require principal payments prior to their august 2016 maturity , are supported by irrev- ocable letters of credit obtained by the buyers of the forestlands . during the 2006 fourth quarter , interna- tional paper contributed the timber notes to newly formed entities ( the borrower entities ) in exchange for class a and class b interests in these entities . subsequently , international paper contributed its $ 200 million class a interests in the borrower enti- ties , along with approximately $ 400 million of international paper promissory notes , to other newly formed entities ( the investor entities ) in exchange for class a and class b interests in these entities , and simultaneously sold its class a interest in the investor entities to a third party investor . as a result , at december 31 , 2006 , international paper held class b interests in the borrower entities and class b interests in the investor entities valued at approx- imately $ 5.0 billion . international paper has no obligation to make any further capital contributions to these entities and did not provide financial or other support during 2009 , 2008 or 2007 that was not previously contractually required . based on an analysis of these entities under guidance that considers the potential magnitude of the variability in the structure and which party bears a majority of the gains or losses , international paper determined that it is not the primary beneficiary of these entities .
| string | null | class_a_shares = 200
class_b_shares = 400
ratio = class_a_shares / class_b_shares
answer = ratio |
how many square feet are owned by the company? | 377000 | CodeFinQA | risks related to our common stock our stock price is extremely volatile . the trading price of our common stock has been extremely volatile and may continue to be volatile in the future . many factors could have an impact on our stock price , including fluctuations in our or our competitors 2019 operating results , clinical trial results or adverse events associated with our products , product development by us or our competitors , changes in laws , including healthcare , tax or intellectual property laws , intellectual property developments , changes in reimbursement or drug pricing , the existence or outcome of litigation or government proceedings , including the sec/doj investigation , failure to resolve , delays in resolving or other developments with respect to the issues raised in the warning letter , acquisitions or other strategic transactions , and the perceptions of our investors that we are not performing or meeting expectations . the trading price of the common stock of many biopharmaceutical companies , including ours , has experienced extreme price and volume fluctuations , which have at times been unrelated to the operating performance of the companies whose stocks were affected . anti-takeover provisions in our charter and bylaws and under delaware law could make a third-party acquisition of us difficult and may frustrate any attempt to remove or replace our current management . our corporate charter and by-law provisions may discourage certain types of transactions involving an actual or potential change of control that might be beneficial to us or our stockholders . our bylaws provide that special meetings of our stockholders may be called only by the chairman of the board , the president , the secretary , or a majority of the board of directors , or upon the written request of stockholders who together own of record 25% ( 25 % ) of the outstanding stock of all classes entitled to vote at such meeting . our bylaws also specify that the authorized number of directors may be changed only by resolution of the board of directors . our charter does not include a provision for cumulative voting for directors , which may have enabled a minority stockholder holding a sufficient percentage of a class of shares to elect one or more directors . under our charter , our board of directors has the authority , without further action by stockholders , to designate up to 5 shares of preferred stock in one or more series . the rights of the holders of common stock will be subject to , and may be adversely affected by , the rights of the holders of any class or series of preferred stock that may be issued in the future . because we are a delaware corporation , the anti-takeover provisions of delaware law could make it more difficult for a third party to acquire control of us , even if the change in control would be beneficial to stockholders . we are subject to the provisions of section 203 of the delaware general laws , which prohibits a person who owns in excess of 15% ( 15 % ) of our outstanding voting stock from merging or combining with us for a period of three years after the date of the transaction in which the person acquired in excess of 15% ( 15 % ) of our outstanding voting stock , unless the merger or combination is approved in a prescribed manner . item 1b . unresolved staff comments . item 2 . properties . we conduct our primary operations at the owned and leased facilities described below . location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 2030 dublin , ireland global supply chain , distribution , and administration offices 160000 owned .
| Location | Operations Conducted | ApproximateSquare Feet | LeaseExpirationDates |
| :--- | :--- | :--- | :--- |
| New Haven, Connecticut | Corporate headquarters and executive, sales, research and development offices | 514,000 | 2030 |
| Dublin, Ireland | Global supply chain, distribution, and administration offices | 160,000 | Owned |
| Athlone, Ireland | Commercial, research and development manufacturing | 80,000 | Owned |
| Lexington, Massachusetts | Research and development offices | 81,000 | 2019 |
| Bogart, Georgia | Commercial, research and development manufacturing | 70,000 | Owned |
| Smithfield, Rhode Island | Commercial, research and development manufacturing | 67,000 | Owned |
| Zurich, Switzerland | Regional executive and sales offices | 69,000 | 2025 |
we believe that our administrative office space is adequate to meet our needs for the foreseeable future . we also believe that our research and development facilities and our manufacturing facilities , together with third party manufacturing facilities , will be adequate for our on-going activities . in addition to the locations above , we also lease space in other u.s . locations and in foreign countries to support our operations as a global organization. .
| string | null | square_feet = 160000 + 80000 + 70000 + 67000
answer = square_feet |
what is the roi of an investment in nasdaq composite index from march 2006 to march 2009? | 34.7000007629 | CodeFinQA | performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s . companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period . the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
| | 3/31/2006 | 3/31/2007 | 3/31/2008 | 3/31/2009 | 3/31/2010 | 3/31/2011 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| ABIOMED, Inc | 100 | 105.89 | 101.86 | 37.98 | 80.00 | 112.64 |
| Nasdaq Composite Index | 100 | 103.50 | 97.41 | 65.33 | 102.49 | 118.86 |
| Nasdaq Medical Equipment SIC Code 3840-3849 | 100 | 88.78 | 84.26 | 46.12 | 83.47 | 91.35 |
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing . transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
| string | null | index_return = 65.33
investment_return = 100
answer = (index_return - investment_return) / 100 * 100 |
as part of the restructuring additional information what was the percent of the 2 research and development contract costs to the total cost in 2006 | 63.2000007629 | CodeFinQA | vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) i . altus investment ( continued ) of the offering , held 450000 shares of redeemable preferred stock , which are not convertible into common stock and which are redeemable for $ 10.00 per share plus annual dividends of $ 0.50 per share , which have been accruing since the redeemable preferred stock was issued in 1999 , at vertex 2019s option on or after december 31 , 2010 , or by altus at any time . the company was restricted from trading altus securities for a period of six months following the initial public offering . when the altus securities trading restrictions expired , the company sold the 817749 shares of altus common stock for approximately $ 11.7 million , resulting in a realized gain of approximately $ 7.7 million in august 2006 . additionally when the restrictions expired , the company began accounting for the altus warrants as derivative instruments under the financial accounting standards board statement no . fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ) . in accordance with fas 133 , in the third quarter of 2006 , the company recorded the altus warrants on its consolidated balance sheet at a fair market value of $ 19.1 million and recorded an unrealized gain on the fair market value of the altus warrants of $ 4.3 million . in the fourth quarter of 2006 the company sold the altus warrants for approximately $ 18.3 million , resulting in a realized loss of $ 0.7 million . as a result of the company 2019s sales of altus common stock and altus warrrants in 2006 , the company recorded a realized gain on a sale of investment of $ 11.2 million . in accordance with the company 2019s policy , as outlined in note b , 201caccounting policies , 201d the company assessed its investment in altus , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment that would require the company to write down the investment basis of the asset , in 2005 and 2006 . the company 2019s cost basis carrying value in its outstanding equity and warrants of altus was $ 18.9 million at december 31 , 2005 . j . accrued expenses and other current liabilities accrued expenses and other current liabilities consist of the following at december 31 ( in thousands ) : k . commitments the company leases its facilities and certain equipment under non-cancelable operating leases . the company 2019s leases have terms through april 2018 . the term of the kendall square lease began january 1 , 2003 and lease payments commenced in may 2003 . the company had an obligation under the kendall square lease , staged through 2006 , to build-out the space into finished laboratory and office space . this lease will expire in 2018 , and the company has the option to extend the term for two consecutive terms of ten years each , ultimately expiring in 2038 . the company occupies and uses for its operations approximately 120000 square feet of the kendall square facility . the company has sublease arrangements in place for the remaining rentable square footage of the kendall square facility , with initial terms that expires in april 2011 and august 2012 . see note e , 201crestructuring 201d for further information. .
| | 2006 | 2005 |
| :--- | :--- | :--- |
| Research and development contract costs | $57,761 | $20,098 |
| Payroll and benefits | 25,115 | 15,832 |
| Professional fees | 3,848 | 4,816 |
| Other | 4,635 | 1,315 |
| Total | $91,359 | $42,061 |
research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061 .
| string | null | research_and_development_contract_costs_2006 = 57761
payroll_and_benefits_2006 = 25115
professional_fees_2006 = 3848
other_2006 = 4635
total_2006 = research_and_development_contract_costs_2006 + payroll_and_benefits_2006 + professional_fees_2006 + other_2006
research_and_development_contract_costs_2005 = 20098
payroll_and_benefits_2005 = 15832
professional_fees_2005 = 4816
other_2005 = 1315
total_2005 = research_and_development_contract_costs_2005 + payroll_and_benefits_2005 + professional_fees_2005 + other_2005
percent_2006 = research_and_development_contract_costs_2006 / total_2006
answer = percent_2006 * 100 |
what percent of total other income was rental income in 2006? | 70 | CodeFinQA | be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements . we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions . income taxes 2013 as discussed in note 4 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2004 , and we are in different stages of the irs appeals process for these years . the irs is examining our tax returns for tax years 2005 and 2006 . in the third quarter of 2007 , we believe that we reached an agreement in principle with the irs to resolve all of the issues , except interest , related to tax years 1995 through 1998 , including the previously reported dispute over certain donations of property . we anticipate signing a closing agreement in 2008 . at december 31 , 2007 , we have recorded a current liability of $ 140 million for tax payments in 2008 related to federal and state income tax examinations . we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements . 11 . other income other income included the following for the years ended december 31 : millions of dollars 2007 2006 2005 .
| <i>Millions of Dollars</i> | 2007 | 2006 | 2005 |
| :--- | :--- | :--- | :--- |
| Rental income | $ 68 | $ 83 | $ 59 |
| Net gain on non-operating asset dispositions | 52 | 72 | 135 |
| Interest income | 50 | 29 | 17 |
| Sale of receivables fees | (35) | (33) | (23) |
| Non-operating environmental costs and other | (19) | (33) | (43) |
| Total | $ 116 | $ 118 | $ 145 |
12 . share repurchase program on january 30 , 2007 , our board of directors authorized the repurchase of up to 20 million shares of union pacific corporation common stock through the end of 2009 . management 2019s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases . we expect to fund our common stock repurchases through cash generated from operations , the sale or lease of various operating and non- operating properties , debt issuances , and cash on hand at december 31 , 2007 . during 2007 , we repurchased approximately 13 million shares under this program at an aggregate purchase price of approximately $ 1.5 billion . these shares were recorded in treasury stock at cost , which includes any applicable commissions and fees. .
| string | null | rent_2006 = 83
rent_total = 118
percent_2006 = rent_2006 / rent_total
answer = percent_2006 * 100 |
what is the growth observed in the industrial packaging segment , during 2017 and 2018? | 27 | CodeFinQA | the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 . operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s . dollar denominated net debt . ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand . sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china . sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard . average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets . average sales price realizations in russian markets increased year over year for all products . input costs were higher in 2018 , primarily for wood , fuel and chemicals . distribution costs were negatively impacted by tariffs and inflation . the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days . based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china . input costs are projected to be relatively flat , while distribution costs are expected to increase . equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 . the company received cash dividends from the investment of $ 25 million in 2018 . liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating cash flow , which is highly sensitive to changes in the pricing and demand for our major products . while changes in key cash operating costs , such as energy , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle . cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program . cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 . cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 . investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending . in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested . the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle . capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 . across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 . the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .
| In millions | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Industrial Packaging | $1,061 | $836 | $832 |
| Global Cellulose Fibers | 183 | 188 | 174 |
| Printing Papers | 303 | 235 | 215 |
| Subtotal | 1,547 | 1,259 | 1,221 |
| Corporate and other | 25 | 21 | 20 |
| Capital Spending | $1,572 | $1,280 | $1,241 |
capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .
| string | null | industrial_packaging_2018 = 1061
industrial_packaging_2017 = 836
percent_change = (industrial_packaging_2018 - industrial_packaging_2017) / industrial_packaging_2017
answer = percent_change * 100 |
how many shares of common stock were issued during 2007? | 5080068 | CodeFinQA | abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 12 . stock award plans and stock based compensation ( continued ) compensation expense recognized related to the company 2019s espp was approximately $ 0.1 million for each of the years ended march 31 , 2009 , 2008 and 2007 respectively . the fair value of shares issued under the employee stock purchase plan was estimated on the commencement date of each offering period using the black-scholes option-pricing model with the following assumptions: .
| | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Risk-free interest rate | 1.01% | 4.61% | 4.84% |
| Expected life (years) | 0.5 | 0.5 | 0.5 |
| Expected volatility | 67.2% | 45.2% | 39.8% |
note 13 . capital stock in august 2008 , the company issued 2419932 shares of its common stock at a price of $ 17.3788 in a public offering , which resulted in net proceeds to the company of approximately $ 42.0 million , after deducting offering expenses . in march 2007 , the company issued 5000000 shares of common stock in a public offering , and in april 2007 , an additional 80068 shares of common stock were issued in connection with the offering upon the partial exercise of the underwriters 2019 over-allotment option . the company has authorized 1000000 shares of class b preferred stock , $ 0.01 par value , of which the board of directors can set the designation , rights and privileges . no shares of class b preferred stock have been issued or are outstanding . note 14 . income taxes deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to tax benefit carryforwards and to differences between the financial statement amounts of assets and liabilities and their respective tax basis . deferred tax assets and liabilities are measured using enacted tax rates . a valuation reserve is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized . the tax benefit associated with the stock option compensation deductions will be credited to equity when realized . at march 31 , 2009 , the company had federal and state net operating loss carryforwards , or nols , of approximately $ 145.1 million and $ 97.1 million , respectively , which begin to expire in fiscal 2010 . additionally , at march 31 , 2009 , the company had federal and state research and development credit carryforwards of approximately $ 8.1 million and $ 4.2 million , respectively , which begin to expire in fiscal 2010 . the company acquired impella , a german-based company , in may 2005 . impella had pre-acquisition net operating losses of approximately $ 18.2 million at the time of acquisition ( which is denominated in euros and is subject to foreign exchange remeasurement at each balance sheet date presented ) , and has since incurred net operating losses in each fiscal year since the acquisition . during fiscal 2008 , the company determined that approximately $ 1.2 million of pre-acquisition operating losses could not be utilized . the utilization of pre-acquisition net operating losses of impella in future periods is subject to certain statutory approvals and business requirements . due to uncertainties surrounding the company 2019s ability to generate future taxable income to realize these assets , a full valuation allowance has been established to offset the company 2019s net deferred tax assets and liabilities . additionally , the future utilization of the company 2019s nol and research and development credit carry forwards to offset future taxable income may be subject to a substantial annual limitation under section 382 of the internal revenue code due to ownership changes that have occurred previously or that could occur in the future . ownership changes , as defined in section 382 of the internal revenue code , can limit the amount of net operating loss carry forwards and research and development credit carry forwards that a company can use each year to offset future taxable income and taxes payable . the company believes that all of its federal and state nol 2019s will be available for carryforward to future tax periods , subject to the statutory maximum carryforward limitation of any annual nol . any future potential limitation to all or a portion of the nol or research and development credit carry forwards , before they can be utilized , would reduce the company 2019s gross deferred tax assets . the company will monitor subsequent ownership changes , which could impose limitations in the future. .
| string | null | shares_issued = 5000000 + 80068
answer = shares_issued |
what was the change in research and development net in millions from 2017 to 2018? | 10 | CodeFinQA | 52 2018 ppg annual report and 10-k 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of income or losses from such equity affiliates is included in the consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in investments on the consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed resulting from the allocation of the purchase price related to business combinations consummated . actual outcomes could differ from those estimates . revenue recognition revenue is recognized as performance obligations with the customer are satisfied , at an amount that is determined to be collectible . for the sale of products , this generally occurs at the point in time when control of the company 2019s products transfers to the customer based on the agreed upon shipping terms . shipping and handling costs amounts billed to customers for shipping and handling are reported in net sales in the consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in cost of sales , exclusive of depreciation and amortization in the consolidated statement of income . selling , general and administrative costs amounts presented in selling , general and administrative in the consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate-wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company-owned and leased warehouses and other distribution facilities . advertising costs advertising costs are expensed as incurred and totaled $ 280 million , $ 313 million and $ 322 million in 2018 , 2017 and 2016 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred. .
| ($ in millions) | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Research and development – total | $464 | $472 | $473 |
| Less depreciation on research facilities | 23 | 21 | 20 |
| Research and development, net | $441 | $451 | $453 |
legal costs legal costs , primarily include costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes , are charged to expense as incurred . income taxes income taxes are accounted for under the asset and liability method . deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases . the effect on deferred notes to the consolidated financial statements .
| string | null | net_rd_change = 441 - 451
answer = net_rd_change |
what was the change in millions in other income from 2014 to 2015? | 75 | CodeFinQA | addition , fuel costs were lower as gross-ton miles decreased 9% ( 9 % ) . the fuel consumption rate ( c-rate ) , computed as gallons of fuel consumed divided by gross ton-miles in thousands , increased 1% ( 1 % ) compared to 2014 . decreases in heavier , more fuel-efficient shipments , decreased gross-ton miles and increased the c-rate . volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense in 2014 compared to 2013 . this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in c-rate , computed as gallons of fuel consumed divided by gross ton-miles . depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material . a higher depreciable asset base , reflecting higher capital spending in recent years , increased depreciation expense in 2015 compared to 2014 . this increase was partially offset by our recent depreciation studies that resulted in lower depreciation rates for some asset classes . depreciation was up 7% ( 7 % ) in 2014 compared to 2013 . a higher depreciable asset base , reflecting higher ongoing capital spending drove the increase . equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses . equipment and other rents expense decreased $ 4 million compared to 2014 primarily from a decrease in manifest and intermodal shipments , partially offset by growth in finished vehicle shipments . higher intermodal volumes and longer cycle times increased short-term freight car rental expense in 2014 compared to 2013 . lower equipment leases essentially offset the higher freight car rental expense , as we exercised purchase options on some of our leased equipment . other 2013 other expenses include state and local taxes , freight , equipment and property damage , utilities , insurance , personal injury , environmental , employee travel , telephone and cellular , computer software , bad debt , and other general expenses . other expenses were flat in 2015 compared to 2014 as higher property taxes were offset by lower costs in other areas . higher property taxes , personal injury expense and utilities costs partially offset by lower environmental expense and costs associated with damaged freight resulted in an increase in other costs in 2014 compared to 2013 . non-operating items % ( % ) change % ( % ) change millions 2015 2014 2013 2015 v 2014 2014 v 2013 .
| Millions | 2015 | 2014 | 2013 | % Change 2015 v 2014 | % Change 2014 v 2013 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Other income | $226 | $151 | $128 | 50% | 18% |
| Interest expense | (622) | (561) | (526) | 11 | 7 |
| Income taxes | (2,884) | (3,163) | (2,660) | (9)% | 19% |
other income 2013 other income increased in 2015 compared to 2014 primarily due to a $ 113 million gain from a real estate sale in the second quarter of 2015 , partially offset by a gain from the sale of a permanent easement in 2014 . other income increased in 2014 versus 2013 due to higher gains from real estate sales and a sale of a permanent easement . these gains were partially offset by higher environmental costs on non-operating property in 2014 and lower lease income due to the $ 17 million settlement of a land lease contract in interest expense 2013 interest expense increased in 2015 compared to 2014 due to an increased weighted- average debt level of $ 13.0 billion in 2015 from $ 10.7 billion in 2014 , partially offset by the impact of a lower effective interest rate of 4.8% ( 4.8 % ) in 2015 compared to 5.3% ( 5.3 % ) in 2014 . interest expense increased in 2014 versus 2013 due to an increased weighted-average debt level of $ 10.7 billion in 2014 from $ 9.6 billion in 2013 , which more than offset the impact of the lower effective interest rate of 5.3% ( 5.3 % ) in 2014 versus 5.7% ( 5.7 % ) in 2013. .
| string | null | other_income_2015 = 226
other_income_2014 = 151
change = other_income_2015 - other_income_2014
percent_change = change / other_income_2014
answer = change |
what portion of total multi-asset is related to target date/risk as of december 31 , 2014? | 48.4000015259 | CodeFinQA | 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 2014 equity aum of $ 2.451 trillion increased by $ 133.4 billion , or 6% ( 6 % ) , from the end of 2013 due to net new business of $ 52.4 billion and net market appreciation and foreign exchange movements of $ 81.0 billion . net inflows were driven by $ 59.6 billion and $ 17.7 billion into ishares and non-etf index accounts , respectively . index inflows were offset by active net outflows of $ 24.9 billion , with outflows of $ 18.0 billion and $ 6.9 billion from fundamental and scientific active equity products , respectively . 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 similar 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 2014 at $ 1.394 trillion , increasing $ 151.5 billion , or 12% ( 12 % ) , from december 31 , 2013 . the increase in aum reflected $ 96.4 billion in net new business and $ 55.1 billion in net market appreciation and foreign exchange movements . in 2014 , net new business was diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield products . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income global opportunities funds , with net inflows of $ 13.3 billion and $ 4.2 billion , respectively ; our total return fund with net inflows of $ 2.1 billion ; and our high yield bond fund with net inflows of $ 2.1 billion . fixed income net inflows were positive across investment styles , with ishares , non- etf index , and active net inflows of $ 40.0 billion , $ 28.7 billion and $ 27.7 billion , respectively . 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 , currencies , bonds and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset class aum for 2014 are presented below . ( in millions ) december 31 , 2013 net inflows ( outflows ) market change fx impact december 31 , 2014 .
| <i>(in millions)</i> | December 31, 2013 | Net Inflows (Outflows) | Market Change | FX Impact | December 31, 2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Asset allocation and balanced | $169,604 | $18,387 | $(827) | $(4,132) | $183,032 |
| Target date/risk | 111,408 | 10,992 | 7,083 | (872) | 128,611 |
| Fiduciary | 60,202 | (474) | 14,788 | (8,322) | 66,194 |
| Multi-asset | $341,214 | $28,905 | $21,044 | $(13,326) | $377,837 |
flows reflected ongoing institutional demand for our solutions-based advice with $ 15.1 billion , or 52% ( 52 % ) , of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 12.8 billion to institutional multi- asset class net new business in 2014 , primarily into target date and target risk product offerings . retail net inflows of $ 13.4 billion were driven by particular demand for our multi- asset income fund , which raised $ 6.3 billion in 2014 . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 18.4 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 . 2022 target date and target risk products grew 10% ( 10 % ) organically in 2014 . institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum . the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments . flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings . lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing . 2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of planmanagement . these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .
| string | null | shares_repurchased = 183032
shares_total = 377837
percent_repurchased = shares_repurchased / shares_total
answer = percent_repurchased * 100 |
based on the review of the keystone acquisition expenses what was the percent of the total reserves established associated with severance related costs | 77.1999969482 | CodeFinQA | lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 8 . restructuring and integration costs ( continued ) levels and the closure of excess facilities . to the extent these restructuring activities are associated with keystone operations , they are being accounted for in accordance with eitf issue no . 95-3 , 2018 2018recognition of liabilities in connection with a purchase business combination . 2019 2019 restructuring activities associated with our existing operations are being accounted for in accordance with sfas no . 146 , 2018 2018accounting for costs associated with exit or disposal activities . 2019 2019 in connection with the keystone restructuring activities , as part of the cost of the acquisition , we established reserves as detailed below . in accordance with eitf issue no . 95-3 , we intend to finalize our restructuring plans no later than one year from the date of our acquisition of keystone . upon finalization of restructuring plans or settlement of obligations for less than the expected amount , any excess reserves will be reversed with a corresponding decrease in goodwill . accrued acquisition expenses are included in other accrued expenses in the accompanying consolidated balance sheets . the changes in accrued acquisition expenses directly related to the keystone acquisition during 2007 are as follows ( in thousands ) : severance excess related costs facility costs other total .
| | Severance Related Costs | Excess Facility Costs | Other | Total |
| :--- | :--- | :--- | :--- | :--- |
| Reserves established | $11,233 | $2,823 | $488 | $14,544 |
| Payments | (1,727) | (85) | (488) | (2,300) |
| Balance at December 31, 2007 | $9,506 | $2,738 | $— | $12,244 |
restructuring and integration costs associated with our existing operations are included in restructuring expenses on the accompanying consolidated statements of income . note 9 . related party transactions we sublease a portion of our corporate office space to an entity owned by the son of one of our principal stockholders for a pro rata percentage of the rent that we are charged . the total amounts received from this entity were approximately $ 54000 , $ 70000 and $ 49000 during the years ended december 31 , 2007 , 2006 and 2005 , respectively . we also paid this entity approximately $ 0.4 million during 2007 for consulting fees incurred in connection with our new secured debt facility . a corporation owned by our chairman of the board , who is also one of our principal stockholders , owns private aircraft that we use from time to time for business trips . we reimburse this corporation for out-of-pocket and other related flight expenses , as well as for other direct expenses incurred . the total amounts paid to this corporation were approximately $ 102000 , $ 6400 and $ 122000 during each of the years ended december 31 , 2007 , 2006 and 2005 , respectively . in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , who became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations . typical lease terms include an initial term of five years , with three five-year renewal options and purchase options at various times throughout the lease periods . we also maintain the right of first refusal concerning the sale of the leased property . lease payments to a principal stockholder who became an officer of the company after the acquisition of his business were approximately $ 0.8 million during each of the years ended december 31 , 2007 , 2006 and 2005 , respectively. .
| string | null | reserves_established = 11233
reserves_total = 14544
percent_reserves = reserves_established / reserves_total
answer = percent_reserves * 100 |
what percent of total commercial commitments are receivables securitization facility? | 22 | CodeFinQA | amount of commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016 .
| | | <i>Amount of Commitment Expiration per Period</i> |
| :--- | :--- | :--- |
| <i>Other Commercial Commitments</i><i>Millions</i> | <i>Total</i> | <i>2012</i> | <i>2013</i> | <i>2014</i> | <i>2015</i> | <i>2016</i> | <i>After 2016</i> |
| Credit facilities [a] | $1,800 | $- | $- | $- | $1,800 | $- | $- |
| Receivables securitization facility [b] | 600 | 600 | - | - | - | - | - |
| Guarantees [c] | 325 | 18 | 8 | 214 | 12 | 13 | 60 |
| Standby letters of credit [d] | 24 | 24 | - | - | - | - | - |
| Total commercialcommitments | $2,749 | $642 | $8 | $214 | $1,812 | $13 | $60 |
[a] none of the credit facility was used as of december 31 , 2011 . [b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2011 , which is accounted for as debt . the full program matures in august 2012 . [c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . [d] none of the letters of credit were drawn upon as of december 31 , 2011 . off-balance sheet arrangements guarantees 2013 at december 31 , 2011 , we were contingently liable for $ 325 million in guarantees . we have recorded a liability of $ 3 million for the fair value of these obligations as of december 31 , 2011 and 2010 . we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . the final guarantee expires in 2022 . we are not aware of any existing event of default that would require us to satisfy these guarantees . we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . other matters labor agreements 2013 in january 2010 , the nation 2019s largest freight railroads began the current round of negotiations with the labor unions . generally , contract negotiations with the various unions take place over an extended period of time . this round of negotiations was no exception . in september 2011 , the rail industry reached agreements with the united transportation union . on november 5 , 2011 , a presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve the disputes between the u.s . railroads and 11 unions that had not yet reached agreements . since then , ten unions reached agreements with the railroads , all of them generally patterned on the recommendations of the peb , and the unions subsequently ratified these agreements . the railroad industry reached a tentative agreement with the brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating the immediate threat of a national rail strike . the bmwe now will commence ratification of this tentative agreement by its members . inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies . as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts . derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements. .
| string | null | percent_b = 600 / 2749
answer = percent_b * 100 |
what is the mathematical range for average train speed ( mph ) for 2008-2010? | 3.7999999523 | CodeFinQA | operating/performance statistics railroad performance measures reported to the aar , as well as other performance measures , are included in the table below : 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
| | <i>2010</i> | <i>2009</i> | <i>2008</i> | <i>% Change</i> <i>2010 v 2009</i> | <i>% Change</i><i>2009 v 2008</i> |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Average train speed (miles per hour) | 26.2 | 27.3 | 23.5 | (4)% | 16% |
| Average terminal dwell time (hours) | 25.4 | 24.8 | 24.9 | 2% | - |
| Average rail car inventory (thousands) | 274.4 | 283.1 | 300.7 | (3)% | (6)% |
| Gross ton-miles (billions) | 932.4 | 846.5 | 1,020.4 | 10% | (17)% |
| Revenue ton-miles (billions) | 520.4 | 479.2 | 562.6 | 9% | (15)% |
| Operating ratio | 70.6 | 76.1 | 77.4 | (5.5) pt | (1.3) pt |
| Employees (average) | 42,884 | 43,531 | 48,242 | (1)% | (10)% |
| Customer satisfaction index | 89 | 88 | 83 | 1 pt | 5 pt |
average train speed 2013 average train speed is calculated by dividing train miles by hours operated on our main lines between terminals . maintenance activities and weather disruptions , combined with higher volume levels , led to a 4% ( 4 % ) decrease in average train speed in 2010 compared to a record set in 2009 . overall , we continued operating a fluid and efficient network during the year . lower volume levels , ongoing network management initiatives , and productivity improvements contributed to a 16% ( 16 % ) improvement in average train speed in 2009 compared to 2008 . average terminal dwell time 2013 average terminal dwell time is the average time that a rail car spends at our terminals . lower average terminal dwell time improves asset utilization and service . average terminal dwell time increased 2% ( 2 % ) in 2010 compared to 2009 , driven in part by our network plan to increase the length of numerous trains to improve overall efficiency , which resulted in higher terminal dwell time for some cars . average terminal dwell time improved slightly in 2009 compared to 2008 due to lower volume levels combined with initiatives to expedite delivering rail cars to our interchange partners and customers . average rail car inventory 2013 average rail car inventory is the daily average number of rail cars on our lines , including rail cars in storage . lower average rail car inventory reduces congestion in our yards and sidings , which increases train speed , reduces average terminal dwell time , and improves rail car utilization . average rail car inventory decreased 3% ( 3 % ) in 2010 compared to 2009 , while we handled 13% ( 13 % ) increases in carloads during the period compared to 2009 . we maintained more freight cars off-line and retired a number of old freight cars , which drove the decreases . average rail car inventory decreased 6% ( 6 % ) in 2009 compared to 2008 driven by a 16% ( 16 % ) decrease in volume . in addition , as carloads decreased , we stored more freight cars off-line . gross and revenue ton-miles 2013 gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled . revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles . gross and revenue-ton-miles increased 10% ( 10 % ) and 9% ( 9 % ) in 2010 compared to 2009 due to a 13% ( 13 % ) increase in carloads . commodity mix changes ( notably automotive shipments ) drove the variance in year-over-year growth between gross ton-miles , revenue ton-miles and carloads . gross and revenue ton-miles decreased 17% ( 17 % ) and 15% ( 15 % ) in 2009 compared to 2008 due to a 16% ( 16 % ) decrease in carloads . commodity mix changes ( notably automotive shipments , which were 30% ( 30 % ) lower in 2009 versus 2008 ) drove the difference in declines between gross ton-miles and revenue ton- miles . operating ratio 2013 operating ratio is defined as our operating expenses as a percentage of operating revenue . our operating ratio improved 5.5 points to 70.6% ( 70.6 % ) in 2010 and 1.3 points to 76.1% ( 76.1 % ) in 2009 . efficiently leveraging volume increases , core pricing gains , and productivity initiatives drove the improvement in 2010 and more than offset the impact of higher fuel prices during the year . core pricing gains , lower fuel prices , network management initiatives , and improved productivity drove the improvement in 2009 and more than offset the 16% ( 16 % ) volume decline . employees 2013 employee levels were down 1% ( 1 % ) in 2010 compared to 2009 despite a 13% ( 13 % ) increase in volume levels . we leveraged the additional volumes through network efficiencies and other productivity initiatives . in addition , we successfully managed the growth of our full-time-equivalent train and engine force levels at a rate less than half of our carload growth in 2010 . all other operating functions and .
| string | null | average_train_speed_2009 = 27.3
average_train_speed_2008 = 23.5
change_2009_2008 = average_train_speed_2009 - average_train_speed_2008
answer = change_2009_2008 |
how many total derivative instruments matured by 2012? | 71416 | CodeFinQA | table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations . to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options . we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations . we use swaps primarily to manage our price exposure . our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors . for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges . in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes . our objective for entering into each type of hedge or trading derivative is described below . fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories . the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .
| Derivative Instrument | Notional Contract Volumes by Year of Maturity 2012 |
| :--- | :--- |
| Crude oil and refined products: | |
| Futures – long | 15,398 |
| Futures – short | 35,708 |
| Physical contracts – long | 20,310 |
.
| string | null | futures_long = 15398
futures_short = 35708
physical_long = 20310
answer = futures_long + futures_short + physical_long |
what is the percentage of 2006's estimated future amortization of deferred stock compensation among the total? | 11.7100000381 | CodeFinQA | the following table presents the estimated future amortization of deferred stock compensation reported in both cost of revenue and operating expenses : fiscal year ( in thousands ) .
| Fiscal Year | <i>(in thousands)</i> |
| :--- | :--- |
| 2004 | $3,677 |
| 2005 | 2,403 |
| 2006 | 840 |
| 2007 | 250 |
| Total estimated future amortization of deferred stock compensation | $7,170 |
impairment of intangible assets . in fiscal 2002 , we recognized an aggregate impairment charge of $ 3.8 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value . approximately $ 3.7 million and $ 0.1 million are included in integration expense and amortization of intangible assets , respectively , on the consolidated statement of operations . the impairment charge is primarily attributable to certain technology acquired from and goodwill related to the acquisition of stanza , inc . ( stanza ) in 1999 . during fiscal 2002 , we determined that we would not allocate future resources to assist in the market growth of this technology as products acquired in the merger with avant! provided customers with superior capabilities . as a result , we do not anticipate any future sales of the stanza product . in fiscal 2001 , we recognized an aggregate impairment charge of $ 2.2 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value . approximately $ 1.8 million and $ 0.4 million are included in cost of revenues and amortization of intangible assets , respectively , on the consolidated statement of operations . the impairment charge is attributable to certain technology acquired from and goodwill related to the acquisition of eagle design automation , inc . ( eagle ) in 1997 . during fiscal 2001 , we determined that we would not allocate future resources to assist in the market growth of this technology . as a result , we do not anticipate any future sales of the eagle product . there were no impairment charges during fiscal 2003 . other ( expense ) income , net . other income , net was $ 24.1 million in fiscal 2003 and consisted primarily of ( i ) realized gain on investments of $ 20.7 million ; ( ii ) rental income of $ 6.3 million ; ( iii ) interest income of $ 5.2 million ; ( iv ) impairment charges related to certain assets in our venture portfolio of ( $ 4.5 ) million ; ( vii ) foundation contributions of ( $ 2.1 ) million ; and ( viii ) interest expense of ( $ 1.6 ) million . other ( expense ) , net of other income was ( $ 208.6 ) million in fiscal 2002 and consisted primarily of ( i ) ( $ 240.8 ) million expense due to the settlement of the cadence design systems , inc . ( cadence ) litigation ; ( ii ) ( $ 11.3 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 22.7 million ; ( iv ) a gain of $ 3.1 million for the termination fee on the ikos systems , inc . ( ikos ) merger agreement ; ( v ) rental income of $ 10.0 million ; ( vi ) interest income of $ 8.3 million ; and ( vii ) and other miscellaneous expenses including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of ( $ 0.6 ) million . other income , net was $ 83.8 million in fiscal 2001 and consisted primarily of ( i ) a gain of $ 10.6 million on the sale of our silicon libraries business to artisan components , inc. ; ( ii ) ( $ 5.8 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 55.3 million ; ( iv ) rental income of $ 8.6 million ; ( v ) interest income of $ 12.8 million ; and ( vi ) other miscellaneous income including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of $ 2.3 million . termination of agreement to acquire ikos systems , inc . on july 2 , 2001 , we entered into an agreement and plan of merger and reorganization ( the ikos merger agreement ) with ikos systems , inc . the ikos merger agreement provided for the acquisition of all outstanding shares of ikos common stock by synopsys. .
| string | null | amortization_percent = 840 / 7170
answer = amortization_percent * 100 |
what was the percentage change in the net sales in asian papers from 2006 to 2007 | 33.2999992371 | CodeFinQA | customer demand . this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders . printing papers in millions 2007 2006 2005 .
| <i>In millions</i> | 2007 | 2006 | 2005 |
| :--- | :--- | :--- | :--- |
| Sales | $6,530 | $6,700 | $6,980 |
| Operating Profit | $1,101 | $636 | $434 |
north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) . sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment . average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 . lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 . operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) . the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight . mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts . sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve . demand for printing papers in north america was steady as the quarter began . price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter . planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy . brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 . compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 . excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper . operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs . contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 . entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower . average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix . energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 . european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 . sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 . average sales price real- izations increased significantly in 2007 in both east- ern and western european markets . operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 . the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill . excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight . looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia . average price realizations are expected to remain about flat . wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher . asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 . operating earnings increased slightly in 2007 , but were close to breakeven in all periods . u.s . market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively . sales volumes in 2007 were up from 2006 levels , primarily for paper and .
| string | null | sales_2007 = 20
sales_2006 = 15
percent_change = (sales_2007 - sales_2006) / sales_2006
answer = percent_change * 100 |
what was the change in operating profits in 2012 in millions | 6 | CodeFinQA | printing papers demand for printing papers products is closely corre- lated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . pr int ing papers net sales for 2012 were about flat with 2011 and increased 5% ( 5 % ) from 2010 . operat- ing profits in 2012 were 31% ( 31 % ) lower than in 2011 , but 25% ( 25 % ) higher than in 2010 . excluding facility closure costs and impairment costs , operating profits in 2012 were 30% ( 30 % ) lower than in 2011 and 25% ( 25 % ) lower than in 2010 . benefits from higher sales volumes ( $ 58 mil- lion ) were more than offset by lower sales price real- izations and an unfavorable product mix ( $ 233 million ) , higher operating costs ( $ 30 million ) , higher maintenance outage costs ( $ 17 million ) , higher input costs ( $ 32 million ) and other items ( $ 6 million ) . in addition , operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $6,230 | $6,215 | $5,940 |
| Operating Profit | 599 | 872 | 481 |
north american pr int ing papers net sales were $ 2.7 billion in 2012 , $ 2.8 billion in 2011 and $ 2.8 billion in 2010 . operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding a $ 24 million gain associated with the repurposing of our franklin , virginia mill ) in 2011 and $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010 . sales volumes in 2012 were flat with 2011 . average sales margins were lower primarily due to lower export sales prices and higher export sales volume . input costs were higher for wood and chemicals , but were partially offset by lower purchased pulp costs . freight costs increased due to higher oil prices . manufacturing operating costs were favorable reflecting strong mill performance . planned main- tenance downtime costs were slightly higher in 2012 . no market-related downtime was taken in either 2012 or 2011 . entering the first quarter of 2013 , sales volumes are expected to increase compared with the fourth quar- ter of 2012 reflecting seasonally stronger demand . average sales price realizations are expected to be relatively flat as sales price realizations for domestic and export uncoated freesheet roll and cutsize paper should be stable . input costs should increase for energy , chemicals and wood . planned maintenance downtime costs are expected to be about $ 19 million lower with an outage scheduled at our georgetown mill versus outages at our courtland and eastover mills in the fourth quarter of 2012 . braz i l ian papers net sales for 2012 were $ 1.1 bil- lion compared with $ 1.2 billion in 2011 and $ 1.1 bil- lion in 2010 . operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 and $ 159 million in 2010 . sales volumes in 2012 were higher than in 2011 as international paper improved its segment position in the brazilian market despite weaker year-over-year conditions in most markets . average sales price realizations improved for domestic uncoated freesheet paper , but the benefit was more than offset by declining prices for exported paper . margins were favorably affected by an increased proportion of sales to the higher- margin domestic market . raw material costs increased for wood and chemicals , but costs for purchased pulp decreased . operating costs and planned maintenance downtime costs were lower than in 2011 . looking ahead to 2013 , sales volumes in the first quarter are expected to be lower than in the fourth quarter of 2012 due to seasonally weaker customer demand for uncoated freesheet paper . average sales price realizations are expected to increase in the brazilian domestic market due to the realization of an announced sales price increase for uncoated free- sheet paper , but the benefit should be partially offset by pricing pressures in export markets . average sales margins are expected to be negatively impacted by a less favorable geographic mix . input costs are expected to be about flat due to lower energy costs being offset by higher costs for wood , purchased pulp , chemicals and utilities . planned maintenance outage costs should be $ 4 million lower with no outages scheduled in the first quarter . operating costs should be favorably impacted by the savings generated by the start-up of a new biomass boiler at the mogi guacu mill . european papers net sales in 2012 were $ 1.4 bil- lion compared with $ 1.4 billion in 2011 and $ 1.3 bil- lion in 2010 . operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related to our inverurie , scotland mill which was closed in 2009 ) in 2011 and $ 197 million ( $ 199 million excluding an asset impairment charge ) in 2010 . sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both europe and russia , while sales volumes for pulp were lower in both regions . average sales price realizations for uncoated .
| string | null | operating_profit_2012 = 163
operating_profit_2011 = 169
change_in_operating_profit = operating_profit_2012 - operating_profit_2011
answer = change_in_operating_profit |
what is the percentage of south america's sites among all sites? | 8.529999733 | CodeFinQA | item 2 . properties as of december 31 , 2014 , we owned or leased 129 major manufacturing sites and 15 major technical centers in 33 countries . a manufacturing site may include multiple plants and may be wholly or partially owned or leased . we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world . the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .
| | North America | Europe,Middle East& Africa | Asia Pacific | South America | Total |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Electrical/Electronic Architecture | 29 | 23 | 20 | 7 | 79 |
| Powertrain Systems | 4 | 10 | 6 | 2 | 22 |
| Electronics and Safety | 3 | 9 | 3 | 1 | 16 |
| Thermal Systems | 3 | 3 | 5 | 1 | 12 |
| Total | 39 | 45 | 34 | 11 | 129 |
in addition to these manufacturing sites , we had 15 major technical centers : five in north america ; five in europe , middle east and africa ; four in asia pacific ; and one in south america . of our 129 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 83 are primarily owned and 61 are primarily leased . we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses . we believe our evolving portfolio will meet current and anticipated future needs . item 3 . legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters . it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows . with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements . however , the final amounts required to resolve these matters could differ materially from our recorded estimates . gm ignition switch recall in the first quarter of 2014 , gm , delphi 2019s largest customer , initiated a product recall related to ignition switches . delphi has received requests for information from , and is cooperating with , various government agencies related to this ignition switch recall . in addition , delphi has been named as a co-defendant along with gm ( and in certain cases other parties ) in product liability and class action lawsuits related to this matter . during the second quarter of 2014 , all of the class action cases were transferred to the united states district court for the southern district of new york ( the 201cdistrict court 201d ) for coordinated pretrial proceedings . two consolidated amended class action complaints were filed in the district court on october 14 , 2014 . delphi was not named as a defendant in either complaint . delphi believes the allegations contained in the product liability cases are without merit , and intends to vigorously defend against them . although no assurances can be made as to the ultimate outcome of these or any other future claims , delphi does not believe a loss is probable and , accordingly , no reserve has been made as of december 31 , 2014 . unsecured creditors litigation under the terms of the fourth amended and restated limited liability partnership agreement of delphi automotive llp ( the 201cfourth llp agreement 201d ) , if cumulative distributions to the members of delphi automotive llp under certain provisions of the fourth llp agreement exceed $ 7.2 billion , delphi , as disbursing agent on behalf of dphh , is required to pay to the holders of allowed general unsecured claims against old delphi , $ 32.50 for every $ 67.50 in excess of $ 7.2 billion distributed to the members , up to a maximum amount of $ 300 million . in december 2014 , a complaint was filed in the bankruptcy court alleging that the redemption by delphi automotive llp of the membership interests of gm and the pbgc , and the repurchase of shares and payment of dividends by delphi automotive plc , constituted distributions under the terms of the fourth llp agreement approximating $ 7.2 billion . delphi considers cumulative distributions through december 31 , 2014 to be substantially below the $ 7.2 billion threshold , and intends to vigorously contest the allegations set forth in the complaint . accordingly , no accrual for this matter has been recorded as of december 31 , 2014. .
| string | null | sites_south_america = 11
sites_total = 129
percent_south_america = sites_south_america / sites_total
answer = percent_south_america * 100 |
by what percentage did the share price increase from october to november 2017? | 5.3000001907 | CodeFinQA | table of contents the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2017 . period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .
| Period | Total Numberof SharesPurchased | AveragePrice Paidper Share | Total Number ofShares NotPurchased as Part ofPublicly AnnouncedPlans or Programs (a) | Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms | Approximate DollarValue of Shares thatMay Yet Be PurchasedUnder the Plans orPrograms (b) |
| :--- | :--- | :--- | :--- | :--- | :--- |
| October 2017 | 515,762 | $77.15 | 292,145 | 223,617 | $1.6 billion |
| November 2017 | 2,186,889 | $81.21 | 216,415 | 1,970,474 | $1.4 billion |
| December 2017 | 2,330,263 | $87.76 | 798 | 2,329,465 | $1.2 billion |
| Total | 5,032,914 | $83.83 | 509,358 | 4,523,556 | $1.2 billion |
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2017 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans , and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on september 21 , 2016 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2016 program ) with no expiration date . as of december 31 , 2017 , we had $ 1.2 billion remaining available for purchase under the 2016 program . on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to an additional $ 2.5 billion of our outstanding common stock with no expiration date. .
| string | null | increase = 81.21 - 77.15
percent_increase = increase / 77.15
answer = percent_increase * 100 |
in millions , what is the average for other revenue from 2008-2010? | 839.3300170898 | CodeFinQA | notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad that operates in the u.s . we have 31953 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides revenue by commodity group : millions 2010 2009 2008 .
| <i>Millions</i> | <i>2010</i> | <i>2009</i> | <i>2008</i> |
| :--- | :--- | :--- | :--- |
| Agricultural | $3,018 | $2,666 | $3,174 |
| Automotive | 1,271 | 854 | 1,344 |
| Chemicals | 2,425 | 2,102 | 2,494 |
| Energy | 3,489 | 3,118 | 3,810 |
| Industrial Products | 2,639 | 2,147 | 3,273 |
| Intermodal | 3,227 | 2,486 | 3,023 |
| Total freight revenues | $16,069 | $13,373 | $17,118 |
| Other revenues | 896 | 770 | 852 |
| Total operating revenues | $16,965 | $14,143 | $17,970 |
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported are outside the u.s . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position . investments 2013 investments represent our investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) that are accounted for under the equity method of accounting and investments in companies ( less than 20% ( 20 % ) owned ) accounted for under the cost method of accounting. .
| string | null | other_revenue_2010 = 896
other_revenue_2009 = 770
other_revenue_2008 = 852
total_revenue = other_revenue_2010 + other_revenue_2009 + other_revenue_2008
answer = total_revenue / 3 |
what percent of future minimum lease payments are projected to be paid off in 2016? | 22.3999996185 | CodeFinQA | table of contents finance lease obligations the company has a non-cancelable lease agreement for a building with approximately 164000 square feet located in alajuela , costa rica , to be used as a manufacturing and office facility . the company was responsible for a significant portion of the construction costs , and in accordance with asc 840 , leases , subsection 40-15-5 , the company was deemed to be the owner of the building during the construction period . the building was completed in fiscal 2008 , and the company has recorded the fair market value of the building and land of $ 15.1 million within property and equipment on its consolidated balance sheets . at september 24 , 2011 , the company has recorded $ 1.6 million in accrued expenses and $ 16.9 million in other long-term liabilities related to this obligation in the consolidated balance sheet . the term of the lease , which commenced in may 2008 , is for a period of approximately ten years with the option to extend for two consecutive 5-year terms . at the completion of the construction period , the company reviewed the lease for potential sale-leaseback treatment in accordance with asc 840 , subsection 40 , sale-leaseback transactions . based on its analysis , the company determined that the lease did not qualify for sale-leaseback treatment . therefore , the building , leasehold improvements and associated liabilities remain on the company 2019s financial statements throughout the lease term , and the building and leasehold improvements are being depreciated on a straight line basis over their estimated useful lives of 35 years . future minimum lease payments , including principal and interest , under this lease were as follows at september 24 , 2011: .
| Fiscal 2012 | $1,616 |
| :--- | :--- |
| Fiscal 2013 | 1,672 |
| Fiscal 2014 | 1,731 |
| Fiscal 2015 | 1,791 |
| Fiscal 2016 | 1,854 |
| Thereafter | 3,643 |
| Total minimum payments | 12,307 |
| Less-amount representing interest | (4,017) |
| Total | $8,290 |
the company also has to a non-cancelable lease agreement for a building with approximately 146000 square feet located in marlborough , massachusetts , to be principally used as an additional manufacturing facility . as part of the lease agreement , the lessor agreed to allow the company to make significant renovations to the facility to prepare the facility for the company 2019s manufacturing needs . the company was responsible for a significant amount of the construction costs and therefore in accordance with asc 840-40-15-5 was deemed to be the owner of the building during the construction period . the $ 13.2 million fair market value of the facility is included within property and equipment on the consolidated balance sheet . at september 24 , 2011 , the company has recorded $ 1.0 million in accrued expenses and $ 15.9 million in other long-term liabilities related to this obligation in the consolidated balance sheet . the term of the lease is for a period of approximately 12 years commencing on november 14 , 2006 with the option to extend for two consecutive 5-year terms . based on its asc 840-40 analysis , the company determined that the lease did not qualify for sale-leaseback treatment . therefore , the improvements and associated liabilities will remain on the company 2019s financial statements throughout the lease term , and the leasehold improvements are being depreciated on a straight line basis over their estimated useful lives of up to 35 years . source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely . the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law . past financial performance is no guarantee of future results. .
| string | null | percent_2016 = 1854
percent_total = 8290
percent_2016_2014 = percent_2016 / percent_total
answer = percent_2016_2014 * 100 |
what is the total number of outstanding shares from 2014-2016? | 608538 | CodeFinQA | 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: .
| | 2016 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Average common shares outstanding | 212,702 | 202,537 | 193,299 |
| Dilutive share equivalents from share-based plans | 4,834 | 4,972 | 4,410 |
| Average common and common equivalent shares outstanding — assuming dilution | 217,536 | 207,509 | 197,709 |
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. .
| string | null | shares_outstanding = 212702 + 202537 + 193299
answer = shares_outstanding |
what was the change in millions of net sales for the commodity chemicals business that has been reclassified and reported as discontinued operations from 2012 to 2013? | 1580 | CodeFinQA | 74 2013 ppg annual report and form 10-k 22 . separation and merger transaction on january 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax ef ficient reverse morris trust transaction ( the 201ctransaction 201d ) . pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , became a wholly-owned subsidiary of georgia gulf . the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions . the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) . ppg holds no ownership interest in axiall . ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders in the united states and canada . under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer . following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock . accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange . ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) . the completion of this exchange offer was a non-cash financing transaction , which resulted in an increase in "treasury stock" at a cost of $ 1.561 billion based on the ppg closing stock price on january 25 , 2013 . under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above . in addition , ppg received $ 67 million in cash for a preliminary post-closing working capital adjustment under the terms of the transaction agreements . the net assets transferred to axiall included $ 27 million of cash on the books of the business transferred . in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall . during the first quarter of 2013 , ppg recorded a gain of $ 2.2 billion on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business . the transaction resulted in a net partial settlement loss of $ 33 million associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction . the company also incurred $ 14 million of pretax expense , primarily for professional services related to the transaction in 2013 as well as approximately $ 2 million of net expense related to certain retained obligations and post-closing adjustments under the terms of the transaction agreements . the net gain on the transaction includes these related losses and expenses . the results of operations and cash flows of ppg's former commodity chemicals business for january 2013 and the net gain on the transaction are reported as results from discontinued operations for the year -ended december 31 , 2013 . in prior periods presented , the results of operations and cash flows of ppg's former commodity chemicals business have been reclassified from continuing operations and presented as results from discontinued operations . ppg will provide axiall with certain transition services for up to 24 months following the closing date of the transaction . these services include logistics , purchasing , finance , information technology , human resources , tax and payroll processing . the net sales and income before income taxes of the commodity chemicals business that have been reclassified and reported as discontinued operations are presented in the table below: .
| | Year-ended |
| :--- | :--- |
| Millions | 2013 | 2012 | 2011 |
| Net sales | $108 | $1,688 | $1,732 |
| Income from operations, before income tax | $— | $345 | $376 |
| Net gain from separation and merger of commodity chemicals business | 2,192 | — | — |
| Income tax expense | (5) | 117 | 126 |
| Income from discontinued operations, net of tax | $2,197 | $228 | $250 |
| Less: Net income attributable to non-controlling interests, discontinued operations | $— | $(13) | $(13) |
| Net income from discontinued operations (attributable to PPG) | $2,197 | $215 | $237 |
income from discontinued operations , net of tax $ 2197 $ 228 $ 250 less : net income attributable to non- controlling interests , discontinued operations $ 2014 $ ( 13 ) $ ( 13 ) net income from discontinued operations ( attributable to ppg ) $ 2197 $ 215 $ 237 during 2012 , $ 21 million of business separation costs are included within "income from discontinued operations , net." notes to the consolidated financial statements .
| string | null | net_sales = 108
net_income = 1688
answer = net_sales - net_income |
in millions , what is the range for accrued wages and vacation from 2009-2010? | 18 | CodeFinQA | assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2010 2009 .
| <i>Millions</i> | <i>Dec. 31, 2010</i> | <i>Dec. 31, 2009</i> |
| :--- | :--- | :--- |
| Accounts payable | $ 677 | $ 612 |
| Dividends and interest | 383 | 347 |
| Accrued wages and vacation | 357 | 339 |
| Income and other taxes | 337 | 224 |
| Accrued casualty costs | 325 | 379 |
| Equipment rents payable | 86 | 89 |
| Other | 548 | 480 |
| Total accounts payable and other currentliabilities | $ 2,713 | $ 2,470 |
13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2010 and 2009 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value hedges using the short-cut method ; therefore , we do not record any ineffectiveness within our consolidated financial statements. .
| string | null | accrued_wages_and_vacation = 357 - 339
answer = accrued_wages_and_vacation |
what was the difference in track miles of rail replaced between 2011 and 2012? | 69 | CodeFinQA | 2013 2012 2011 .
| | <i>2013</i> | <i>2012</i> | <i>2011</i> |
| :--- | :--- | :--- | :--- |
| Track miles of rail replaced | 834 | 964 | 895 |
| Track miles of rail capacity expansion | 97 | 139 | 69 |
| New ties installed (thousands) | 3,870 | 4,436 | 3,785 |
| Miles of track surfaced | 11,017 | 11,049 | 11,284 |
capital plan 2013 in 2014 , we expect our total capital investments to be approximately $ 3.9 billion , which may be revised if business conditions or the regulatory environment affect our ability to generate sufficient returns on these investments . while the number of our assets replaced will fluctuate as part of our replacement strategy , for 2014 we expect to use over 60% ( 60 % ) of our capital investments to replace and improve existing capital assets . among our major investment categories are replacing and improving track infrastructure and upgrading our locomotive , freight car and container fleets , including the acquisition of 200 locomotives . additionally , we will continue increasing our network and terminal capacity , especially in the southern region , and balancing terminal capacity with more mainline capacity . construction of a major rail facility at santa teresa , new mexico , will be completed in 2014 and will include a run-through and fueling facility as well as an intermodal ramp . we also plan to make significant investments in technology improvements , including approximately $ 450 million for ptc . we expect to fund our 2014 cash capital investments by using some or all of the following : cash generated from operations , proceeds from the sale or lease of various operating and non-operating properties , proceeds from the issuance of long-term debt , and cash on hand . our annual capital plan is a critical component of our long-term strategic plan , which we expect will enhance the long-term value of the corporation for our shareholders by providing sufficient resources to ( i ) replace and improve our existing track infrastructure to provide safe and fluid operations , ( ii ) increase network efficiency by adding or improving facilities and track , and ( iii ) make investments that meet customer demand and take advantage of opportunities for long-term growth . financing activities cash used in financing activities increased in 2013 versus 2012 , driven by a $ 744 million increase for the repurchase of shares under our common stock repurchase program and higher dividend payments in 2013 of $ 1.3 billion compared to $ 1.1 billion in 2012 . we increased our debt levels in 2013 , which partially offset the increase in cash used in financing activities . cash used in financing activities increased in 2012 versus 2011 . dividend payments in 2012 increased by $ 309 million , reflecting our higher dividend rate , and common stock repurchases increased by $ 56 million . our debt levels did not materially change from 2011 after a decline in debt levels from 2010 . therefore , less cash was used in 2012 for debt activity than in 2011 . dividends 2013 on february 6 , 2014 , we increased the quarterly dividend to $ 0.91 per share , payable on april 1 , 2014 , to shareholders of record on february 28 , 2014 . we expect to fund the increase in the quarterly dividend through cash generated from operations and cash on hand at december 31 , 2013 . credit facilities 2013 on december 31 , 2013 , we had $ 1.8 billion of credit available under our revolving credit facility ( the facility ) , which is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2013 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon credit ratings for our senior unsecured debt . the facility matures in 2015 under a four year term and requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing . at december 31 , 2013 , and december 31 , 2012 ( and at all times during the year ) , we were in compliance with this covenant . the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa . at december 31 , 2013 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 42.4 billion of debt ( as defined in the facility ) , and we had $ 9.9 billion of debt ( as defined in the facility ) outstanding at that date . under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control .
| string | null | track_miles_2012 = 964
track_miles_2011 = 895
difference = track_miles_2012 - track_miles_2011
answer = difference |
what was the percent of the interest expense of the benefit obligation in 2015 | 6.6999998093 | CodeFinQA | nbcuniversal media , llc our consolidated balance sheet also includes the assets and liabilities of certain legacy pension plans , as well as the assets and liabilities for pension plans of certain foreign subsidiaries . as of december 31 , 2015 and 2014 , the benefit obligations associated with these plans exceeded the fair value of the plan assets by $ 67 million and $ 51 million , respectively . other employee benefits deferred compensation plans we maintain unfunded , nonqualified deferred compensation plans for certain members of management ( each , a 201cparticipant 201d ) . the amount of compensation deferred by each participant is based on participant elections . participants in the plan designate one or more valuation funds , independently established funds or indices that are used to determine the amount of investment gain or loss in the participant 2019s account . additionally , certain of our employees participate in comcast 2019s unfunded , nonqualified deferred compensa- tion plan . the amount of compensation deferred by each participant is based on participant elections . participant accounts are credited with income primarily based on a fixed annual rate . in the case of both deferred compensation plans , participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law . the table below presents the benefit obligation and interest expense for our deferred compensation plans. .
| Year ended December 31 (in millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Benefit obligation | $417 | $349 | $250 |
| Interest expense | $28 | $24 | $18 |
retirement investment plans we sponsor several 401 ( k ) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines . we make contributions to the plans that include matching a percentage of the employees 2019 contributions up to certain limits . in 2015 , 2014 and 2013 , expenses related to these plans totaled $ 174 million , $ 165 million and $ 152 million , respectively . multiemployer benefit plans we participate in various multiemployer benefit plans , including pension and postretirement benefit plans , that cover some of our employees and temporary employees who are represented by labor unions . we also partic- ipate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants . we make periodic contributions to these plans in accordance with the terms of applicable collective bargaining agreements and laws but do not sponsor or administer these plans . we do not participate in any multiemployer benefit plans for which we consider our contributions to be individually significant , and the largest plans in which we participate are funded at a level of 80% ( 80 % ) or greater . in 2015 , 2014 and 2013 , the total contributions we made to multiemployer pension plans were $ 77 million , $ 58 million and $ 59 million , respectively . in 2015 , 2014 and 2013 , the total contributions we made to multi- employer postretirement and other benefit plans were $ 119 million , $ 125 million and $ 98 million , respectively . if we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans , applicable law would require us to fund our allocable share of the unfunded vested benefits , which is known as a withdrawal liability . in addition , actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans , which could result in an increase in our withdrawal liability . comcast 2015 annual report on form 10-k 166 .
| string | null | interest_expense_2015 = 28
interest_expense_total = 417
percent_interest_expense_2015 = interest_expense_2015 / interest_expense_total
answer = percent_interest_expense_2015 * 100 |
what was the mathematical range for all four groups in 12/2010 , assuming investments of $ 100 initially in 2008? | 56.6599998474 | CodeFinQA | table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively . this performance graph and the related textual information are based on historical data and are not indicative of future performance . the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2007 and ending december 31 , 2012 . our peer group consists of the following ten companies : alon usa energy , inc. ; bp plc ( bp ) ; cvr energy , inc. ; hess corporation ; hollyfrontier corporation ; marathon petroleum corporation ; phillips 66 ( psx ) ; royal dutch shell plc ( rds ) ; tesoro corporation ; and western refining , inc . our peer group previously included chevron corporation ( cvx ) and exxon mobil corporation ( xom ) but they were replaced with bp , psx , and rds . in 2012 , psx became an independent downstream energy company and was added to our peer group . cvx and xom were replaced with bp and rds as they were viewed as having operations that more closely aligned with our core businesses . comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .
| | 12/2007 | 12/2008 | 12/2009 | 12/2010 | 12/2011 | 12/2012 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Valero Common Stock | $100.00 | $31.45 | $25.09 | $35.01 | $32.26 | $53.61 |
| S&P 500 | 100.00 | 63.00 | 79.67 | 91.67 | 93.61 | 108.59 |
| Old Peer Group | 100.00 | 80.98 | 76.54 | 88.41 | 104.33 | 111.11 |
| New Peer Group | 100.00 | 66.27 | 86.87 | 72.84 | 74.70 | 76.89 |
____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2007 . 201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2007 through december 31 , 2012. .
| string | null | valero_return = 91.67
snp_return = 35.01
old_peer_return = 88.41
new_peer_return = 72.84
answer = max(valero_return, snp_return, old_peer_return, new_peer_return) - min(valero_return, snp_return, old_peer_return, new_peer_return) |
what is the average operating revenue from 2008-2010 , in millions? | 16359.2998046875 | CodeFinQA | us in a position to handle demand changes . we will also continue utilizing industrial engineering techniques to improve productivity . 2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts . 2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc . we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other . during 2011 , we plan to begin testing the technology to evaluate its effectiveness . 2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels . in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement . results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
| <i>Millions</i> | <i>2010</i> | <i>2009</i> | <i>2008</i> | % Change 2010 v 2009 | % Change 2009 v 2008 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Freight revenues | $16,069 | $13,373 | $17,118 | 20% | (22)% |
| Other revenues | 896 | 770 | 852 | 16 | (10) |
| Total | $16,965 | $14,143 | $17,970 | 20% | (21)% |
freight revenues are revenues generated by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments . we recognize freight revenues as freight moves from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors . we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments . core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc . freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness . we experienced the largest volume declines in automotive and industrial .
| string | null | revenue_2010 = 16965
revenue_2009 = 14143
revenue_2008 = 17970
total_revenue = revenue_2010 + revenue_2009 + revenue_2008
average_revenue = total_revenue / 3
answer = average_revenue |
how many square feet are owned by alexion pharmaceuticals , inc? | 282000 | CodeFinQA | item 2 . properties . we conduct our primary operations at the owned and leased facilities described below . location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 .
| Location | Operations Conducted | ApproximateSquare Feet | LeaseExpirationDates |
| :--- | :--- | :--- | :--- |
| New Haven, Connecticut | Corporate headquarters and executive, sales, research and development offices | 514,000 | 2030 |
| Dublin, Ireland | Global supply chain, distribution, and administration offices | 215,000 | Owned |
| Lexington, Massachusetts | Research and development offices | 81,000 | 2019 |
| Bogart, Georgia | Commercial, research and development manufacturing | 70,000 | 2024 |
| Smithfield, Rhode Island | Commercial, research and development manufacturing | 67,000 | Owned |
| Zurich, Switzerland | Regional executive and sales offices | 69,000 | 2025 |
we believe that our administrative office space is adequate to meet our needs for the foreseeable future . we also believe that our research and development facilities and our manufacturing facility , together with third party manufacturing facilities , will be adequate for our on-going activities . in addition to the locations above , we also lease space in other u.s . locations and in foreign countries to support our operations as a global organization . as of december 31 , 2015 , we also leased approximately 254000 square feet in cheshire , connecticut , which was the previous location of our corporate headquarters and executive , sales , research and development offices . in december 2015 , we entered into an early termination of this lease and will occupy this space through may 2016 . in april 2014 , we purchased a fill/finish facility in athlone , ireland . following refurbishment of the facility , and after successful completion of the appropriate validation processes and regulatory approvals , the facility will become our first company-owned fill/finish and packaging facility for our commercial and clinical products . in may 2015 , we announced plans to construct a new biologics manufacturing facility on our existing property in dublin ireland , which is expected to be completed by 2020 . item 3 . legal proceedings . in may 2015 , we received a subpoena in connection with an investigation by the enforcement division of the sec requesting information related to our grant-making activities and compliance with the fcpa in various countries . the sec also seeks information related to alexion 2019s recalls of specific lots of soliris and related securities disclosures . in addition , in october 2015 , alexion received a request from the doj for the voluntary production of documents and other information pertaining to alexion's compliance with the fcpa . alexion is cooperating with these investigations . at this time , alexion is unable to predict the duration , scope or outcome of these investigations . given the ongoing nature of these investigations , management does not currently believe a loss related to these matters is probable or that the potential magnitude of such loss or range of loss , if any , can be reasonably estimated . item 4 . mine safety disclosures . not applicable. .
| string | null | square_feet = 215000 + 67000
answer = square_feet |
what is the percentage decrease in expenditures from 2017-2018? | 27.2099990845 | CodeFinQA | table of contents 17 . unconditional purchase obligations the company has entered into various unconditional purchase obligations which primarily include software licenses and long- term purchase contracts for network , communication and office maintenance services . the company expended $ 7.2 million , $ 5.3 million and $ 2.9 million related to unconditional purchase obligations that existed as of the beginning of each year for the years ended december 31 , 2016 , 2015 and 2014 , respectively . future expenditures under unconditional purchase obligations in effect as of december 31 , 2016 are as follows : ( in thousands ) .
| 2017 | $14,134 |
| :--- | :--- |
| 2018 | 10,288 |
| 2019 | 9,724 |
| 2020 | 2,617 |
| 2021 | 652 |
| Total | $37,415 |
18 . restructuring during the fourth quarter of 2016 , the company initiated workforce realignment activities . the company incurred $ 3.4 million in restructuring charges , or $ 2.4 million net of tax , during the year ended december 31 , 2016 . the company expects to incur additional charges of $ 10 million - $ 15 million , or $ 7 million - $ 10 million net of tax , primarily during the first quarter of 2017 . 19 . employment-related settlement on february 15 , 2017 , the company entered into an employment-related settlement agreement . in connection with the settlement agreement , the company will make a lump-sum payment of $ 4.7 million . the charges related to this agreement are included in selling , general and administrative expense in the 2016 consolidated statement of income . as part of the settlement agreement , all the claims initiated against the company will be withdrawn and a general release of all claims in favor of the company and all of its related entities was executed . 20 . contingencies and commitments the company is subject to various investigations , claims and legal proceedings that arise in the ordinary course of business , including commercial disputes , labor and employment matters , tax audits , alleged infringement of intellectual property rights and other matters . in the opinion of the company , the resolution of pending matters is not expected to have a material adverse effect on the company's consolidated results of operations , cash flows or financial position . however , each of these matters is subject to various uncertainties and it is possible that an unfavorable resolution of one or more of these proceedings could materially affect the company's results of operations , cash flows or financial position . an indian subsidiary of the company has several service tax audits pending that have resulted in formal inquiries being received on transactions through mid-2012 . the company could incur tax charges and related liabilities , including those related to the service tax audit case , of approximately $ 7 million . the service tax issues raised in the company 2019s notices and inquiries are very similar to the case , m/s microsoft corporation ( i ) ( p ) ltd . vs commissioner of service tax , new delhi , wherein the delhi customs , excise and service tax appellate tribunal ( cestat ) has passed a favorable ruling to microsoft . the company can provide no assurances on whether the microsoft case 2019s favorable ruling will be challenged in higher courts or on the impact that the present microsoft case 2019s decision will have on the company 2019s cases . the company is uncertain as to when these service tax matters will be concluded . a french subsidiary of the company received notice that the french taxing authority rejected the company's 2012 research and development credit . the company has contested the decision . however , if the company does not receive a favorable outcome , it could incur charges of approximately $ 0.8 million . in addition , an unfavorable outcome could result in the authorities reviewing or rejecting $ 3.8 million of similar research and development credits for 2013 through the current year that are currently reflected as an asset . the company can provide no assurances on the timing or outcome of this matter. .
| string | null | expenditures_2017 = 14134
expenditures_2018 = 10288
decrease = expenditures_2017 - expenditures_2018
percent_change = decrease / expenditures_2017
answer = percent_change * 100 |
what is the growth rate in operating income from 2015 to 2016? | 2 | CodeFinQA | 2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 . 2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment . interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 . income tax expense .
| | GAAP | As adjusted |
| :--- | :--- | :--- |
| (in millions) | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 |
| Operating income<sup>(1)</sup> | $4,570 | $4,664 | $4,474 | $4,674 | $4,695 | $4,563 |
| Total nonoperating income (expense)<sup>(1),(2)</sup> | (108) | (69) | (49) | (108) | (70) | (56) |
| Income before income taxes<sup>(2)</sup> | $4,462 | $4,595 | $4,425 | $4,566 | $4,625 | $4,507 |
| Income tax expense | $1,290 | $1,250 | $1,131 | $1,352 | $1,312 | $1,197 |
| Effective tax rate | 28.9% | 27.2% | 25.6% | 29.6% | 28.4% | 26.6% |
( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items . ( 2 ) net of net income ( loss ) attributable to nci . the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term . the significant foreign jurisdictions that have lower statutory tax rates than the u.s . federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada . u.s . income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states . 2016 . income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters . the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented . 2015 . income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters . the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented . 2014 . income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities . the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above . the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value . balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies . the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .
| string | null | income_2016 = 4570
income_2015 = 4664
growth_rate = income_2016 - income_2015
percent_growth = growth_rate / income_2015
answer = percent_growth * 100 |
what percentage of total minimum lease payments are operating leases? | 71 | CodeFinQA | 17 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2017 , and 2016 included $ 1635 million , net of $ 953 million of accumulated depreciation , and $ 1997 million , net of $ 1121 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 , 2017 , were as follows : millions operating leases capital leases .
| Millions | OperatingLeases | CapitalLeases |
| :--- | :--- | :--- |
| 2018 | $398 | $173 |
| 2019 | 359 | 156 |
| 2020 | 297 | 164 |
| 2021 | 259 | 168 |
| 2022 | 221 | 147 |
| Later years | 1,115 | 271 |
| Total minimum lease payments | $2,649 | $1,079 |
| Amount representing interest | N/A | (187) |
| Present value of minimum lease payments | N/A | $892 |
approximately 97% ( 97 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 480 million in 2017 , $ 535 million in 2016 , and $ 590 million in 2015 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant . 18 . commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries . we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity . to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated . we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters . personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year . we use an actuarial analysis to measure the expense and liability , including unasserted claims . the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents . under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements . we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work . our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments . approximately 95% ( 95 % ) of the recorded liability is related to asserted claims and approximately 5% ( 5 % ) is related to unasserted claims at december 31 , 2017 . because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 285 million to $ 310 million . we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other . estimates can vary over time due to evolving trends in litigation. .
| string | null | total_lease_payments = 2649 + 1079
percent_leases = 2649 / total_lease_payments
answer = percent_leases * 100 |
what is the differnece between the federal and the state net operating loss carryforward? | 24064 | CodeFinQA | synopsys , inc . notes to consolidated financial statements 2014continued the company has the following tax loss and credit carryforwards available to offset future income tax liabilities : carryforward amount expiration ( in thousands ) .
| Carryforward | Amount (in thousands) | ExpirationDate |
| :--- | :--- | :--- |
| Federal net operating loss carryforward | $57,265 | 2018-2034 |
| Federal research credit carryforward | 78,599 | 2019-2036 |
| Federal foreign tax credit carryforward | 2,081 | 2019-2022 |
| International foreign tax credit carryforward | 13,351 | Indefinite |
| California research credit carryforward | 169,038 | Indefinite |
| Other state research credit carryforward | 7,482 | 2023-2032 |
| State net operating loss carryforward | 33,201 | 2024-2035 |
the federal and state net operating loss carryforward is from acquired companies and the annual use of such loss is subject to significant limitations under internal revenue code section 382 . foreign tax credits may only be used to offset tax attributable to foreign source income . the federal research tax credit was permanently reinstated in fiscal 2016 . the company adopted asu 2016-09 in the first quarter of fiscal 2017 . the company recorded all income tax effects of share-based awards in its provision for income taxes in the condensed consolidated statement of operations on a prospective basis . prior to adoption , the company did not recognize excess tax benefits from stock-based compensation as a charge to capital in excess of par value to the extent that the related tax deduction did not reduce income taxes payable . upon adoption of asu 2016-09 , the company recorded a deferred tax asset of $ 106.5 million mainly related to the research tax credit carryover , for the previously unrecognized excess tax benefits with an offsetting adjustment to retained earnings . adoption of the new standard resulted in net excess tax benefits in the provision for income taxes of $ 38.1 million for fiscal 2017 . during the fourth quarter of fiscal 2017 , the company repatriated $ 825 million from its foreign subsidiary . the repatriation was executed in anticipation of potential u.s . corporate tax reform , and the company plans to indefinitely reinvest the remainder of its undistributed foreign earnings outside the united states . the company provides for u.s . income and foreign withholding taxes on foreign earnings , except for foreign earnings that are considered indefinitely reinvested outside the u.s . as of october 31 , 2017 , there were approximately $ 598.3 million of earnings upon which u.s . income taxes of approximately $ 110.0 million have not been provided for. .
| string | null | federal_net_operating_loss_carryforward = 57265
state_net_operating_loss_carryforward = 33201
answer = federal_net_operating_loss_carryforward - state_net_operating_loss_carryforward |
in 2014 what was the ratio of the international paper interest in other entities to debt obligation listed in the financial statements | 0.9800000191 | CodeFinQA | on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 . the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland . during 2012 , international paper fully repaid the $ 1.2 billion term loan . international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense . at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 . financial statements and supplementary data ) . during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) . the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) . other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash . payment of restricted stock withholding taxes totaled $ 35 million . off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 . financial statements and supplementary data for discussion . liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations . additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used . the company was in compliance with all its debt covenants at december 31 , 2014 . the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities . the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . at december 31 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capital structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2014 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2014 , were as follows: .
| In millions | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Maturities of long-term debt (a) | $742 | $543 | $71 | $1,229 | $605 | $6,184 |
| Debt obligations with right of offset (b) | — | 5,202 | — | — | — | — |
| Lease obligations | 142 | 106 | 84 | 63 | 45 | 91 |
| Purchase obligations (c) | 3,266 | 761 | 583 | 463 | 422 | 1,690 |
| Total (d) | $4,150 | $6,612 | $738 | $1,755 | $1,072 | $7,965 |
( a ) total debt includes scheduled principal payments only . ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities . accordingly , in its consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 119 million . as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities . the installment notes mature in august 2016 ( unless extended ) . the deferred .
| string | null | ratio = 5.2 / 5.3
answer = ratio |
what percentage of the total tax benefits came from the acquisition of fnc? | 84.5100021362 | CodeFinQA | kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the company 2019s investments in latin america are made through individual entities which are subject to local taxes . the company assesses each entity to determine if deferred tax assets are more likely than not realizable . this assessment primarily includes an analysis of cumulative earnings and the determination of future earnings to the extent necessary to fully realize the individual deferred tax asset . based on this analysis the company has determined that a full valuation allowance is required for entities which have a three-year cumulative book loss and for which future earnings are not readily determinable . in addition , the company has determined that no valuation allowance is needed for entities that have three-years of cumulative book income and future earnings are anticipated to be sufficient to more likely than not realize their deferred tax assets . at december 31 , 2014 , the company had total deferred tax assets of $ 9.5 million relating to its latin american investments with an aggregate valuation allowance of $ 9.3 million . the company 2019s deferred tax assets in canada result principally from depreciation deducted under gaap that exceed capital cost allowances claimed under canadian tax rules . the deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles . as of december 31 , 2014 , the company determined that no valuation allowance was needed against a $ 65.5 million net deferred tax asset within krs . the company based its determination on an analysis of both positive evidence and negative evidence using its judgment as to the relative weight of each . the company believes , when evaluating krs 2019s deferred tax assets , special consideration should be given to the unique relationship between the company as a reit and krs as a taxable reit subsidiary . this relationship exists primarily to protect the reit 2019s qualification under the code by permitting , within certain limits , the reit to engage in certain business activities in which the reit cannot directly participate . as such , the reit controls which and when investments are held in , or distributed or sold from , krs . this relationship distinguishes a reit and taxable reit subsidiary from an enterprise that operates as a single , consolidated corporate taxpayer . the company will continue through this structure to operate certain business activities in krs . the company 2019s analysis of krs 2019s ability to utilize its deferred tax assets includes an estimate of future projected income . to determine future projected income , the company scheduled krs 2019s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations ( 201ccore earnings 201d ) . core earnings consist of estimated net operating income for properties currently in service and generating rental income . major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past seven years . the company can employ strategies to realize krs 2019s deferred tax assets including transferring its property management business or selling certain built-in gain assets . the company 2019s projection of krs 2019s future taxable income over twenty years , utilizing the assumptions above with respect to core earnings , net of related expenses , generates sufficient taxable income to absorb a reversal of the company 2019s deductible temporary differences , including net operating loss carryovers . based on this analysis , the company concluded it is more likely than not that krs 2019s net deferred tax asset of $ 65.5 million ( excluding net deferred tax assets of fnc discussed above ) will be realized and therefore , no valuation allowance is needed at december 31 , 2014 . if future income projections do not occur as forecasted or the company incurs additional impairment losses in excess of the amount core earnings can absorb , the company will reconsider the need for a valuation allowance . provision/ ( benefit ) differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows ( in thousands ) : .
| | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Federal provision/(benefit) at statutory tax rate (35%) | $7,762 | $(1,697) | $2,936 |
| State and local provision/(benefit), net of federal benefit | 1,304 | (205) | 230 |
| Acquisition of FNC | - | (9,126) | - |
| Other | - | 229 | (25) |
| Total tax provision/(benefit) – U.S. | $9,066 | $(10,799) | $3,141 |
.
| string | null | shares_acquired = 9126
shares_total = 10799
percent_acquired = shares_acquired / shares_total
answer = percent_acquired * 100 |
how much more futures are short than long , in percentage? | 231.8999938965 | CodeFinQA | table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations . to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options . we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations . we use swaps primarily to manage our price exposure . our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors . for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges . in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes . our objective for entering into each type of hedge or trading derivative is described below . fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories . the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .
| Derivative Instrument | Notional Contract Volumes by Year of Maturity 2012 |
| :--- | :--- |
| Crude oil and refined products: | |
| Futures – long | 15,398 |
| Futures – short | 35,708 |
| Physical contracts – long | 20,310 |
.
| string | null | long_futures = 35708
short_futures = 15398
percent_difference = long_futures / short_futures
answer = percent_difference * 100 |
what percentage of total revenue in 2011 was freight revenue? | 95 | CodeFinQA | f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 335 million during 2012 on developing and deploying ptc . we currently estimate that ptc in accordance with implementing rules issued by the federal rail administration ( fra ) will cost us approximately $ 2 billion by the end of 2015 . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other . during 2012 , we plan to continue testing the technology to evaluate its effectiveness . f0b7 financial expectations 2013 we are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels . coupled with price , on-going network improvements and operational productivity initiatives , we expect earnings that exceed 2011 earnings . results of operations operating revenues millions 2011 2010 2009 % ( % ) change 2011 v 2010 % ( % ) change 2010 v 2009 .
| <i>Millions</i> | <i>2011</i> | <i>2010</i> | <i>2009</i> | <i>% Change 2011 v 2010</i> | <i>% Change 2010 v 2009</i> |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Freight revenues | $18,508 | $16,069 | $13,373 | 15% | 20% |
| Other revenues | 1,049 | 896 | 770 | 17 | 16 |
| Total | $19,557 | $16,965 | $14,143 | 15% | 20% |
we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all except intermodal . increased demand in many market sectors , with particularly strong growth in chemical , industrial products , and automotive shipments for the year , generated the increases . arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains . fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , which is described below in more detail . higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges . freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors . we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments . core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc . our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.2 billion , $ 1.2 billion , and $ 605 million in 2011 , 2010 , and 2009 , respectively . higher fuel prices , volume growth , and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010 . furthermore , for certain periods during 2009 , fuel prices dropped below the base at which our mileage-based fuel surcharge begins , which resulted in no fuel surcharge recovery for associated shipments during those periods . additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs . in 2011 , other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services. .
| string | null | revenue_freight = 18508
revenue_total = 19557
percent_freight = revenue_freight / revenue_total
answer = percent_freight * 100 |
what was the ratio of the net loss on the disposal of the unfully depreciated assets in 2005 compared 2004 | 8 | CodeFinQA | value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2005 and 2004 . gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively . gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively . gross realized gains for 2003 were $ 1249000 . there were no gross realized losses for 2003 . maturities stated are effective maturities . f . restricted cash at december 31 , 2005 and 2004 , the company held $ 41482000 and $ 49847000 , respectively , in restricted cash . at december 31 , 2005 and 2004 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company's landlords pursuant to certain operating lease agreements . g . property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation expense for the years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively . in 2005 and 2004 , the company wrote off certain assets that were fully depreciated and no longer utilized . there was no effect on the company's net property and equipment . additionally , the company wrote off or sold certain assets that were not fully depreciated . the net loss on disposal of those assets was $ 344000 for 2005 and $ 43000 for 2004 . h . investments in accordance with the company's policy , as outlined in note b , "accounting policies" the company assessed its investment in altus pharmaceuticals , inc . ( "altus" ) , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the company to write down the investment basis of the asset , as of december 31 , 2005 and december 31 , 2004 . the company's cost basis carrying value in its outstanding equity and warrants of altus was $ 18863000 at december 31 , 2005 and 2004. .
| | 2005 | 2004 |
| :--- | :--- | :--- |
| Furniture and equipment | $98,387 | $90,893 |
| Leasehold improvements | 66,318 | 65,294 |
| Computers | 18,971 | 18,421 |
| Software | 18,683 | 16,411 |
| Total property and equipment, gross | 202,359 | 191,019 |
| Less accumulated depreciation and amortization | 147,826 | 126,794 |
| Total property and equipment, net | $54,533 | $64,225 |
.
| string | null | net_loss_2005 = 344000
net_loss_2004 = 43000
answer = net_loss_2005 / net_loss_2004 |
what percent did the inventories at lifo net increase from the beginning of 2011 to the end of 2012? | 18.8999996185 | CodeFinQA | in june 2011 , the fasb issued asu no . 2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements . in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income . this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity . the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income . the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 . the company adopted this guidance in the first quarter of 2012 . the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements . 3 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years . the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively . as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories . the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method . product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively . inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .
| | December 29,2012 | December 31,2011 |
| :--- | :--- | :--- |
| Inventories at FIFO, net | $2,182,419 | $1,941,055 |
| Adjustments to state inventories at LIFO | 126,190 | 102,103 |
| Inventories at LIFO, net | $2,308,609 | $2,043,158 |
inventory quantities are tracked through a perpetual inventory system . the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations . in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory . reserves advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .
| string | null | increase = 2308609 - 1941055
decrease = 1941055 - 2182419
percent_increase = increase / 1941055
percent_decrease = decrease / 2182419
answer = percent_increase * 100 |
what would be the balance if the company suffered the potential total tax liability of the 2006 and 2007 irs examination? | 17966 | CodeFinQA | included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months . prior to the adoption of these provisions , these amounts were included in current income tax payable . the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions . the condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions . due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions . the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009. .
| Balance, November 3, 2007 | $9,889 |
| :--- | :--- |
| Additions for tax positions of current year | 3,861 |
| Balance, November 1, 2008 | 13,750 |
| Additions for tax positions of current year | 4,411 |
| Balance, October 31, 2009 | $18,161 |
fiscal year 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 . on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years . the company has recorded taxes and penalties related to certain of these proposed adjustments . there are four items with an additional potential total tax liability of $ 46 million . the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability . therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers . the company 2019s initial meetings with the appellate division of the irs were held during fiscal year 2009 . two of the unresolved matters are one-time issues and pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act . the other matters pertain to the computation of research and development ( r&d ) tax credits and the profits earned from manufacturing activities carried on outside the united states . these latter two matters could impact taxes payable for fiscal 2004 and 2005 as well as for subsequent years . fiscal year 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 . the irs and the company have agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns . however , no agreement was reached on the tax treatment of a number of issues , including the same r&d credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) , and the deductibility of certain stock option compensation expenses . during the third quarter of fiscal 2009 , the irs issued its report for fiscal 2006 and fiscal 2007 , which included proposed adjustments related to these two fiscal years . the company has recorded taxes and penalties related to certain of these proposed adjustments . there are four items with an additional potential total tax liability of $ 195 million . the company concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability . therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers . with the exception of the analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .
| string | null | balance_nov_3_2007 = 9889
additions_for_tax_positions_of_current_year = 3861
balance_nov_1_2008 = balance_nov_3_2007 + additions_for_tax_positions_of_current_year
additions_for_tax_positions_of_current_year = 4411
balance_oct_31_2009 = balance_nov_1_2008 + additions_for_tax_positions_of_current_year
answer = balance_oct_31_2009 - 195 |
what was the ratio of the company discretionary contributions a to the retirement plan for 2012 compared to 2011 | 14.6999998093 | CodeFinQA | through current cash balances and cash from oper- ations . additionally , the company has existing credit facilities totaling $ 2.5 billion . the company was in compliance with all its debt covenants at december 31 , 2012 . the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calcu- lation also excludes accumulated other compre- hensive income/loss and nonrecourse financial liabilities of special purpose entities . the total debt- to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . at december 31 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capi- tal structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 , were as follows: .
| In millions | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Maturities of long-term debt (a) | $444 | $708 | $479 | $571 | $216 | $7,722 |
| Debt obligations with right of offset (b) | — | — | — | 5,173 | — | — |
| Lease obligations | 198 | 136 | 106 | 70 | 50 | 141 |
| Purchase obligations (c) | 3,213 | 828 | 722 | 620 | 808 | 2,654 |
| Total (d) | $3,855 | $1,672 | $1,307 | $6,434 | $1,074 | $10,517 |
( a ) total debt includes scheduled principal payments only . ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities . accordingly , in its con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax bene- fits of approximately $ 620 million . we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s . income taxes have been provided thereon . as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million . we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements . pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s . defined benefit plans determined under u.s . gaap was approximately $ 4.1 billion higher than the fair value of plan assets . approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments . under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes . in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s . congress which provided for pension funding relief and technical corrections . funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level . the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively . at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions . the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates . ilim holding s.a . shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a . joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners . this agreement provides that at .
| string | null | ratio_2012 = 44 / 300
answer = ratio_2012 * 100 |
what was the cumulative total rental expense for operating leases from 2016 to 2018 | 759 | CodeFinQA | business subsequent to the acquisition . the liabilities for these payments are classified as level 3 liabilities because the related fair value measurement , which is determined using an income approach , includes significant inputs not observable in the market . financial assets and liabilities not measured at fair value our debt is reflected on the consolidated balance sheets at cost . based on market conditions as of december 31 , 2018 and 2017 , the fair value of our credit agreement borrowings reasonably approximated the carrying values of $ 1.7 billion and $ 2.0 billion , respectively . in addition , based on market conditions , the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 , respectively . as of december 31 , 2018 and december 31 , 2017 , the fair values of the u.s . notes ( 2023 ) were approximately $ 574 million and $ 615 million , respectively , compared to a carrying value of $ 600 million at each date . as of december 31 , 2018 and december 31 , 2017 , the fair values of the euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million , respectively . as of december 31 , 2018 , the fair value of the euro notes ( 2026/28 ) approximated the carrying value of $ 1.1 billion . the fair value measurements of the borrowings under our credit agreement and receivables facility are classified as level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market , including interest rates on recent financing transactions with similar terms and maturities . we estimated the fair value by calculating the upfront cash payment a market participant would require at december 31 , 2018 to assume these obligations . the fair value of our u.s . notes ( 2023 ) is classified as level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market . the fair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) are determined based upon observable market inputs including quoted market prices in markets that are not active , and therefore are classified as level 2 within the fair value hierarchy . note 13 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2018 are as follows ( in thousands ) : years ending december 31: .
| 2019 | $294,269 |
| :--- | :--- |
| 2020 | 256,172 |
| 2021 | 210,632 |
| 2022 | 158,763 |
| 2023 | 131,518 |
| Thereafter | 777,165 |
| Future Minimum Lease Payments | $1,828,519 |
rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2018 , our portion of the guaranteed residual value would have totaled approximately $ 76 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies we have certain contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .
| string | null | rent_2018 = 300
rent_2017 = 247
rent_2016 = 212
total_rent = rent_2018 + rent_2017 + rent_2016
answer = total_rent |
what is the ratio of securities remaining to securities issued? | 2.4309999943 | CodeFinQA | part a0iii item a010 . directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 . of this report . for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k . item a011 . executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a012 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures . item a013 . certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a014 . principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .
| Plan Category | Number of Securitiesto be Issued UponExercise ofOutstanding Options, Warrants and Rights<sub>(1)</sub> (A)(B) | Weighted-AverageExercise Price ofOutstanding Options, Warrants and Rights | Number of SecuritiesRemaining Available forFuture Issuance UnderEquity CompensationPlans (ExcludingSecurities Reflected in Column (A)) (C) |
| :--- | :--- | :--- | :--- |
| Equity compensation plans approved by security holders | 1,471,449 | $136.62 | 3,578,241 |
part a0iii item a010 . directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 . of this report . for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k . item a011 . executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a012 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures . item a013 . certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a014 . principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .
| string | null | shares_remaining = 3578241
shares_issued = 1471449
ratio = shares_remaining / shares_issued
answer = ratio |
based on the review of the activity between the company and the 2007 financing entities what was the ratio of the cash payments to cash receipts in 2012 | 1.8300000429 | CodeFinQA | the use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 temple-inland timberlands sales . the company recognized an $ 840 million deferred tax liability in connection with the 2007 sales , which will be settled with the maturity of the notes in in october 2007 , temple-inland sold 1.55 million acres of timberlands for $ 2.38 billion . the total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities . the notes are shown in financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit ratings on their long-term debt . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion . as of december 31 , 2014 and 2013 , the fair value of the notes was $ 2.27 billion and $ 2.62 billion , respectively . these notes are classified as level 2 within the fair value hierarchy , which is further defined in note 14 . in december 2007 , temple-inland's two wholly-owned special purpose entities borrowed $ 2.14 billion shown in nonrecourse financial liabilities of special purpose entities in the accompanying consolidated balance sheet . the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the company . the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $ 2.03 billion . as of december 31 , 2014 and 2013 , the fair value of this debt was $ 2.16 billion and $ 2.49 billion , respectively . this debt is classified as level 2 within the fair value hierarchy , which is further defined in note 14 . during 2012 , the credit ratings for two letter of credit banks that support $ 1.0 billion of the 2007 monetized notes were downgraded below the specified threshold . these letters of credit were successfully replaced by other qualifying institutions . fees of $ 8 million were incurred in connection with these replacements . activity between the company and the 2007 financing entities was as follows: .
| In millions | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Revenue (loss) (a) | $26 | $27 | $28 |
| Expense (b) | 25 | 29 | 28 |
| Cash receipts (c) | 7 | 8 | 12 |
| Cash payments (d) | 18 | 21 | 22 |
( a ) the revenue is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 19 million , $ 19 million and $ 17 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion income for the amortization of the purchase accounting adjustment of the financial assets of special purpose entities . ( b ) the expense is included in interest expense , net in the accompanying consolidated statement of operations and includes $ 7 million , $ 7 million and $ 6 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion expense for the amortization of the purchase accounting adjustment on the nonrecourse financial liabilities of special purpose entities . ( c ) the cash receipts are interest received on the financial assets of special purpose entities . ( d ) the cash payments are interest paid on nonrecourse financial liabilities of special purpose entities . preferred securities of subsidiaries in march 2003 , southeast timber , inc . ( southeast timber ) , a consolidated subsidiary of international paper , issued $ 150 million of preferred securities to a private investor with future dividend payments based on libor . southeast timber , which through a subsidiary initially held approximately 1.50 million acres of forestlands in the southern united states , was international paper 2019s primary vehicle for sales of southern forestlands . as of december 31 , 2014 , substantially all of these forestlands have been sold . on march 27 , 2013 , southeast timber redeemed its class a common shares owned by the private investor for $ 150 million . distributions paid to the third-party investor were $ 1 million and $ 6 million in 2013 and 2012 , respectively . the expense related to these preferred securities is shown in net earnings ( loss ) attributable to noncontrolling interests in the accompanying consolidated statement of operations . note 13 debt and lines of credit during the second quarter of 2014 , international paper issued $ 800 million of 3.65% ( 3.65 % ) senior unsecured notes with a maturity date in 2024 and $ 800 million of 4.80% ( 4.80 % ) senior unsecured notes with a maturity date in 2044 . the proceeds from this borrowing were used to repay approximately $ 960 million of notes with interest rates ranging from 7.95% ( 7.95 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2019 . pre-tax early debt retirement costs of $ 262 million related to these debt repayments , including $ 258 million of cash premiums , are included in restructuring and other charges in the .
| string | null | ratio = 22 / 12
answer = ratio |
what was the percentage change in free cash flow from 2012 to 2013? | 51 | CodeFinQA | generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012 .
| <i>Millions</i> | <i>2014</i> | <i>2013</i> | <i>2012</i> |
| :--- | :--- | :--- | :--- |
| Cash provided by operating activities | $7,385 | $6,823 | $6,161 |
| Cash used in investing activities | (4,249) | (3,405) | (3,633) |
| Dividends paid | (1,632) | (1,333) | (1,146) |
| Free cash flow | $1,504 | $2,085 | $1,382 |
2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2015 , we will continue to add resources to support growth , improve service , and replenish our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices at the end of 2014 , there is even more uncertainty around the projections of fuel prices . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , including expenditures for ptc and 218 locomotives . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 we expect the overall u.s . economy to continue to improve at a moderate pace . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . on balance , we expect to see positive volume growth for 2015 versus the prior year . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives and the ability to leverage our resources as we improve the fluidity of our network. .
| string | null | free_cash_flow_2013 = 2085
free_cash_flow_2012 = 1382
percent_change = (free_cash_flow_2013 - free_cash_flow_2012) / free_cash_flow_2012
answer = percent_change * 100 |
in 2009 what was the percent of the total future minimum lease commitments and contingencies for operating leases that was due in 2012 | 14.8000001907 | CodeFinQA | note 9 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2009 are as follows ( in thousands ) : years ending december 31: .
| 2010 | $55,178 |
| :--- | :--- |
| 2011 | 45,275 |
| 2012 | 36,841 |
| 2013 | 30,789 |
| 2014 | 22,094 |
| Thereafter | 59,263 |
| Future Minimum Lease Payments | $249,440 |
rental expense for operating leases was approximately $ 57.2 million , $ 49.0 million and $ 26.6 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2009 , the guaranteed residual value would have totaled approximately $ 27.8 million . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the united states of aftermarket automotive parts that correspond to ford collision parts that are covered by a united states design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows . note 10 . business combinations on october 1 , 2009 , we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38.8 million , net of cash acquired . greenleaf is the entity through which ssi operated its late model automotive parts recycling business . we recorded a gain on bargain purchase for the greenleaf acquisition totaling $ 4.3 million , which is .
| string | null | commitments_2012 = 36841
commitments_total = 249440
percent_commitments_2012_2014 = commitments_2012 / commitments_total
answer = percent_commitments_2012_2014 * 100 |
what was the ratio of the common shares whose exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date in 2008 to 2007 | 1.4299999475 | CodeFinQA | in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly . the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements . in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available . the company included the disclosures required by this guidance in the accompanying consolidated financial statements . accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) . this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns . specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority . the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized . this guidance also expands income tax disclosure requirements . international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 . the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption . note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 . effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies . accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis . note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding . diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year . in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive . a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .
| <i>In millions except per share amounts</i> | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Earnings (loss) from continuing operations | $663 | $(1,269) | $1,215 |
| Effect of dilutive securities (a) | – | – | – |
| Earnings (loss) from continuing operations – assumingdilution | $663 | $(1,269) | $1,215 |
| Average common shares outstanding | 425.3 | 421.0 | 428.9 |
| Effect of dilutive securities Restricted performance share plan (a) | 2.7 | – | 3.7 |
| Stock options (b) | – | – | 0.4 |
| Average common shares outstanding – assuming dilution | 428.0 | 421.0 | 433.0 |
| Basic earnings (loss) per common share from continuing operations | $1.56 | $(3.02) | $2.83 |
| Diluted earnings (loss) per common share from continuing operations | $1.55 | $(3.02) | $2.81 |
average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive . ( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date . note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 . it .
| string | null | ratio = 25.1 / 17.5
answer = ratio |
what percentage did the intrinsic value increase from 2009 to 2011? | 1953.1999511719 | CodeFinQA | the total intrinsic value of options exercised ( i.e . the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2011 , 2010 and 2009 was $ 96.5 million , $ 29.6 million and $ 4.7 million , respectively . the total amount of proceeds received by the company from exercise of these options during fiscal 2011 , 2010 and 2009 was $ 217.4 million , $ 240.4 million and $ 15.1 million , respectively . proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 217.2 million , $ 216.1 million and $ 12.4 million for fiscal 2011 , 2010 and 2009 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans . the withholding amount is based on the company 2019s minimum statutory withholding requirement . a summary of the company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share .
| | Restricted Stock Units Outstanding | Weighted- Average Grant- Date Fair Value Per Share |
| :--- | :--- | :--- |
| Restricted stock units outstanding at October 30, 2010 | 1,265 | $28.21 |
| Units granted | 898 | $34.93 |
| Restrictions lapsed | (33) | $24.28 |
| Units forfeited | (42) | $31.39 |
| Restricted stock units outstanding at October 29, 2011 | 2,088 | $31.10 |
as of october 29 , 2011 , there was $ 88.6 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted-average period of 1.3 years . the total grant-date fair value of shares that vested during fiscal 2011 , 2010 and 2009 was approximately $ 49.6 million , $ 67.7 million and $ 74.4 million , respectively . common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors has authorized the company to repurchase $ 5 billion of the company 2019s common stock under the program . under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 29 , 2011 , the company had repurchased a total of approximately 125.0 million shares of its common stock for approximately $ 4278.5 million under this program . an additional $ 721.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . any future common stock repurchases will be dependent upon several factors , including the amount of cash available to the company in the united states and the company 2019s financial performance , outlook and liquidity . the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans . analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .
| string | null | intrinsic_value_increase = 96.5 - 4.7
intrinsic_value_decrease = intrinsic_value_increase / 4.7
answer = intrinsic_value_decrease * 100 |
what was the percent of the common stock under the vertex 401 ( k ) plan as part of the total common stock used for research funding | 1.4299999475 | CodeFinQA | "distribution date" ) . until the distribution date ( or earlier redemption or expiration of the rights ) , the rights will be traded with , and only with , the common stock . until a right is exercised , the right will not entitle the holder thereof to any rights as a stockholder . if any person or group becomes an acquiring person , each holder of a right , other than rights beneficially owned by the acquiring person , will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock having a market value of two times the purchase price and , if the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . at any time after any person becomes an acquiring person and prior to the acquisition by such person or group of 50% ( 50 % ) or more of the outstanding common stock , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights at a price of $ 0.01 per right . the rights have certain anti-takeover effects , in that they will cause substantial dilution to a person or group that attempts to acquire a significant interest in vertex on terms not approved by the board of directors . common stock reserved for future issuance at december 31 , 2005 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : o . significant revenue arrangements the company has formed strategic collaborations with pharmaceutical companies and other organizations in the areas of drug discovery , development , and commercialization . research , development and commercialization agreements provide the company with financial support and other valuable resources for its research programs and for the development of clinical drug candidates , and the marketing and sales of products . collaborative research , development and commercialization agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements may provide research funding over an initial contract period with renewal and termination options that .
| Common stock under stock and option plans | 17,739 |
| :--- | :--- |
| Common stock under the Vertex Purchase Plan | 842 |
| Common stock under the Vertex 401(k) Plan | 270 |
| Total | 18,851 |
.
| string | null | vertex_401k_percent = 270
total_common_stock = 18851
percent_vertex_401k = vertex_401k_percent / total_common_stock
answer = percent_vertex_401k * 100 |
if the u.s dollar would change by 5% ( 5 % ) against foreign currencies , what would the expected net earnings? | 0.0500000007 | CodeFinQA | contracts as of december 31 , 2006 , which all mature in 2007 . forward contract notional amounts presented below are expressed in the stated currencies ( in thousands ) . forward currency contracts: .
| | (Pay)/Receive |
| :--- | :--- |
| U.S. dollars | (114,000) |
| Euros | (4,472) |
| Singapore dollars | 37,180 |
| Canadian dollars | 81,234 |
| Malaysian ringgits | 85,963 |
a movement of 10% ( 10 % ) in the value of the u.s . dollar against foreign currencies would impact our expected net earnings by approximately $ 0.1 million . item 8 . financial statements and supplementary data the financial statements and supplementary data required by this item are included herein , commencing on page f-1 . item 9 . changes in and disagreements with accountants on accounting and financial disclosure item 9a . controls and procedures ( a ) evaluation of disclosure controls and procedures our management , with the participation of our chief executive officer and chief financial officer , evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report . based on that evaluation , the chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the securities exchange act of 1934 is ( i ) recorded , processed , summarized and reported within the time periods specified in the sec 2019s rules and forms and ( ii ) accumulated and communicated to our management , including the chief executive officer and chief financial officer , as appropriate to allow timely decisions regarding disclosure . a controls system cannot provide absolute assurance , however , that the objectives of the controls system are met , and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud , if any , within a company have been detected . ( b ) management 2019s report on internal control over financial reporting our management 2019s report on internal control over financial reporting is set forth on page f-2 of this annual report on form 10-k and is incorporated by reference herein . ( c ) change in internal control over financial reporting no change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting . item 9b . other information .
| string | null | percentage_change = 0.1
expected_net_earnings = percentage_change / 2
answer = expected_net_earnings |
what percentage of payments was long-term debt? | 46.0999984741 | CodeFinQA | off-balance sheet transactions contractual obligations as of december 31 , 2017 , our contractual obligations with initial or remaining terms in excess of one year , including interest payments on long-term debt obligations , were as follows ( in thousands ) : the table above does not include $ 0.5 million of unrecognized tax benefits ( we refer you to the notes to the consolidated financial statements note 201410 201cincome tax 201d ) . certain service providers may require collateral in the normal course of our business . the amount of collateral may change based on certain terms and conditions . as a routine part of our business , depending on market conditions , exchange rates , pricing and our strategy for growth , we regularly consider opportunities to enter into contracts for the building of additional ships . we may also consider the sale of ships , potential acquisitions and strategic alliances . if any of these transactions were to occur , they may be financed through the incurrence of additional permitted indebtedness , through cash flows from operations , or through the issuance of debt , equity or equity-related securities . funding sources certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends . substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt . we believe we were in compliance with these covenants as of december 31 , 2017 . the impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks . in the event this environment deteriorates , our business , financial condition and results of operations could be adversely impacted . we believe our cash on hand , expected future operating cash inflows , additional available borrowings under our new revolving loan facility and our ability to issue debt securities or additional equity securities , will be sufficient to fund operations , debt payment requirements , capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period . there is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations . less than 1 year 1-3 years 3-5 years more than 5 years long-term debt ( 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases ( 2 ) 131791 15204 28973 26504 61110 ship construction contracts ( 3 ) 6138219 1016892 1363215 1141212 2616900 port facilities ( 4 ) 138308 30509 43388 23316 41095 interest ( 5 ) 947967 218150 376566 203099 150152 other ( 6 ) 168678 54800 73653 23870 16355 .
| | Total | Less than1 year | 1-3 years | 3-5 years | More than5 years |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Long-term debt<sup>(1)</sup> | $6,424,582 | $619,373 | $1,248,463 | $3,002,931 | $1,553,815 |
| Operating leases<sup>(2)</sup> | 131,791 | 15,204 | 28,973 | 26,504 | 61,110 |
| Ship construction contracts<sup>(3)</sup> | 6,138,219 | 1,016,892 | 1,363,215 | 1,141,212 | 2,616,900 |
| Port facilities<sup>(4)</sup> | 138,308 | 30,509 | 43,388 | 23,316 | 41,095 |
| Interest<sup>(5)</sup> | 947,967 | 218,150 | 376,566 | 203,099 | 150,152 |
| Other<sup>(6)</sup> | 168,678 | 54,800 | 73,653 | 23,870 | 16,355 |
| Total | $13,949,545 | $1,954,928 | $3,134,258 | $4,420,932 | $4,439,427 |
( 1 ) includes discount and premiums aggregating $ 0.5 million . also includes capital leases . the amount excludes deferred financing fees which are included in the consolidated balance sheets as an offset to long-term debt . ( 2 ) primarily for offices , motor vehicles and office equipment . ( 3 ) for our newbuild ships based on the euro/u.s . dollar exchange rate as of december 31 , 2017 . export credit financing is in place from syndicates of banks . ( 4 ) primarily for our usage of certain port facilities . ( 5 ) includes fixed and variable rates with libor held constant as of december 31 , 2017 . ( 6 ) future commitments for service , maintenance and other business enhancement capital expenditure contracts. .
| string | null | long_term_debt = 6424582
total_debt = 13949545
percent_long_term_debt = long_term_debt / total_debt
answer = percent_long_term_debt * 100 |
what percent of the restricted stock was lost due to restrictions lapsed in the 2014 period? | 36.0999984741 | CodeFinQA | analog devices , inc . notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
| | RestrictedStock UnitsOutstanding(in thousands) | Weighted-Average Grant-Date Fair ValuePer Share |
| :--- | :--- | :--- |
| Restricted stock units outstanding at November 1, 2014 | 3,188 | $43.46 |
| Units granted | 818 | $52.25 |
| Restrictions lapsed | (1,151) | $39.72 |
| Forfeited | (157) | $45.80 |
| Restricted stock units outstanding at October 31, 2015 | 2,698 | $47.59 |
as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted- average period of 1.3 years . the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively . common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program . under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program . an additional $ 544.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options . the withholding amount is based on the employees minimum statutory withholding requirement . any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states . preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding . the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance . 4 . industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments . the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) . the chief executive officer has been identified as the company's chief operating decision maker . the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits . 2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes . 2022 the company sells its products to tens of thousands of customers worldwide . many of these customers use products spanning all operating segments in a wide range of applications . 2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers . all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics . the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product .
| string | null | restrictions_lapsed = 1151
total_restricted = 3188
percent_lapsed = restrictions_lapsed / total_restricted
answer = percent_lapsed * 100 |
what is the expected growth rate in operating leases from 2019 to 2020? | 9.1000003815 | CodeFinQA | note 11 . commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts . this facility encompasses most of the company fffds u.s . operations , including research and development , manufacturing , sales and marketing and general and administrative departments . in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) . future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .
| Fiscal Years Ending March 31, | Operating Leases (in $000s) |
| :--- | :--- |
| 2019 | $2,078 |
| 2020 | 1,888 |
| 2021 | 1,901 |
| 2022 | 1,408 |
| 2023 | 891 |
| Thereafter | 1,923 |
| Total minimum lease payments | $10,089 |
in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 . in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 . the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer . in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 . the annual rent expense for this lease agreement is estimated to be $ 0.4 million . in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 . the annual rent expense for the lease is estimated to be $ 0.3 million . in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 . the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan . the annual rent expense for the lease is estimated to be $ 0.9 million . license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices . pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million . through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement . any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones . contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types . in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures . the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated . the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate . if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss . if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .
| string | null | operating_leases_2019_2020 = 1888
operating_leases_total = 2078
percent_growth = (operating_leases_2019_2020 - operating_leases_total) / operating_leases_total
answer = percent_growth * 100 |
what percentage of total shares purchased were purchased in november? | 35 | CodeFinQA | five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 . the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
| Period | Total Number of Shares Purchased [a] | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly AnnouncedPlan or Program [b] | Maximum Number of Shares Remaining Under the Plan or Program [b] |
| :--- | :--- | :--- | :--- | :--- |
| Oct. 1 through Oct. 31 | 3,247,731 | $92.98 | 3,221,153 | 56,078,192 |
| Nov. 1 through Nov. 30 | 2,325,865 | 86.61 | 2,322,992 | 53,755,200 |
| Dec. 1 through Dec. 31 | 1,105,389 | 77.63 | 1,102,754 | 52,652,446 |
| Total | 6,678,985 | $88.22 | 6,646,899 | N/A |
[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
| string | null | shares_repurchased = 2325865
shares_total = 6678985
percent_november = shares_repurchased / shares_total
answer = percent_november * 100 |
what is the ratio of issued units to outstanding units? | 0.2520999908 | CodeFinQA | part iii item 10 . directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year . for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 . item 11 . executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 12 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 . certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 14 . principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
| Plan Category | Number of Securitiesto be Issued UponExercise ofOutstanding Options, Warrants and Rights (A)(B) | Weighted-AverageExercise Price ofOutstanding Options, Warrants and Rights | Number of SecuritiesRemaining Available forFuture Issuance UnderEquity CompensationPlans (ExcludingSecurities Reflected in Column (A)) (C) |
| :--- | :--- | :--- | :--- |
| Equity compensation plans approved by security holders | 1,233,672 | $75.93 | 4,903,018 |
part iii item 10 . directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year . for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 . item 11 . executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 12 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 . certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 14 . principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
| string | null | issued_to_outstanding = 1233672 / 4903018
answer = issued_to_outstanding |
what was the change in millions of compensation and benefits from 2007 to 2008? | 69 | CodeFinQA | intermodal 2013 decreased volumes and fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008 . volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 , reflecting economic conditions , continued weak imports from asia , and diversions to non-uprr served ports . additionally , continued weakness in the domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to the volume decline . conversely , domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008 . a new contract with hub group , inc. , which included additional shipments , was executed in the second quarter of 2009 and more than offset the impact of weak market conditions in the second half of 2009 . price increases and fuel surcharges generated higher revenue in 2008 , partially offset by lower volume levels . international traffic declined 11% ( 11 % ) in 2008 , reflecting continued softening of imports from china and the loss of a customer contract . notably , the peak intermodal shipping season , which usually starts in the third quarter , was particularly weak in 2008 . additionally , continued weakness in domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to lower volumes . domestic traffic declined 3% ( 3 % ) in 2008 due to the loss of a customer contract and lower volumes from less-than-truckload shippers . additionally , the flood-related embargo on traffic in the midwest during the second quarter hindered intermodal volume levels in 2008 . mexico business 2013 each of our commodity groups include revenue from shipments to and from mexico . revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1.2 billion . volume declined in five of our six commodity groups , down 19% ( 19 % ) in 2009 , driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments , respectively . conversely , energy shipments increased 9% ( 9 % ) in 2009 versus 2008 , partially offsetting these declines . revenue from mexico business increased 13% ( 13 % ) to $ 1.6 billion in 2008 compared to 2007 . price improvements and fuel surcharges contributed to these increases , partially offset by a 4% ( 4 % ) decline in volume in 2008 compared to 2007 . operating expenses millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007 .
| <i>Millions of Dollars</i> | <i>2009</i> | <i>2008</i> | <i>2007</i> | <i>% Change 2009 v 2008</i> | % Change 2008 v 2007 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Compensation and benefits | $4,063 | $4,457 | $4,526 | (9)% | (2)% |
| Fuel | 1,763 | 3,983 | 3,104 | (56) | 28 |
| Purchased services and materials | 1,614 | 1,902 | 1,856 | (15) | 2 |
| Depreciation | 1,444 | 1,387 | 1,321 | 4 | 5 |
| Equipment and other rents | 1,180 | 1,326 | 1,368 | (11) | (3) |
| Other | 687 | 840 | 733 | (18) | 15 |
| Total | $10,751 | $13,895 | $12,908 | (23)% | 8% |
2009 intermodal revenue international domestic .
| string | null | compensation_and_benefits_change = 4457 - 4526
answer = compensation_and_benefits_change |
in millions , what is the average operating expenses from 2008-2010? | 12216 | CodeFinQA | operating expenses millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
| <i>Millions</i> | <i>2010</i> | <i>2009</i> | <i>2008</i> | <i>% Change</i> <i>2010 v 2009</i> | <i>% Change</i><i>2009 v 2008</i> |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Compensation and benefits | $4,314 | $4,063 | $4,457 | 6% | (9)% |
| Fuel | 2,486 | 1,763 | 3,983 | 41 | (56) |
| Purchased services and materials | 1,836 | 1,644 | 1,928 | 12 | (15) |
| Depreciation | 1,487 | 1,427 | 1,366 | 4 | 4 |
| Equipment and other rents | 1,142 | 1,180 | 1,326 | (3) | (11) |
| Other | 719 | 687 | 840 | 5 | (18) |
| Total | $11,984 | $10,764 | $13,900 | 11% | (23)% |
operating expenses increased $ 1.2 billion in 2010 versus 2009 . our fuel price per gallon increased 31% ( 31 % ) during the year , accounting for $ 566 million of the increase . wage and benefit inflation , depreciation , volume-related costs , and property taxes also contributed to higher expenses during 2010 compared to 2009 . cost savings from productivity improvements and better resource utilization partially offset these increases . operating expenses decreased $ 3.1 billion in 2009 versus 2008 . our fuel price per gallon declined 44% ( 44 % ) during 2009 , decreasing operating expenses by $ 1.3 billion compared to 2008 . cost savings from lower volume , productivity improvements , and better resource utilization also decreased operating expenses in 2009 . in addition , lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009 . conversely , wage and benefit inflation partially offset these reductions . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . general wage and benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009 . volume- related expenses and higher equity and incentive compensation also drove costs up during the year . workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% ( 13 % ) increase in volume levels with fewer employees . lower volume and productivity initiatives led to a 10% ( 10 % ) decline in our workforce in 2009 compared to 2008 , saving $ 516 million during the year . conversely , general wage and benefit inflation increased expenses , partially offsetting these savings . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . higher diesel fuel prices , which averaged $ 2.29 per gallon ( including taxes and transportation costs ) in 2010 compared to $ 1.75 per gallon in 2009 , increased expenses by $ 566 million . volume , as measured by gross ton-miles , increased 10% ( 10 % ) in 2010 versus 2009 , driving fuel expense up by $ 166 million . conversely , the use of newer , more fuel efficient locomotives , our fuel conservation programs and efficient network operations drove a 3% ( 3 % ) improvement in our fuel consumption rate in 2010 , resulting in $ 40 million of cost savings versus 2009 at the 2009 average fuel price . lower diesel fuel prices , which averaged $ 1.75 per gallon ( including taxes and transportation costs ) in 2009 compared to $ 3.15 per gallon in 2008 , reduced expenses by $ 1.3 billion in 2009 . volume , as measured by gross ton-miles , decreased 17% ( 17 % ) in 2009 , lowering expenses by $ 664 million compared to 2008 . our fuel consumption rate improved 4% ( 4 % ) in 2009 , resulting in $ 147 million of cost savings versus 2008 at the 2008 average fuel price . the consumption rate savings versus 2008 using the lower 2009 fuel price was $ 68 million . newer , more fuel efficient locomotives , reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives ; increased use of 2010 operating expenses .
| string | null | total_expenses = 11984 + 10764 + 13900
answer = total_expenses / 3 |
what was the percentage change in cash provided by operating activities between 2004 and 2005? | 15 | CodeFinQA | liquidity and capital resources as of december 31 , 2006 , our principal sources of liquidity included cash , cash equivalents , the sale of receivables , and our revolving credit facilities , as well as the availability of commercial paper and other sources of financing through the capital markets . we had $ 2 billion of committed credit facilities available , of which there were no borrowings outstanding as of december 31 , 2006 , and we did not make any short-term borrowings under these facilities during the year . the value of the outstanding undivided interest held by investors under the sale of receivables program was $ 600 million as of december 31 , 2006 . the sale of receivables program is subject to certain requirements , including the maintenance of an investment grade bond rating . if our bond rating were to deteriorate , it could have an adverse impact on our liquidity . access to commercial paper is dependent on market conditions . deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to utilize commercial paper as a source of liquidity . liquidity through the capital markets is also dependent on our financial stability . at both december 31 , 2006 and 2005 , we had a working capital deficit of approximately $ 1.1 billion . a working capital deficit is common in our industry and does not indicate a lack of liquidity . we maintain adequate resources to meet our daily cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . financial condition cash flows millions of dollars 2006 2005 2004 .
| <i>Cash Flows</i><i>Millions of Dollars</i> | 2006 | 2005 | 2004 |
| :--- | :--- | :--- | :--- |
| Cash provided by operating activities | $2,880 | $2,595 | $2,257 |
| Cash used in investing activities | (2,042) | (2,047) | (1,732) |
| Cash used in financing activities | (784) | (752) | (75) |
| Net change in cash and cash equivalents | $54 | $(204) | $450 |
cash provided by operating activities 2013 higher income in 2006 generated the increased cash provided by operating activities , which was partially offset by higher income tax payments , $ 150 million in voluntary pension contributions , higher material and supply inventories , and higher management incentive payments in 2006 . higher income , lower management incentive payments in 2005 ( executive bonuses , which would have been paid to individuals in 2005 , were not awarded based on company performance in 2004 and bonuses for the professional workforce that were paid out in 2005 were significantly reduced ) , and working capital performance generated higher cash from operating activities in 2005 . a voluntary pension contribution of $ 100 million in 2004 also augmented the positive year-over-year variance in 2005 as no pension contribution was made in 2005 . this improvement was partially offset by cash received in 2004 for income tax refunds . cash used in investing activities 2013 an insurance settlement for the 2005 january west coast storm and lower balances for work in process decreased the amount of cash used in investing activities in 2006 . higher capital investments and lower proceeds from asset sales partially offset this decrease . increased capital spending , partially offset by higher proceeds from asset sales , increased the amount of cash used in investing activities in 2005 compared to 2004 . cash used in financing activities 2013 the increase in cash used in financing activities primarily resulted from lower net proceeds from equity compensation plans ( $ 189 million in 2006 compared to $ 262 million in 2005 ) . the increase in 2005 results from debt issuances in 2004 and higher debt repayments in 2005 . we did not issue debt in 2005 versus $ 745 million of debt issuances in 2004 , and we repaid $ 699 million of debt in 2005 compared to $ 588 million in 2004 . the higher outflows in 2005 were partially offset by higher net proceeds from equity compensation plans ( $ 262 million in 2005 compared to $ 80 million in 2004 ) . .
| string | null | cash_2005 = 2595
cash_2004 = 2257
change = cash_2005 - cash_2004
percent_change = change / cash_2004
answer = percent_change * 100 |
what is the net change in non-operating income from 2008 to 2009? | 394 | CodeFinQA | 4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ( continued ) management believes that operating income , as adjusted , and operating margin , as adjusted , are effective indicators of blackrock 2019s financial performance over time . as such , management believes that operating income , as adjusted , and operating margin , as adjusted , provide useful disclosure to investors . operating income , as adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments , compensation expense , legal fees , marketing and promotional , occupancy and consulting expenses incurred in conjunction with the bgi transaction . restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs and professional fees . the expenses associated with restructuring and bgi transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income , as adjusted , to help enhance the comparability of this information to the current reporting periods . as such , management believes that operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for the respective periods . the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) that will be funded through the distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution , a portion of which has been received , have been excluded because these charges ultimately do not impact blackrock 2019s book value . compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) . operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions . management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods . operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may fluctuate based on market movements , such as restructuring charges , transaction and integration costs , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans . the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies . management uses both the gaap and non-gaap financial measures in evaluating the financial performance of blackrock . the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses . revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties . management believes that excluding such costs is useful to blackrock because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue . amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , offset distribution fee revenue earned by the company . reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc . ( 201cmetric 201d ) , a subsidiary of blackrock realty advisors , inc . ( 201crealty 201d ) . prior to the transfer in 2008 , these employees were retained on metric 2019s payroll when certain properties were acquired by realty 2019s clients . the related compensation and benefits were fully reimbursed by realty 2019s clients and have been excluded from revenue used for operating margin , as adjusted , because they did not bear an economic cost to blackrock . for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues . ( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests ( 201cnci 201d ) , as adjusted , equals non-operating income ( expense ) , gaap basis , less net income ( loss ) attributable to nci , gaap basis , adjusted for compensation expense associated with depreciation/ ( appreciation ) on investments related to certain blackrock deferred compensation plans . the compensation expense offset is recorded in operating income . this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis. .
| | Yearended December 31, |
| :--- | :--- |
| <i>(Dollar amounts in millions)</i> | 2010 | 2009 | 2008 |
| Non-operating income (expense), GAAP basis | $23 | $(6) | $(577) |
| Less: Net income (loss) attributable to NCI | (13) | 22 | (155) |
| Non-operating income (expense)<sup>(1)</sup> | 36 | (28) | (422) |
| Compensation expense related to (appreciation)/depreciation on deferred compensation plans | (11) | (18) | 38 |
| Non-operating income (expense), less net income (loss) attributable to NCI, as adjusted | $25 | $(46) | $(384) |
non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests . management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides for comparability of this information to prior periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results . as compensation expense associated with ( appreciation ) /depreciation on investments related to certain deferred compensation plans , which is included in operating income , offsets the gain/ ( loss ) on the investments set aside for these plans , management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides a useful measure , for both management and investors , of blackrock 2019s non-operating results that impact book value. .
| string | null | non_operating_income = -28
net_income_attributable_to_nci = -422
non_operating_income_less_nci_adjusted = non_operating_income - net_income_attributable_to_nci
answer = non_operating_income_less_nci_adjusted |
what is the percentage change in expenses related to personal pension plan from 2009 to 2010? | 69.1999969482 | CodeFinQA | 1 2 4 n o t e s effective january 1 , 2011 , all u.s . employees , including u.s . legacy bgi employees , will participate in the brsp . all plan assets in the two legacy bgi plans , including the 401k plan and retirement plan ( see below ) , were merged into the brsp on january 1 , 2011 . under the combined brsp , employee contributions of up to 8% ( 8 % ) of eligible compensation , as defined by the plan and subject to irc limitations , will be matched by the company at 50% ( 50 % ) . in addition , the company will continue to make an annual retirement contribution to eligible participants equal to 3-5% ( 3-5 % ) of eligible compensation . blackrock institutional trust company 401 ( k ) savings plan ( formerly the bgi 401 ( k ) savings plan ) the company assumed a 401 ( k ) plan ( the 201cbgi plan 201d ) covering employees of former bgi as a result of the bgi transaction . as part of the bgi plan , employee contributions for participants with at least one year of service were matched at 200% ( 200 % ) of participants 2019 pre-tax contributions up to 2% ( 2 % ) of base salary and overtime , and matched 100% ( 100 % ) of the next 2% ( 2 % ) of base salary and overtime , as defined by the plan and subject to irc limitations . the maximum matching contribution a participant would have received is an amount equal to 6% ( 6 % ) of base salary up to the irc limitations . the bgi plan expense was $ 12 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 . effective january 1 , 2011 , the net assets of this plan merged into the brsp . blackrock institutional trust company retirement plan ( formerly the bgi retirement plan ) the company assumed a defined contribution money purchase pension plan ( 201cbgi retirement plan 201d ) as a result of the bgi transaction . all salaried employees of former bgi and its participating affiliates who were u.s . residents on the u.s . payroll were eligible to participate . for participants earning less than $ 100000 in base salary , the company contributed 6% ( 6 % ) of a participant 2019s total compensation ( base salary , overtime and performance bonus ) up to $ 100000 . for participants earning $ 100000 or more in base salary , the company contributed 6% ( 6 % ) of a participant 2019s base salary and overtime up to the irc limita- tion of $ 245000 in 2010 . these contributions were 25% ( 25 % ) vested once the participant has completed two years of service and then vested at a rate of 25% ( 25 % ) for each additional year of service completed . employees with five or more years of service under the retirement plan were 100% ( 100 % ) vested in their entire balance . the retirement plan expense was $ 13 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 . effective january 1 , 2011 , the net assets of this plan merged into the brsp . blackrock group personal pension plan blackrock investment management ( uk ) limited ( 201cbim 201d ) , a wholly-owned subsidiary of the company , contributes to the blackrock group personal pension plan , a defined contribution plan for all employees of bim . bim contributes between 6% ( 6 % ) and 15% ( 15 % ) of each employee 2019s eligible compensation . the expense for this plan was $ 22 million , $ 13 million and $ 16 million for the years ended december 31 , 2010 , 2009 and 2008 , respectively . defined benefit plans in 2009 , prior to the bgi transaction , the company had several defined benefit pension plans in japan , germany , luxembourg and jersey . all accrued benefits under these defined benefit plans are currently frozen and the plans are closed to new participants . in 2008 , the defined benefit pension values in luxembourg were transferred into a new defined contribution plan for such employees , removing future liabilities . participant benefits under the plans will not change with salary increases or additional years of service . through the bgi transaction , the company assumed defined benefit pension plans in japan and germany which are closed to new participants . during 2010 , these plans merged into the legacy blackrock plans in japan ( the 201cjapan plan 201d ) and germany . at december 31 , 2010 and 2009 , the plan assets for these plans were approximately $ 19 million and $ 10 million , respectively , and the unfunded obligations were less than $ 6 million and $ 3 million , respectively , which were recorded in accrued compensation and benefits on the consolidated statements of financial condition . benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material . defined benefit plan assets for the japan plan of approximately $ 16 million are invested using a total return investment approach whereby a mix of equity securities , debt securities and other investments are used to preserve asset values , diversify risk and achieve the target investment return benchmark . investment strategies and asset allocations are based on consideration of plan liabilities and the funded status of the plan . investment performance and asset allocation are measured and monitored on an ongoing basis . the current target allocations for the plan assets are 45-50% ( 45-50 % ) for u.s . and international equity securities , 50-55% ( 50-55 % ) for u.s . and international fixed income securities and 0-5% ( 0-5 % ) for cash and cash equivalents . the table below provides the fair value of the defined benefit japan plan assets at december 31 , 2010 by asset category . the table also identifies the level of inputs used to determine the fair value of assets in each category . quoted prices significant in active other markets for observable identical assets inputs december 31 , ( dollar amounts in millions ) ( level 1 ) ( level 2 ) 2010 .
| <i>(Dollar amounts in millions)</i> | Quoted Prices inActive Marketsfor Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | December 31, 2010 |
| :--- | :--- | :--- | :--- |
| Cash and cash equivalents | $9 | $— | $9 |
| Equity securities | 4 | — | 4 |
| Fixed income securities | — | 3 | 3 |
| Fair value of plan assets | $13 | $3 | $16 |
the assets and unfunded obligation for the defined benefit pension plan in germany and jersey were immaterial to the company 2019s consolidated financial statements at december 31 , 2010 . post-retirement benefit plans prior to the bgi transaction , the company had requirements to deliver post-retirement medical benefits to a closed population based in the united kingdom and through the bgi transaction , the company assumed a post-retirement benefit plan to a closed population of former bgi employees in the united kingdom . for the years ended december 31 , 2010 , 2009 and 2008 , expenses and unfunded obligations for these benefits were immaterial to the company 2019s consolidated financial statements . in addition , through the bgi transaction , the company assumed a requirement to deliver post-retirement medical benefits to a .
| string | null | personal_pension_plan_expense = 22
personal_pension_plan_expense_2009 = 13
change = personal_pension_plan_expense - personal_pension_plan_expense_2009
percent_change = change / personal_pension_plan_expense_2009
answer = percent_change * 100 |
what percentage of total minimum lease payments are capital leases as of december 31 , 2006? | 26 | CodeFinQA | depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under the credit facilities referred to above . the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively . we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 . shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings . at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement . we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time . 6 . leases we lease certain locomotives , freight cars , and other property . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2006 were as follows : millions of dollars operating leases capital leases .
| <i>Millions of Dollars</i> | <i>OperatingLeases</i> | Capital Leases |
| :--- | :--- | :--- |
| 2007 | $624 | $180 |
| 2008 | 546 | 173 |
| 2009 | 498 | 168 |
| 2010 | 456 | 148 |
| 2011 | 419 | 157 |
| Later Years | 2,914 | 1,090 |
| Total minimum lease payments | $5,457 | $1,916 |
| Amount representing interest | N/A | (680) |
| Present value of minimum lease payments | N/A | $1,236 |
rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
| string | null | capital_leases_2006 = 1916
total_leases_2006 = capital_leases_2006
total_leases_percent = total_leases_2006 / (total_leases_2006 + 5457)
answer = total_leases_percent * 100 |
what percentage of total highway revenue equipment owned is containers? | 60 | CodeFinQA | average highway revenue equipment owned leased total age ( yrs. ) .
| Highway revenue equipment | Owned | Leased | Total | Average Age (yrs.) |
| :--- | :--- | :--- | :--- | :--- |
| Containers | 33,633 | 25,998 | 59,631 | 8.0 |
| Chassis | 22,086 | 26,837 | 48,923 | 9.6 |
| Total highway revenue equipment | 55,719 | 52,835 | 108,554 | N/A |
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion . these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency . additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives . 2015 capital program 2013 during 2015 , our capital program totaled $ 4.3 billion . ( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources , item 7. ) 2016 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , which will include expenditures for ptc of approximately $ 375 million and may include non-cash investments . we may revise our 2016 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see discussion of our 2016 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2016 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.6 billion and $ 2.8 billion at december 31 , 2015 , and 2014 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment . ( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 . legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business . we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments . consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
| string | null | containers_owned = 33633
containers_total = 55719
percent_containers = containers_owned / containers_total
answer = percent_containers * 100 |
what is the average capital spending for the global cellulose fibers segment , considering the years 2016-2018? | 181.6699981689 | CodeFinQA | the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 . operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s . dollar denominated net debt . ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand . sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china . sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard . average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets . average sales price realizations in russian markets increased year over year for all products . input costs were higher in 2018 , primarily for wood , fuel and chemicals . distribution costs were negatively impacted by tariffs and inflation . the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days . based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china . input costs are projected to be relatively flat , while distribution costs are expected to increase . equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 . the company received cash dividends from the investment of $ 25 million in 2018 . liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating cash flow , which is highly sensitive to changes in the pricing and demand for our major products . while changes in key cash operating costs , such as energy , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle . cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program . cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 . cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 . investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending . in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested . the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle . capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 . across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 . the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .
| In millions | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Industrial Packaging | $1,061 | $836 | $832 |
| Global Cellulose Fibers | 183 | 188 | 174 |
| Printing Papers | 303 | 235 | 215 |
| Subtotal | 1,547 | 1,259 | 1,221 |
| Corporate and other | 25 | 21 | 20 |
| Capital Spending | $1,572 | $1,280 | $1,241 |
capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .
| string | null | table_row = [183, 188, 174] # row labeled global cellulose fibers
a = sum(table_row) / len(table_row) |
in 2006 what was the ratio of the benefit payments to the subsidy receipts | 6.6999998093 | CodeFinQA | at december 31 , 2005 , estimated total future post- retirement benefit payments , net of participant con- tributions and estimated future medicare part d subsidy receipts are as follows : in millions benefit payments subsidy receipts .
| <i>In millions</i> | BenefitPayments | Subsidy Receipts |
| :--- | :--- | :--- |
| 2006 | $87 | $(13) |
| 2007 | 86 | (14) |
| 2008 | 83 | (15) |
| 2009 | 81 | (16) |
| 2010 | 79 | (17) |
| 2011 – 2015 | 352 | (90) |
non-u.s . postretirement benefits in addition to the u.s . plan , certain canadian and brazilian employees are eligible for retiree health care and life insurance . net postretirement benefit cost for our non-u.s . plans was $ 3 million for 2005 and $ 2 mil- lion for 2004 . the benefit obligation for these plans was $ 21 million in 2005 and $ 20 million in 2004 . note 17 incentive plans international paper currently has a long-term in- centive compensation plan ( lticp ) that includes a stock option program , a restricted performance share program and a continuity award program , ad- ministered by a committee of nonemployee members of the board of directors ( committee ) who are not eligible for awards . also , stock appreciation rights ( sar 2019s ) have been awarded to employees of a non-u.s . subsidiary , with 5135 and 5435 rights outstanding at de- cember 31 , 2005 and 2004 , respectively . we also have other performance-based restricted share/unit programs available to senior executives and directors . international paper applies the provisions of apb opinion no . 25 , 201caccounting for stock issued to employees , 201d and related interpretations and the dis- closure provisions of sfas no . 123 , 201caccounting for stock-based compensation , 201d in accounting for our plans . sfas no . 123 ( r ) will be adopted effective jan- uary 1 , 2006 . as no unvested stock options were out- standing at this date , the company believes that the adoption will not have a material impact on its con- solidated financial statements . stock option program international paper accounts for stock options using the intrinsic value method under apb opinion no . 25 . under this method , compensation expense is recorded over the related service period when the market price exceeds the option price at the measurement date , which is the grant date for international paper 2019s options . no compensation expense is recorded as options are is- sued with an exercise price equal to the market price of international paper stock on the grant date . during each reporting period , fully diluted earnings per share is calculated by assuming that 201cin-the-money 201d options are exercised and the exercise proceeds are used to repurchase shares in the marketplace . when options are actually exercised , option proceeds are credited to equity and issued shares are included in the computation of earnings per common share , with no effect on re- ported earnings . equity is also increased by the tax benefit that international paper will receive in its tax return for income reported by the optionees in their in- dividual tax returns . under the program , officers and certain other em- ployees may be granted options to purchase interna- tional paper common stock . the option price is the market price of the stock on the close of business on the day prior to the date of grant . options must be vested before they can be exercised . upon exercise of an op- tion , a replacement option may be granted under certain circumstances with an exercise price equal to the market price at the time of exercise and with a term extending to the expiration date of the original option . the company discontinued its stock option pro- gram in 2004 for members of executive management , and in 2005 for all other eligible u.s . and non-u.s . employees . in the united states , the stock option pro- gram was replaced with a performance-based restricted share program for approximately 1250 employees to more closely tie long-term incentive compensation to company performance on two key performance drivers : return on investment ( roi ) and total shareholder re- turn ( tsr ) . as part of this shift in focus away from stock options to performance-based restricted stock , the company accelerated the vesting of all 14 million un- vested stock options to july 12 , 2005 . the company also considered the benefit to employees and the income statement impact in making its decision to accelerate the vesting of these options . based on the market value of the company 2019s common stock on july 12 , 2005 , the exercise prices of all such stock options were above the market value and , accordingly , the company recorded no expense as a result of this action. .
| string | null | benefit_payments = 87
subsidy_receipts = 13
ratio = benefit_payments / subsidy_receipts
answer = ratio |
what is the expected percentage change in rent expense and certain office equipment expense in 2017? | 6 | CodeFinQA | future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .
| Year | Amount |
| :--- | :--- |
| 2017 | 142 |
| 2018 | 135 |
| 2019 | 125 |
| 2020 | 120 |
| 2021 | 112 |
| Thereafter | 404 |
| Total | $1,038 |
rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 and 2014 , respectively . investment commitments . at december 31 , 2016 , the company had $ 192 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . in addition to the capital commitments of $ 192 million , the company had approximately $ 12 million of contingent commitments for certain funds which have investment periods that have expired . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million and is included in other liabilities on the consolidated statement of financial condition . other contingent payments . the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with .
| string | null | rent_2017 = 142
rent_2016 = 134
rent_change = rent_2017 - rent_2016
rent_percent_change = rent_change / rent_2016
answer = rent_percent_change * 100 |
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