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what percentage of pmi-owned manufacturing facilities eema asia america canada are in eu? | 28 | CodeFinQA | 2022 the failure of our information systems to function as intended or their penetration by outside parties with the intent to corrupt them or our failure to comply with privacy laws and regulations could result in business disruption , litigation and regulatory action , and loss of revenue , assets or personal or other confidential data . we use information systems to help manage business processes , collect and interpret business data and communicate internally and externally with employees , suppliers , customers and others . some of these information systems are managed by third-party service providers . we have backup systems and business continuity plans in place , and we take care to protect our systems and data from unauthorized access . nevertheless , failure of our systems to function as intended , or penetration of our systems by outside parties intent on extracting or corrupting information or otherwise disrupting business processes , could place us at a competitive disadvantage , result in a loss of revenue , assets or personal or other sensitive data , litigation and regulatory action , cause damage to our reputation and that of our brands and result in significant remediation and other costs . failure to protect personal data and respect the rights of data subjects could subject us to substantial fines under regulations such as the eu general data protection regulation . 2022 we may be required to replace third-party contract manufacturers or service providers with our own resources . in certain instances , we contract with third parties to manufacture some of our products or product parts or to provide other services . we may be unable to renew these agreements on satisfactory terms for numerous reasons , including government regulations . accordingly , our costs may increase significantly if we must replace such third parties with our own resources . item 1b . unresolved staff comments . item 2 . properties . at december 31 , 2017 , we operated and owned 46 manufacturing facilities and maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets . in addition , we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes . pmi-owned manufacturing facilities eema asia america canada total .
| | EU<sup>(1)</sup> | EEMA | Asia | LatinAmerica&Canada | TOTAL |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Fully integrated | 7 | 8 | 9 | 7 | 31 |
| Make-pack | 3 | — | 1 | 2 | 6 |
| Other | 3 | 1 | 3 | 2 | 9 |
| Total | 13 | 9 | 13 | 11 | 46 |
( 1 ) includes facilities that produced heated tobacco units in 2017 . in 2017 , 23 of our facilities each manufactured over 10 billion cigarettes , of which eight facilities each produced over 30 billion units . our largest factories are in karawang and sukorejo ( indonesia ) , izmir ( turkey ) , krakow ( poland ) , st . petersburg and krasnodar ( russia ) , batangas and marikina ( philippines ) , berlin ( germany ) , kharkiv ( ukraine ) , and kutna hora ( czech republic ) . our smallest factories are mostly in latin america and asia , where due to tariff and other constraints we have established small manufacturing units in individual markets . we will continue to optimize our manufacturing base , taking into consideration the evolution of trade blocks . the plants and properties owned or leased and operated by our subsidiaries are maintained in good condition and are believed to be suitable and adequate for our present needs . we are integrating the production of heated tobacco units into a number of our existing manufacturing facilities and progressing with our plans to build manufacturing capacity for our other rrp platforms. .
| string | null | doors_eu = 13
doors_total = 46
percent_eu = doors_eu / doors_total
answer = percent_eu * 100 |
for commercial mortgage recourse obligations , what was average reserve adjustments net for 2010 and 2011 , in millions? | 5 | CodeFinQA | recourse and repurchase obligations as discussed in note 3 loans sale and servicing activities and variable interest entities , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement . one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions . commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s dus program . we participated in a similar program with the fhlmc . under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement . at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively . the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 . we maintain a reserve for estimated losses based upon our exposure . the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet . if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses . our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment . analysis of commercial mortgage recourse obligations .
| In millions | 2011 | 2010 |
| :--- | :--- | :--- |
| January 1 | $54 | $71 |
| Reserve adjustments, net | 1 | 9 |
| Losses – loan repurchases and settlements | (8) | (2) |
| Loan sales | | (24) |
| December 31 | $47 | $54 |
residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors . these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements . residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions . as discussed in note 3 in this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and gnma , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors . our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal . repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment . pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition . pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of whole-loans sold in these transactions . repurchase activity associated with brokered home equity loans/lines is reported in the non-strategic assets portfolio segment . loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to investors of sufficient investment quality . key aspects of such covenants and representations and warranties include the loan 2019s compliance with any applicable loan criteria established by the investor , including underwriting standards , delivery of all required loan documents to the investor or its designated party , sufficient collateral valuation , and the validity of the lien securing the loan . as a result of alleged breaches of these contractual obligations , investors may request pnc to indemnify them against losses on certain loans or to repurchase loans . these investor indemnification or repurchase claims are typically settled on an individual loan basis through make- whole payments or loan repurchases ; however , on occasion we may negotiate pooled settlements with investors . indemnifications for loss or loan repurchases typically occur when , after review of the claim , we agree insufficient evidence exists to dispute the investor 2019s claim that a breach of a loan covenant and representation and warranty has occurred , such breach has not been cured , and the effect of such breach is deemed to have had a material and adverse effect on the value of the transferred loan . depending on the sale agreement and upon proper notice from the investor , we typically respond to such indemnification and repurchase requests within 60 days , although final resolution of the claim may take a longer period of time . with the exception of the sales the pnc financial services group , inc . 2013 form 10-k 199 .
| string | null | table_row = [1, 9] # row labeled reserve adjustments net
a = sum(table_row)/len(table_row) |
what was the percent of the commercial and similar letters of credit in the u.s to outside the u.s in 2009 | 22.3999996185 | CodeFinQA | credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments as of december 31 , 2009 and december 31 , 2008 : in millions of dollars u.s . outside of december 31 , december 31 .
| In millions of dollars | U.S. | Outside of U.S. | December 31, 2009 | December 31, 2008 |
| :--- | :--- | :--- | :--- | :--- |
| Commercial and similar letters of credit | $1,321 | $5,890 | $7,211 | $8,215 |
| One- to four-family residential mortgages | 788 | 282 | 1,070 | 937 |
| Revolving open-end loans secured by one- to four-family residential properties | 20,914 | 3,002 | 23,916 | 25,212 |
| Commercial real estate, construction and land development | 1,185 | 519 | 1,704 | 2,702 |
| Credit card lines | 649,625 | 135,870 | 785,495 | 1,002,437 |
| Commercial and other consumer loan commitments | 167,510 | 89,832 | 257,342 | 309,997 |
| Total | $841,343 | $235,395 | $1,076,738 | $1,349,500 |
the majority of unused commitments are contingent upon customers 2019 maintaining specific credit standards . commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees . such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period . commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments . citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit . when a letter of credit is drawn , the customer is then required to reimburse citigroup . one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase . revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit . a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage . commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects . both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments . however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet . credit card lines citigroup provides credit to customers by issuing credit cards . the credit card lines are unconditionally cancellable by the issuer . commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities , as well as commercial commitments to make or purchase loans , to purchase third-party receivables , to provide note issuance or revolving underwriting facilities and to invest in the form of equity . amounts include $ 126 billion and $ 170 billion with an original maturity of less than one year at december 31 , 2009 and december 31 , 2008 , respectively . in addition , included in this line item are highly leveraged financing commitments , which are agreements that provide funding to a borrower with higher levels of debt ( measured by the ratio of debt capital to equity capital of the borrower ) than is generally considered normal for other companies . this type of financing is commonly employed in corporate acquisitions , management buy-outs and similar transactions. .
| string | null | commercial_letters_of_credit = 1321
outside_of_us = 5890
percent_of_us = commercial_letters_of_credit / outside_of_us
answer = percent_of_us * 100 |
home equity loans were what percent of the total indemnification and repurchase liability for asserted claims and unasserted claims as of december 31 2011? | 36.0999984741 | CodeFinQA | agreements associated with the agency securitizations , most sale agreements do not provide for penalties or other remedies if we do not respond timely to investor indemnification or repurchase requests . origination and sale of residential mortgages is an ongoing business activity and , accordingly , management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements . we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification is expected to be provided or for loans that are expected to be repurchased . for the first and second-lien mortgage sold portfolio , we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made and our estimate of future claims on a loan by loan basis . these relate primarily to loans originated during 2006-2008 . for the home equity loans/lines sold portfolio , we have established indemnification and repurchase liabilities based upon this same methodology for loans sold during 2005-2007 . indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management . initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement . since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability . these adjustments are recognized in other noninterest income on the consolidated income statement . management 2019s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests , actual loss experience , risks in the underlying serviced loan portfolios , and current economic conditions . as part of its evaluation , management considers estimated loss projections over the life of the subject loan portfolio . at december 31 , 2011 and december 31 , 2010 , the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 130 million and $ 294 million , respectively , and was included in other liabilities on the consolidated balance sheet . an analysis of the changes in this liability during 2011 and 2010 follows : analysis of indemnification and repurchase liability for asserted claims and unasserted claims .
| | 2011 | 2010 |
| :--- | :--- | :--- |
| In millions | Residential Mortgages (a) | Home Equity Loans/Lines (b) | Total | Residential Mortgages (a) | Home Equity Loans/Lines (b) | Total |
| January 1 | $144 | $150 | $294 | $229 | $41 | $270 |
| Reserve adjustments, net | 102 | 4 | 106 | 120 | 144 | 264 |
| Losses – loan repurchases and settlements | (163) | (107) | (270) | (205) | (35) | (240) |
| December 31 | $83 | $47 | $130 | $144 | $150 | $294 |
( a ) repurchase obligation associated with sold loan portfolios of $ 121.4 billion and $ 139.8 billion at december 31 , 2011 and december 31 , 2010 , respectively . ( b ) repurchase obligation associated with sold loan portfolios of $ 4.5 billion and $ 6.5 billion at december 31 , 2011 and december 31 , 2010 , respectively . pnc is no longer engaged in the brokered home equity lending business , which was acquired with national city . management believes our indemnification and repurchase liabilities appropriately reflect the estimated probable losses on investor indemnification and repurchase claims at december 31 , 2011 and 2010 . while management seeks to obtain all relevant information in estimating the indemnification and repurchase liability , the estimation process is inherently uncertain and imprecise and , accordingly , it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability . factors that could affect our estimate include the volume of valid claims driven by investor strategies and behavior , our ability to successfully negotiate claims with investors , housing prices , and other economic conditions . at december 31 , 2011 , we estimate that it is reasonably possible that we could incur additional losses in excess of our indemnification and repurchase liability of up to $ 85 million . this estimate of potential additional losses in excess of our liability is based on assumed higher investor demands , lower claim rescissions , and lower home prices than our current assumptions . reinsurance agreements we have two wholly-owned captive insurance subsidiaries which provide reinsurance to third-party insurers related to insurance sold to our customers . these subsidiaries enter into various types of reinsurance agreements with third-party insurers where the subsidiary assumes the risk of loss through either an excess of loss or quota share agreement up to 100% ( 100 % ) reinsurance . in excess of loss agreements , these subsidiaries assume the risk of loss for an excess layer of coverage up to specified limits , once a defined first loss percentage is met . in quota share agreements , the subsidiaries and third-party insurers share the responsibility for payment of all claims . these subsidiaries provide reinsurance for accidental death & dismemberment , credit life , accident & health , lender placed 200 the pnc financial services group , inc . 2013 form 10-k .
| string | null | claims_asserted = 47
claims_total = 130
percent_asserted = claims_asserted / claims_total
answer = percent_asserted * 100 |
by how much did total proved undeveloped reserves increase during 2013? | 9.8000001907 | CodeFinQA | changes in proved undeveloped reserves as of december 31 , 2013 , 627 mmboe of proved undeveloped reserves were reported , an increase of 56 mmboe from december 31 , 2012 . the following table shows changes in total proved undeveloped reserves for 2013 : ( mmboe ) .
| Beginning of year | 571 |
| :--- | :--- |
| Revisions of previous estimates | 4 |
| Improved recovery | 7 |
| Purchases of reserves in place | 16 |
| Extensions, discoveries, and other additions | 142 |
| Dispositions | (4) |
| Transfer to Proved Developed | (109) |
| End of year | 627 |
significant additions to proved undeveloped reserves during 2013 included 72 mmboe in the eagle ford and 49 mmboe in the bakken shale plays due to development drilling . transfers from proved undeveloped to proved developed reserves included 57 mmboe in the eagle ford , 18 mmboe in the bakken and 7 mmboe in the oklahoma resource basins due to producing wells . costs incurred in 2013 , 2012 and 2011 relating to the development of proved undeveloped reserves , were $ 2536 million , $ 1995 million and $ 1107 million . a total of 59 mmboe was booked as a result of reliable technology . technologies included statistical analysis of production performance , decline curve analysis , rate transient analysis , reservoir simulation and volumetric analysis . the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves . projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete , or the timing of when additional gas compression is needed . of the 627 mmboe of proved undeveloped reserves at december 31 , 2013 , 24 percent of the volume is associated with projects that have been included in proved reserves for more than five years . the majority of this volume is related to a compression project in e.g . that was sanctioned by our board of directors in 2004 . the timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels . performance of this field since the board sanctioned the project has far exceeded expectations . estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 . during 2012 , the compression project received the approval of the e.g . government , allowing design and planning work to progress towards implementation , with completion expected by mid-2016 . the other component of alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled late 2014 . proved undeveloped reserves for the north gialo development , located in the libyan sahara desert , were booked for the first time as proved undeveloped reserves in 2010 . this development , which is anticipated to take more than five years to be developed , is being executed by the operator and encompasses a continuous drilling program including the design , fabrication and installation of extensive liquid handling and gas recycling facilities . anecdotal evidence from similar development projects in the region led to an expected project execution of more than five years from the time the reserves were initially booked . interruptions associated with the civil unrest in 2011 and third-party labor strikes in 2013 have extended the project duration . there are no other significant undeveloped reserves expected to be developed more than five years after their original booking . as of december 31 , 2013 , future development costs estimated to be required for the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves related to continuing operations for the years 2014 through 2018 are projected to be $ 2894 million , $ 2567 million , $ 2020 million , $ 1452 million and $ 575 million . the timing of future projects and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves are forward-looking statements and are based on a number of assumptions , including ( among others ) commodity prices , presently known physical data concerning size and character of the reservoirs , economic recoverability , technology developments , future drilling success , industry economic conditions , levels of cash flow from operations , production experience and other operating considerations . to the extent these assumptions prove inaccurate , actual recoveries , timing and development costs could be different than current estimates. .
| string | null | proved_undeveloped_reserves_2013 = 56
total_proved_undeveloped_reserves = 571
percent_increase = proved_undeveloped_reserves_2013 / total_proved_undeveloped_reserves
answer = percent_increase * 100 |
what was the change in advertising costs from 2001 to 2002? | 210000 | CodeFinQA | illumina , inc . notes to consolidated financial statements 2014 ( continued ) advertising costs the company expenses advertising costs as incurred . advertising costs were approximately $ 440000 for 2003 , $ 267000 for 2002 and $ 57000 for 2001 . income taxes a deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities , as well as the expected future tax benefit to be derived from tax loss and credit carryforwards . deferred income tax expense is generally the net change during the year in the deferred income tax asset or liability . valuation allowances are established when realizability of deferred tax assets is uncertain . the effect of tax rate changes is reflected in tax expense during the period in which such changes are enacted . foreign currency translation the functional currencies of the company 2019s wholly owned subsidiaries are their respective local currencies . accordingly , all balance sheet accounts of these operations are translated to u.s . dollars using the exchange rates in effect at the balance sheet date , and revenues and expenses are translated using the average exchange rates in effect during the period . the gains and losses from foreign currency translation of these subsidiaries 2019 financial statements are recorded directly as a separate component of stockholders 2019 equity under the caption 2018 2018accumulated other comprehensive income . 2019 2019 stock-based compensation at december 28 , 2003 , the company has three stock-based employee and non-employee director compensation plans , which are described more fully in note 5 . as permitted by sfas no . 123 , accounting for stock-based compensation , the company accounts for common stock options granted , and restricted stock sold , to employees , founders and directors using the intrinsic value method and , thus , recognizes no compensation expense for options granted , or restricted stock sold , with exercise prices equal to or greater than the fair value of the company 2019s common stock on the date of the grant . the company has recorded deferred stock compensation related to certain stock options , and restricted stock , which were granted prior to the company 2019s initial public offering with exercise prices below estimated fair value ( see note 5 ) , which is being amortized on an accelerated amortiza- tion methodology in accordance with financial accounting standards board interpretation number ( 2018 2018fin 2019 2019 ) 28 . pro forma information regarding net loss is required by sfas no . 123 and has been determined as if the company had accounted for its employee stock options and employee stock purchases under the fair value method of that statement . the fair value for these options was estimated at the dates of grant using the fair value option pricing model ( black scholes ) with the following weighted-average assumptions for 2003 , 2002 and 2001 : year ended year ended year ended december 28 , december 29 , december 30 , 2003 2002 2001 weighted average risk-free interest rate******* 3.03% ( 3.03 % ) 3.73% ( 3.73 % ) 4.65% ( 4.65 % ) expected dividend yield********************* 0% ( 0 % ) 0% ( 0 % ) 0% ( 0 % ) weighted average volatility ****************** 103% ( 103 % ) 104% ( 104 % ) 119% ( 119 % ) estimated life ( in years ) ********************** 5 5 5 .
| | Year Ended December 28, 2003 | Year Ended December 29, 2002 | Year Ended December 30, 2001 |
| :--- | :--- | :--- | :--- |
| Weighted average risk-free interest rate | 3.03% | 3.73% | 4.65% |
| Expected dividend yield | 0% | 0% | 0% |
| Weighted average volatility | 103% | 104% | 119% |
| Estimated life (in years) | 5 | 5 | 5 |
| Weighted average fair value of options granted | $3.31 | $4.39 | $7.51 |
.
| string | null | change = 267000 - 57000
answer = change |
in 2018 what was the percent of the incentive compensation associated with charges for estimated awards to retirement-eligible employees | 33.0999984741 | CodeFinQA | incentive compensation cost the following table shows components of compensation expense , relating to certain of the incentive compensation programs described above : in a0millions a0of a0dollars 2018 2017 2016 charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555 amortization of deferred cash awards , deferred cash stock units and performance stock units 202 354 336 immediately vested stock award expense ( 1 ) 75 70 73 amortization of restricted and deferred stock awards ( 2 ) 435 474 509 .
| In millions of dollars | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Charges for estimated awards to retirement-eligible employees | $669 | $659 | $555 |
| Amortization of deferred cash awards, deferred cash stock units and performance stock units | 202 | 354 | 336 |
| Immediately vested stock award expense<sup>(1)</sup> | 75 | 70 | 73 |
| Amortization of restricted and deferred stock awards<sup>(2)</sup> | 435 | 474 | 509 |
| Other variable incentive compensation | 640 | 694 | 710 |
| Total | $2,021 | $2,251 | $2,183 |
( 1 ) represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation . the expense is generally accrued as cash incentive compensation in the year prior to grant . ( 2 ) all periods include amortization expense for all unvested awards to non-retirement-eligible employees. .
| string | null | compensation_2018 = 669
compensation_total = 2021
percent_compensation = compensation_2018 / compensation_total
answer = percent_compensation * 100 |
what is the sale of the former centerpulse austin land and facilities as a percentage of the gain on disposition adjustment or impairment of acquired assets and obligations in 2006? | 26.6000003815 | CodeFinQA | december 31 , 2008 , 2007 and 2006 , included ( in millions ) : .
| | 2008 | 2007 | 2006 |
| :--- | :--- | :--- | :--- |
| Gain on disposition, adjustment or impairment of acquired assets and obligations | $(9.0) | $(1.2) | $(19.2) |
| Consulting and professional fees | 10.1 | 1.0 | 8.8 |
| Employee severance and retention | 1.9 | 1.6 | 3.3 |
| Information technology integration | 0.9 | 2.6 | 3.0 |
| In-process research & development | 38.5 | 6.5 | 2.9 |
| Integration personnel | – | – | 2.5 |
| Facility and employee relocation | 7.5 | – | 1.0 |
| Distributor acquisitions | 7.3 | 4.1 | – |
| Sales agent and lease contract terminations | 8.1 | 5.4 | 0.2 |
| Other | 3.2 | 5.2 | 3.6 |
| Acquisition, Integration and Other | $68.5 | $25.2 | $6.1 |
included in the gain on disposition , adjustment or impairment of acquired assets and obligations for 2008 is a favorable adjustment to certain liabilities of acquired companies due to changes in circumstances surrounding those liabilities subsequent to the related measurement period . included in the gain on disposition , adjustment or impairment of acquired assets and obligations for 2006 is the sale of the former centerpulse austin land and facilities for a gain of $ 5.1 million and the favorable settlement of two pre- acquisition contingent liabilities . these gains were offset by a $ 13.4 million impairment charge for certain centerpulse tradename and trademark intangibles based principally in our europe operating segment . in-process research and development charges for 2008 are related to the acquisition of abbott spine . in-process research and development charges for 2007 are related to the acquisitions of endius and orthosoft . consulting and professional fees relate to third- party integration consulting performed in a variety of areas such as tax , compliance , logistics and human resources and legal fees related to matters involving acquired businesses . cash and equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents . the carrying amounts reported in the balance sheet for cash and equivalents are valued at cost , which approximates their fair value . restricted cash is primarily composed of cash held in escrow related to certain insurance coverage . inventories 2013 inventories , net of allowances for obsolete and slow-moving goods , are stated at the lower of cost or market , with cost determined on a first-in first-out basis . property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation . depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements , three to eight years for machinery and equipment . maintenance and repairs are expensed as incurred . in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 144 , 201caccounting for the impairment or disposal of long-lived assets , 201d we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable . an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount . an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value . software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended . capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project . capitalized software costs are included in property , plant and equipment on our balance sheet and amortized on a straight-line basis when the software is ready for its intended use over the estimated useful lives of the software , which approximate three to seven years . instruments 2013 instruments are hand-held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures . instruments are recognized as long-lived assets and are included in property , plant and equipment . undeployed instruments are carried at cost , net of allowances for excess and obsolete instruments . instruments in the field are carried at cost less accumulated depreciation . depreciation is computed using the straight-line method based on average estimated useful lives , determined principally in reference to associated product life cycles , primarily five years . we review instruments for impairment in accordance with sfas no . 144 . depreciation of instruments is recognized as selling , general and administrative expense . goodwill 2013 we account for goodwill in accordance with sfas no . 142 , 201cgoodwill and other intangible assets . 201d goodwill is not amortized but is subject to annual impairment tests . goodwill has been assigned to reporting units . we perform annual impairment tests by comparing each reporting unit 2019s fair value to its carrying amount to determine if there is potential impairment . the fair value of the reporting unit and the implied fair value of goodwill are determined based upon a discounted cash flow analysis . significant assumptions are incorporated into to these discounted cash flow analyses such as estimated growth rates and risk-adjusted discount rates . we perform this test in the fourth quarter of the year . if the fair value of the reporting unit is less than its carrying value , an impairment loss is recorded to the extent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill . intangible assets 2013 we account for intangible assets in accordance with sfas no . 142 . intangible assets are initially measured at their fair value . we have determined the fair value of our intangible assets either by the fair value of the z i m m e r h o l d i n g s , i n c . 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 044000000 ***%%pcmsg|44 |00007|yes|no|02/24/2009 06:10|0|0|page is valid , no graphics -- color : d| .
| string | null | sale_of_centerpulse_2006 = 5.1
gain_on_disposition_adjustment_or_impairment_2006 = 19.2
percent_sale_of_centerpulse_2006 = sale_of_centerpulse_2006 / gain_on_disposition_adjustment_or_impairment_2006
answer = percent_sale_of_centerpulse_2006 * 100 |
in 2018 what was the ratio of the unsettled reverse repurchase to the unsettled repurchase | 1.1799999475 | CodeFinQA | credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments : in millions of dollars u.s . outside of u.s . december 31 , december 31 .
| In millions of dollars | U.S. | Outside ofU.S. | December 31,2018 | December 31, 2017 |
| :--- | :--- | :--- | :--- | :--- |
| Commercial and similar letters of credit | $823 | $4,638 | $5,461 | $5,000 |
| One- to four-family residential mortgages | 1,056 | 1,615 | 2,671 | 2,674 |
| Revolving open-end loans secured by one- to four-family residential properties | 10,019 | 1,355 | 11,374 | 12,323 |
| Commercial real estate, construction and land development | 9,565 | 1,728 | 11,293 | 11,151 |
| Credit card lines | 605,857 | 90,150 | 696,007 | 678,300 |
| Commercial and other consumer loan commitments | 185,849 | 102,918 | 288,767 | 272,655 |
| Other commitments and contingencies | 2,560 | 761 | 3,321 | 3,071 |
| Total | $815,729 | $203,165 | $1,018,894 | $985,174 |
the majority of unused commitments are contingent upon customers maintaining specific credit standards . commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees . such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period . commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments . citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit . when a letter of credit is drawn , the customer is then required to reimburse citigroup . one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase . revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit . a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage . commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects . both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments . however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet . credit card lines citigroup provides credit to customers by issuing credit cards . the credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law . commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans , purchase third-party receivables , provide note issuance or revolving underwriting facilities and invest in the form of equity . other commitments and contingencies other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above . unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements in addition , in the normal course of business , citigroup enters into reverse repurchase and securities borrowing agreements , as well as repurchase and securities lending agreements , which settle at a future date . at december 31 , 2018 , and 2017 , citigroup had $ 36.1 billion and $ 35.0 billion unsettled reverse repurchase and securities borrowing agreements , respectively , and $ 30.7 billion and $ 19.1 billion unsettled repurchase and securities lending agreements , respectively . for a further discussion of securities purchased under agreements to resell and securities borrowed , and securities sold under agreements to repurchase and securities loaned , including the company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to the consolidated financial statements. .
| string | null | unsettled_reverse_2018 = 36.1
unsettled_reverse_2017 = 35.0
unsettled_2018 = 30.7
unsettled_2017 = 19.1
ratio = unsettled_reverse_2018 / unsettled_2018
answer = ratio |
what is an employees total annual compensation? | 125000 | CodeFinQA | notes to consolidated financial statements 2014 ( continued ) the following table summarizes the changes in non-vested restricted stock awards for the year ended may 31 , 2009 ( share awards in thousands ) : share awards weighted average grant-date fair value .
| | Share Awards | Weighted Average Grant-Date Fair Value |
| :--- | :--- | :--- |
| Non-vested at May 31, 2007 | 278 | $37 |
| Granted | 400 | 38 |
| Vested | (136) | 30 |
| Forfeited | (24) | 40 |
| Non-vested at May 31, 2008 | 518 | 39 |
| Granted | 430 | 43 |
| Vested | (159) | 39 |
| Forfeited | (27) | 41 |
| Non-vested at May 31, 2009 | 762 | 42 |
the weighted average grant-date fair value of share awards granted in the years ended may 31 , 2008 and 2007 was $ 38 and $ 45 , respectively . the total fair value of share awards vested during the years ended may 31 , 2009 , 2008 and 2007 was $ 6.2 million , $ 4.1 million and $ 1.7 million , respectively . we recognized compensation expense for restricted stock of $ 9.0 million , $ 5.7 million , and $ 2.7 million in the years ended may 31 , 2009 , 2008 and 2007 . as of may 31 , 2009 , there was $ 23.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.9 years . employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized . employees may designate up to the lesser of $ 25000 or 20% ( 20 % ) of their annual compensation for the purchase of stock . the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period . as of may 31 , 2009 , 0.8 million shares had been issued under this plan , with 1.6 million shares reserved for future issuance . the weighted average grant-date fair value of each designated share purchased under this plan was $ 6 , $ 6 and $ 8 in the years ended may 31 , 2009 , 2008 and 2007 , respectively . these values represent the fair value of the 15% ( 15 % ) discount . note 12 2014segment information general information during fiscal 2009 , we began assessing our operating performance using a new segment structure . we made this change as a result of our june 30 , 2008 acquisition of 51% ( 51 % ) of hsbc merchant services llp in the united kingdom , in addition to anticipated future international expansion . beginning with the quarter ended august 31 , 2008 , the reportable segments are defined as north america merchant services , international merchant services , and money transfer . the following tables reflect these changes and such reportable segments for fiscal years 2009 , 2008 , and 2007. .
| string | null | a = 25000 / 0.2
answer = a |
what is the percentage change in interest expense-net , from 2015 to 2016? | 24.7999992371 | CodeFinQA | new term loan a facility , with the remaining unpaid principal amount of loans under the new term loan a facility due and payable in full at maturity on june 6 , 2021 . principal amounts outstanding under the new revolving loan facility are due and payable in full at maturity on june 6 , 2021 , subject to earlier repayment pursuant to the springing maturity date described above . in addition to paying interest on outstanding principal under the borrowings , we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio , with a maximum commitment fee of 40% ( 40 % ) of the applicable margin for eurocurrency loans . in july 2016 , breakaway four , ltd. , as borrower , and nclc , as guarantor , entered into a supplemental agreement , which amended the breakaway four loan to , among other things , increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from 20ac590.5 million to 20ac729.9 million . in june 2016 , we took delivery of seven seas explorer . to finance the payment due upon delivery , we had export credit financing in place for 80% ( 80 % ) of the contract price . the associated $ 373.6 million term loan bears interest at 3.43% ( 3.43 % ) with a maturity date of june 30 , 2028 . principal and interest payments shall be paid semiannually . in december 2016 , nclc issued $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due december 2021 ( the 201cnotes 201d ) in a private offering ( the 201coffering 201d ) at par . nclc used the net proceeds from the offering , after deducting the initial purchasers 2019 discount and estimated fees and expenses , together with cash on hand , to purchase its outstanding 5.25% ( 5.25 % ) senior notes due 2019 having an aggregate outstanding principal amount of $ 680 million . the redemption of the 5.25% ( 5.25 % ) senior notes due 2019 was completed in january 2017 . nclc will pay interest on the notes at 4.750% ( 4.750 % ) per annum , semiannually on june 15 and december 15 of each year , commencing on june 15 , 2017 , to holders of record at the close of business on the immediately preceding june 1 and december 1 , respectively . nclc may redeem the notes , in whole or part , at any time prior to december 15 , 2018 , at a price equal to 100% ( 100 % ) of the principal amount of the notes redeemed plus accrued and unpaid interest to , but not including , the redemption date and a 201cmake-whole premium . 201d nclc may redeem the notes , in whole or in part , on or after december 15 , 2018 , at the redemption prices set forth in the indenture governing the notes . at any time ( which may be more than once ) on or prior to december 15 , 2018 , nclc may choose to redeem up to 40% ( 40 % ) of the aggregate principal amount of the notes at a redemption price equal to 104.750% ( 104.750 % ) of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings , so long as at least 60% ( 60 % ) of the aggregate principal amount of the notes issued remains outstanding following such redemption . the indenture governing the notes contains covenants that limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to , among other things : ( i ) incur or guarantee additional indebtedness or issue certain preferred shares ; ( ii ) pay dividends and make certain other restricted payments ; ( iii ) create restrictions on the payment of dividends or other distributions to nclc from its restricted subsidiaries ; ( iv ) create liens on certain assets to secure debt ; ( v ) make certain investments ; ( vi ) engage in transactions with affiliates ; ( vii ) engage in sales of assets and subsidiary stock ; and ( viii ) transfer all or substantially all of its assets or enter into merger or consolidation transactions . the indenture governing the notes also provides for events of default , which , if any of them occurs , would permit or require the principal , premium ( if any ) , interest and other monetary obligations on all of the then-outstanding notes to become due and payable immediately . interest expense , net for the year ended december 31 , 2016 was $ 276.9 million which included $ 34.7 million of amortization of deferred financing fees and a $ 27.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2015 was $ 221.9 million which included $ 36.7 million of amortization of deferred financing fees and a $ 12.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2014 was $ 151.8 million which included $ 32.3 million of amortization of deferred financing fees and $ 15.4 million of expenses related to financing transactions in connection with the acquisition of prestige . 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 , 2016 . the following are scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 for each of the next five years ( in thousands ) : .
| Year | Amount |
| :--- | :--- |
| 2017 | $560,193 |
| 2018 | 554,846 |
| 2019 | 561,687 |
| 2020 | 1,153,733 |
| 2021 | 2,193,823 |
| Thereafter | 1,490,322 |
| Total | $6,514,604 |
we had an accrued interest liability of $ 32.5 million and $ 34.2 million as of december 31 , 2016 and 2015 , respectively. .
| string | null | interest_expense_2015 = 221.9
interest_expense_2016 = 276.9
difference = interest_expense_2016 - interest_expense_2015
percent_difference = difference / interest_expense_2015
answer = percent_difference * 100 |
what was the ratio of the increase in the net sales to the operating profit | 21.5400009155 | CodeFinQA | 2014 , 2013 and 2012 . the decrease in our consolidated net adjustments for 2014 compared to 2013 was primarily due to a decrease in profit booking rate adjustments at our aeronautics , mfc and mst business segments . the increase in our consolidated net adjustments for 2013 as compared to 2012 was primarily due to an increase in profit booking rate adjustments at our mst and mfc business segments and , to a lesser extent , the increase in the favorable resolution of contractual matters for the corporation . the consolidated net adjustments for 2014 are inclusive of approximately $ 650 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at mst and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below . the consolidated net adjustments for 2013 and 2012 are inclusive of approximately $ 600 million and $ 500 million in unfavorable items , which include a significant profit reduction on the f-35 development contract in both years , as well as a significant profit reduction on the c-5 program in 2013 , each as described in our aeronautics business segment 2019s results of operations discussion below . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , f-22 raptor and the c-5m super galaxy . aeronautics 2019 operating results included the following ( in millions ) : .
| | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Net sales | $14,920 | $14,123 | $14,953 |
| Operating profit | 1,649 | 1,612 | 1,699 |
| Operating margins | 11.1% | 11.4% | 11.4% |
| Backlog at year-end | $27,600 | $28,000 | $30,100 |
2014 compared to 2013 aeronautics 2019 net sales for 2014 increased $ 797 million , or 6% ( 6 % ) , compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 790 million for f-35 production contracts due to increased volume and sustainment activities ; about $ 55 million for the f-16 program due to increased deliveries ( 17 aircraft delivered in 2014 compared to 13 delivered in 2013 ) partially offset by contract mix ; and approximately $ 45 million for the f-22 program due to increased risk retirements . the increases were partially offset by lower net sales of approximately $ 55 million for the f-35 development contract due to decreased volume , partially offset by the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; and about $ 40 million for the c-130 program due to fewer deliveries ( 24 aircraft delivered in 2014 compared to 25 delivered in 2013 ) and decreased sustainment activities , partially offset by contract mix . aeronautics 2019 operating profit for 2014 increased $ 37 million , or 2% ( 2 % ) , compared to 2013 . the increase was primarily attributable to higher operating profit of approximately $ 85 million for the f-35 development contract due to the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; about $ 75 million for the f-22 program due to increased risk retirements ; approximately $ 50 million for the c-130 program due to increased risk retirements and contract mix , partially offset by fewer deliveries ; and about $ 25 million for the c-5 program due to the absence in 2014 of the downward revisions to the profit booking rate that occurred in 2013 . the increases were partially offset by lower operating profit of approximately $ 130 million for the f-16 program due to decreased risk retirements , partially offset by increased deliveries ; and about $ 70 million for sustainment activities due to decreased risk retirements and volume . operating profit was comparable for f-35 production contracts as higher volume was offset by lower risk retirements . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 105 million lower for 2014 compared to 2013 . 2013 compared to 2012 aeronautics 2019 net sales for 2013 decreased $ 830 million , or 6% ( 6 % ) , compared to 2012 . the decrease was primarily attributable to lower net sales of approximately $ 530 million for the f-16 program due to fewer aircraft deliveries ( 13 aircraft delivered in 2013 compared to 37 delivered in 2012 ) partially offset by aircraft configuration mix ; about $ 385 million for the c-130 program due to fewer aircraft deliveries ( 25 aircraft delivered in 2013 compared to 34 in 2012 ) partially offset by increased sustainment activities ; approximately $ 255 million for the f-22 program , which includes about $ 205 million due to .
| string | null | net_sales_2014 = 14920
net_sales_2013 = 14123
net_sales_increase = net_sales_2014 - net_sales_2013
operating_profit_2014 = 1649
operating_profit_2013 = 1612
operating_profit_increase = operating_profit_2014 - operating_profit_2013
answer = net_sales_increase / operating_profit_increase |
for 2012 quarterly residential mortgage repurchase claims , what was the change in millions between originations from first and second quarter of 2006? | 13 | CodeFinQA | indemnification and repurchase claims are typically settled on an individual loan basis through make-whole payments or loan repurchases ; however , on occasion we may negotiate pooled settlements with investors . in connection with pooled settlements , we typically do not repurchase loans and the consummation of such transactions generally results in us no longer having indemnification and repurchase exposure with the investor in the transaction . for the first and second-lien mortgage balances of unresolved and settled claims contained in the tables below , a significant amount of these claims were associated with sold loans originated through correspondent lender and broker origination channels . in certain instances when indemnification or repurchase claims are settled for these types of sold loans , we have recourse back to the correspondent lenders , brokers and other third-parties ( e.g. , contract underwriting companies , closing agents , appraisers , etc. ) . depending on the underlying reason for the investor claim , we determine our ability to pursue recourse with these parties and file claims with them accordingly . our historical recourse recovery rate has been insignificant as our efforts have been impacted by the inability of such parties to reimburse us for their recourse obligations ( e.g. , their capital availability or whether they remain in business ) or factors that limit our ability to pursue recourse from these parties ( e.g. , contractual loss caps , statutes of limitations ) . origination and sale of residential mortgages is an ongoing business activity , and , accordingly , management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements . we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages for which indemnification is expected to be provided or for loans that are expected to be repurchased . for the first and second- lien mortgage sold portfolio , we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made , demand patterns observed to date and/or expected in the future , and our estimate of future claims on a loan by loan basis . to estimate the mortgage repurchase liability arising from breaches of representations and warranties , we consider the following factors : ( i ) borrower performance in our historically sold portfolio ( both actual and estimated future defaults ) , ( ii ) the level of outstanding unresolved repurchase claims , ( iii ) estimated probable future repurchase claims , considering information about file requests , delinquent and liquidated loans , resolved and unresolved mortgage insurance rescission notices and our historical experience with claim rescissions , ( iv ) the potential ability to cure the defects identified in the repurchase claims ( 201crescission rate 201d ) , and ( v ) the estimated severity of loss upon repurchase of the loan or collateral , make-whole settlement , or indemnification . see note 24 commitments and guarantees in the notes to consolidated financial statements in item 8 of this report for additional information . the following tables present the unpaid principal balance of repurchase claims by vintage and total unresolved repurchase claims for the past five quarters . table 28 : analysis of quarterly residential mortgage repurchase claims by vintage dollars in millions december 31 september 30 june 30 march 31 december 31 .
| Dollars in millions | December 31 2012 | September 30 2012 | June 30 2012 | March 31 2012 | December 312011 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 2004 & Prior | $11 | $15 | $31 | $10 | $11 |
| 2005 | 8 | 10 | 19 | 12 | 13 |
| 2006 | 23 | 30 | 56 | 41 | 28 |
| 2007 | 45 | 137 | 182 | 100 | 90 |
| 2008 | 7 | 23 | 49 | 17 | 18 |
| 2008 & Prior | 94 | 215 | 337 | 180 | 160 |
| 2009 – 2012 | 38 | 52 | 42 | 33 | 29 |
| Total | $132 | $267 | $379 | $213 | $189 |
| FNMA, FHLMC, and GNMA % | 94% | 87% | 86% | 88% | 91% |
the pnc financial services group , inc . 2013 form 10-k 79 .
| string | null | orig_mortgage_balance = 41
second_mortgage_balance = 28
answer = orig_mortgage_balance - second_mortgage_balance |
what was the difference in income from financial investments net in millions from 2011 to 2012? | 49 | CodeFinQA | masco corporation notes to consolidated financial statements ( continued ) o . segment information ( continued ) ( 1 ) included in net sales were export sales from the u.s . of $ 229 million , $ 241 million and $ 246 million in 2012 , 2011 and 2010 , respectively . ( 2 ) excluded from net sales were intra-company sales between segments of approximately two percent of net sales in each of 2012 , 2011 and 2010 . ( 3 ) included in net sales were sales to one customer of $ 2143 million , $ 1984 million and $ 1993 million in 2012 , 2011 and 2010 , respectively . such net sales were included in the following segments : cabinets and related products , plumbing products , decorative architectural products and other specialty products . ( 4 ) net sales from the company 2019s operations in the u.s . were $ 5793 million , $ 5394 million and $ 5618 million in 2012 , 2011 and 2010 , respectively . ( 5 ) net sales , operating ( loss ) profit , property additions and depreciation and amortization expense for 2012 , 2011 and 2010 excluded the results of businesses reported as discontinued operations in 2012 , 2011 and 2010 . ( 6 ) included in segment operating profit ( loss ) for 2012 was an impairment charge for other intangible assets as follows : other specialty products 2013 $ 42 million . included in segment operating ( loss ) profit for 2011 were impairment charges for goodwill and other intangible assets as follows : cabinets and related products 2013 $ 44 million ; plumbing products 2013 $ 1 million ; decorative architectural products 2013 $ 75 million ; and other specialty products 2013 $ 374 million . included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill and other intangible assets as follows : plumbing products 2013 $ 1 million ; and installation and other services 2013 $ 697 million . ( 7 ) general corporate expense , net included those expenses not specifically attributable to the company 2019s segments . ( 8 ) the charge for litigation settlement , net in 2012 primarily relates to a business in the installation and other services segment and in 2011 relates to business units in the cabinets and related products and the other specialty products segments . ( 9 ) long-lived assets of the company 2019s operations in the u.s . and europe were $ 2795 million and $ 567 million , $ 2964 million and $ 565 million , and $ 3684 million and $ 617 million at december 31 , 2012 , 2011 and 2010 , respectively . ( 10 ) segment assets for 2012 and 2011 excluded the assets of businesses reported as discontinued operations in the respective years . p . severance costs as part of the company 2019s continuing review of its operations , actions were taken during 2012 , 2011 and 2010 to respond to market conditions . the company recorded charges related to severance and early retirement programs of $ 36 million , $ 17 million and $ 14 million for the years ended december 31 , 2012 , 2011 and 2010 , respectively . such charges are principally reflected in the statement of operations in selling , general and administrative expenses and were paid when incurred . q . other income ( expense ) , net other , net , which is included in other income ( expense ) , net , was as follows , in millions: .
| | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Income from cash and cash investments | $6 | $8 | $6 |
| Other interest income | 1 | 1 | 1 |
| Income from financial investments, net (Note E) | 24 | 73 | 9 |
| Other items, net | (4) | (5) | (9) |
| Total other, net | $27 | $77 | $7 |
other items , net , included realized foreign currency transaction losses of $ 2 million , $ 5 million and $ 2 million in 2012 , 2011 and 2010 , respectively , as well as other miscellaneous items. .
| string | null | income_from_financial_investments_net = 24
other_income = 73
answer = income_from_financial_investments_net - other_income |
what is the percent change in daily earnings at risk at the end of the period from 2001 to 2002? | 176 | CodeFinQA | entergy corporation and subsidiaries management's financial discussion and analysis annually , beginning in 2006 , if power market prices drop below the ppa prices . accordingly , because the price is not fixed , the table above does not report power from that plant as sold forward after 2005 . under the ppas with nypa for the output of power from indian point 3 and fitzpatrick , the non-utility nuclear business is obligated to produce at an average capacity factor of 85% ( 85 % ) with a financial true-up payment to nypa should nypa's cost to purchase power due to an output shortfall be higher than the ppas' price . the calculation of any true-up payments is based on two two-year periods . for the first period , which ran through november 20 , 2002 , indian point 3 and fitzpatrick operated at 95% ( 95 % ) and 97% ( 97 % ) , respectively , under the true-up formula . credits of up to 5% ( 5 % ) reflecting period one generation above 85% ( 85 % ) can be used to offset any output shortfalls in the second period , which runs through the end of the ppas on december 31 , 2004 . entergy continually monitors industry trends in order to determine whether asset impairments or other losses could result from a decline in value , or cancellation , of merchant power projects , and records provisions for impairments and losses accordingly . marketing and trading the earnings of entergy's energy commodity services segment are exposed to commodity price market risks primarily through entergy's 50%-owned , unconsolidated investment in entergy-koch . entergy-koch trading ( ekt ) uses value-at-risk models as one measure of the market risk of a loss in fair value for ekt's natural gas and power trading portfolio . actual future gains and losses in portfolios will differ from those estimated based upon actual fluctuations in market rates , operating exposures , and the timing thereof , and changes in the portfolio of derivative financial instruments during the year . to manage its portfolio , ekt enters into various derivative and contractual transactions in accordance with the policy approved by the trading committee of the governing board of entergy-koch . the trading portfolio consists of physical and financial natural gas and power as well as other energy and weather-related contracts . these contracts take many forms , including futures , forwards , swaps , and options . characteristics of ekt's value-at-risk method and the use of that method are as follows : fffd value-at-risk is used in conjunction with stress testing , position reporting , and profit and loss reporting in order to measure and control the risk inherent in the trading and mark-to-market portfolios . fffd ekt estimates its value-at-risk using a model based on j.p . morgan's risk metrics methodology combined with a monte carlo simulation approach . fffd ekt estimates its daily value-at-risk for natural gas and power using a 97.5% ( 97.5 % ) confidence level . ekt's daily value-at-risk is a measure that indicates that , if prices moved against the positions , the loss in neutralizing the portfolio would not be expected to exceed the calculated value-at-risk . fffd ekt seeks to limit the daily value-at-risk on any given day to a certain dollar amount approved by the trading committee . ekt's value-at-risk measures , which it calls daily earnings at risk ( de@r ) , for its trading portfolio were as follows: .
| | 2002 | 2001 |
| :--- | :--- | :--- |
| DE@R at end of period | $15.2 million | $5.5 million |
| Average DE@R for the period | $10.8 million | $6.4 million |
ekt's de@r increased in 2002 compared to 2001 as a result of an increase in the size of the position held and an increase in the volatility of natural gas prices in the latter part of the year . for all derivative and contractual transactions , ekt is exposed to losses in the event of nonperformance by counterparties to these transactions . relevant considerations when assessing ekt's credit risk exposure include: .
| string | null | dear_2002 = 15.2
dear_2001 = 5.5
change = dear_2002 - dear_2001
percent_change = change / dear_2001
answer = percent_change * 100 |
what was the percentage cumulative total shareholder return on masco common stock for the five year period ended 2013? | 129.5899963379 | CodeFinQA | 6feb201418202649 performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 2018 2018s&p 500 index 2019 2019 ) , ( ii ) the standard & poor 2019s industrials index ( 2018 2018s&p industrials index 2019 2019 ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 2018 2018s&p consumer durables & apparel index 2019 2019 ) , from december 31 , 2008 through december 31 , 2013 , when the closing price of our common stock was $ 22.77 . the graph assumes investments of $ 100 on december 31 , 2008 in our common stock and in each of the three indices and the reinvestment of dividends . $ 350.00 $ 300.00 $ 250.00 $ 200.00 $ 150.00 $ 100.00 $ 50.00 performance graph .
| | 2009 | 2010 | 2011 | 2012 | 2013 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Masco | $128.21 | $120.32 | $102.45 | $165.80 | $229.59 |
| S&P 500 Index | $125.92 | $144.58 | $147.60 | $171.04 | $225.85 |
| S&P Industrials Index | $120.19 | $151.89 | $150.97 | $173.87 | $243.73 |
| S&P Consumer Durables & Apparel Index | $136.29 | $177.91 | $191.64 | $232.84 | $316.28 |
in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise . at december 31 , 2013 , we had remaining authorization to repurchase up to 22.6 million shares . during the first quarter of 2013 , we repurchased and retired 1.7 million shares of our common stock , for cash aggregating $ 35 million to offset the dilutive impact of the 2013 grant of 1.7 million shares of long-term stock awards . we have not purchased any shares since march 2013. .
| string | null | masco_return = 229.59
s_and_p_500_return = 100
s_and_p_industrials_return = 100
s_and_p_consumer_durables_return = 100
answer = (masco_return - s_and_p_500_return) / s_and_p_500_return * 100 |
assuming conversion at the maximum share conversion rate , how many common shares would result from a conversion of the mandatory convertible preferred stock , series a? | 6880800 | CodeFinQA | american tower corporation and subsidiaries notes to consolidated financial statements six-month offering period . the weighted average fair value per share of espp share purchase options during the year ended december 31 , 2014 , 2013 and 2012 was $ 14.83 , $ 13.42 and $ 13.64 , respectively . at december 31 , 2014 , 3.4 million shares remain reserved for future issuance under the plan . key assumptions used to apply the black-scholes pricing model for shares purchased through the espp for the years ended december 31 , are as follows: .
| | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Range of risk-free interest rate | 0.06% – 0.11% | 0.07% – 0.13% | 0.05% – 0.12% |
| Weighted average risk-free interest rate | 0.09% | 0.10% | 0.08% |
| Expected life of shares | 6 months | 6 months | 6 months |
| Range of expected volatility of underlying stock price over the option period | 11.29% – 16.59% | 12.21% – 13.57% | 33.16% – 33.86% |
| Weighted average expected volatility of underlying stock price | 14.14% | 12.88% | 33.54% |
| Expected annual dividend yield | 1.50% | 1.50% | 1.50% |
16 . equity mandatory convertible preferred stock offering 2014on may 12 , 2014 , the company completed a registered public offering of 6000000 shares of its 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , par value $ 0.01 per share ( the 201cmandatory convertible preferred stock 201d ) . the net proceeds of the offering were $ 582.9 million after deducting commissions and estimated expenses . the company used the net proceeds from this offering to fund acquisitions , including the acquisition from richland , initially funded by indebtedness incurred under the 2013 credit facility . unless converted earlier , each share of the mandatory convertible preferred stock will automatically convert on may 15 , 2017 , into between 0.9174 and 1.1468 shares of common stock , depending on the applicable market value of the common stock and subject to anti-dilution adjustments . subject to certain restrictions , at any time prior to may 15 , 2017 , holders of the mandatory convertible preferred stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect . dividends on shares of mandatory convertible preferred stock are payable on a cumulative basis when , as and if declared by the company 2019s board of directors ( or an authorized committee thereof ) at an annual rate of 5.25% ( 5.25 % ) on the liquidation preference of $ 100.00 per share , on february 15 , may 15 , august 15 and november 15 of each year , commencing on august 15 , 2014 to , and including , may 15 , 2017 . the company may pay dividends in cash or , subject to certain limitations , in shares of common stock or any combination of cash and shares of common stock . the terms of the mandatory convertible preferred stock provide that , unless full cumulative dividends have been paid or set aside for payment on all outstanding mandatory convertible preferred stock for all prior dividend periods , no dividends may be declared or paid on common stock . stock repurchase program 2014in march 2011 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to purchase up to $ 1.5 billion of common stock ( 201c2011 buyback 201d ) . in september 2013 , the company temporarily suspended repurchases in connection with its acquisition of mipt . under the 2011 buyback , the company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , the company .
| string | null | mandatory_shares = 6000000
common_shares = 1.1468
answer = mandatory_shares * common_shares |
in 2015 what was the ratio of the cash provided by operating activities to the purchases of property and equipment | 1.7799999714 | CodeFinQA | financial assurance we must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs , and related to our performance under certain collection , landfill and transfer station contracts . we satisfy these financial assurance requirements by providing surety bonds , letters of credit , or insurance policies ( financial assurance instruments ) , or trust deposits , which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets . the amount of the financial assurance requirements for capping , closure and post-closure costs is determined by applicable state environmental regulations . the financial assurance requirements for capping , closure and post-closure costs may be associated with a portion of the landfill or the entire landfill . generally , states require a third-party engineering specialist to determine the estimated capping , closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill . the amount of financial assurance required can , and generally will , differ from the obligation determined and recorded under u.s . gaap . the amount of the financial assurance requirements related to contract performance varies by contract . additionally , we must provide financial assurance for our insurance program and collateral for certain performance obligations . we do not expect a material increase in financial assurance requirements during 2016 , although the mix of financial assurance instruments may change . these financial assurance instruments are issued in the normal course of business and are not considered indebtedness . because we currently have no liability for the financial assurance instruments , they are not reflected in our consolidated balance sheets ; however , we record capping , closure and post-closure liabilities and insurance liabilities as they are incurred . off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than operating leases and financial assurances , which are not classified as debt . we have no transactions or obligations with related parties that are not disclosed , consolidated into or reflected in our reported financial position or results of operations . we have not guaranteed any third-party debt . free cash flow we define free cash flow , which is not a measure determined in accordance with u.s . gaap , as cash provided by operating activities less purchases of property and equipment , plus proceeds from sales of property and equipment , as presented in our consolidated statements of cash flows . the following table calculates our free cash flow for the years ended december 31 , 2015 , 2014 and 2013 ( in millions of dollars ) : .
| | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Cash provided by operating activities | $1,679.7 | $1,529.8 | $1,548.2 |
| Purchases of property and equipment | (945.6) | (862.5) | (880.8) |
| Proceeds from sales of property and equipment | 21.2 | 35.7 | 23.9 |
| Free cash flow | $755.3 | $703.0 | $691.3 |
for a discussion of the changes in the components of free cash flow , see our discussion regarding cash flows provided by operating activities and cash flows used in investing activities contained elsewhere in this management 2019s discussion and analysis of financial condition and results of operations. .
| string | null | ratio = 1679.7 / 945.6
answer = ratio |
what percentage of total estimated future contingent acquisition obligations payable in cash occurred in 2015? | 18.2700004578 | CodeFinQA | notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and credit facilities of certain subsidiaries . the amount of parent company guarantees on lease obligations was $ 410.3 and $ 385.1 as of december 31 , 2012 and 2011 , respectively , and the amount of parent company guarantees primarily relating to credit facilities was $ 283.4 and $ 327.5 as of december 31 , 2012 and 2011 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2012 , there were no material assets pledged as security for such parent company guarantees . contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .
| | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Deferred acquisition payments | $26.0 | $12.4 | $9.7 | $46.4 | $18.9 | $2.0 | $115.4 |
| Redeemable noncontrolling interests and call options with affiliates<sup>1</sup> | 20.5 | 43.8 | 32.9 | 5.7 | 2.2 | 10.6 | 115.7 |
| Total contingent acquisition payments | 46.5 | 56.2 | 42.6 | 52.1 | 21.1 | 12.6 | 231.1 |
| Less: cash compensation expense included above | (0.7) | (0.6) | (0.8) | (0.2) | 0.0 | 0.0 | (2.3) |
| Total | $45.8 | $55.6 | $41.8 | $51.9 | $21.1 | $12.6 | $228.8 |
1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions . we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2012 . these estimated payments of $ 16.4 are included within the total payments expected to be made in 2013 , and will continue to be carried forward into 2014 or beyond until exercised or expired . redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value in accordance with the authoritative guidance for classification and measurement of redeemable securities . the estimated amounts listed would be paid in the event of exercise at the earliest exercise date . see note 6 for further information relating to the payment structure of our acquisitions . all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress . legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities , arising in the normal course of business . we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated . in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages . while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows . note 15 : recent accounting standards impairment of indefinite-lived intangible assets in july 2012 , the financial accounting standards board ( 201cfasb 201d ) issued amended guidance to simplify impairment testing of indefinite-lived intangible assets other than goodwill . the amended guidance permits an entity to first assess qualitative factors to determine whether it is 201cmore likely than not 201d that the indefinite-lived intangible asset is impaired . if , after assessing qualitative factors , an entity concludes that it is not 201cmore likely than not 201d that the indefinite-lived intangible .
| string | null | contingent_acquisition_obligations_2015 = 41.8
total_contingent_acquisition_obligations = 228.8
percent_contingent_acquisition_obligations_2015 = contingent_acquisition_obligations_2015 / total_contingent_acquisition_obligations
percent_contingent_acquisition_obligations = percent_contingent_acquisition_obligations_2015 * 100
answer = percent_contingent_acquisition_obligations |
what was the net change in millions in unrecognized tax benefits from 2016 to 2017? | 4 | CodeFinQA | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 the total amount of unrecognized tax benefits anticipated to result in a net decrease to unrecognized tax benefits within 12 months of december 31 , 2017 is estimated to be between $ 5 million and $ 15 million , primarily relating to statute of limitation lapses and tax exam settlements . the following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated ( in millions ) : .
| December 31, | 2017 | 2016 | 2015 |
| :--- | :--- | :--- | :--- |
| Balance at January 1 | $352 | $364 | $384 |
| Additions for current year tax positions | — | 2 | 2 |
| Additions for tax positions of prior years | 2 | 1 | 12 |
| Reductions for tax positions of prior years | (5) | (1) | (7) |
| Effects of foreign currency translation | — | — | (3) |
| Settlements | — | (13) | (17) |
| Lapse of statute of limitations | (1) | (1) | (7) |
| Balance at December 31 | $348 | $352 | $364 |
the company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years . the company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded . while it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position , we believe we have appropriately accrued for our uncertain tax benefits . however , audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty . it is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material , but cannot be estimated as of december 31 , 2017 . our effective tax rate and net income in any given future period could therefore be materially impacted . 21 . discontinued operations due to a portfolio evaluation in the first half of 2016 , management decided to pursue a strategic shift of its distribution companies in brazil , sul and eletropaulo , to reduce the company's exposure to the brazilian distribution market . eletropaulo 2014 in november 2017 , eletropaulo converted its preferred shares into ordinary shares and transitioned the listing of those shares into the novo mercado , which is a listing segment of the brazilian stock exchange with the highest standards of corporate governance . upon conversion of the preferred shares into ordinary shares , aes no longer controlled eletropaulo , but maintained significant influence over the business . as a result , the company deconsolidated eletropaulo . after deconsolidation , the company's 17% ( 17 % ) ownership interest is reflected as an equity method investment . the company recorded an after-tax loss on deconsolidation of $ 611 million , which primarily consisted of $ 455 million related to cumulative translation losses and $ 243 million related to pension losses reclassified from aocl . in december 2017 , all the remaining criteria were met for eletropaulo to qualify as a discontinued operation . therefore , its results of operations and financial position were reported as such in the consolidated financial statements for all periods presented . eletropaulo's pre-tax loss attributable to aes , including the loss on deconsolidation , for the years ended december 31 , 2017 and 2016 was $ 633 million and $ 192 million , respectively . eletropaulo's pre-tax income attributable to aes for the year ended december 31 , 2015 was $ 73 million . prior to its classification as discontinued operations , eletropaulo was reported in the brazil sbu reportable segment . sul 2014 the company executed an agreement for the sale of sul , a wholly-owned subsidiary , in june 2016 . the results of operations and financial position of sul are reported as discontinued operations in the consolidated financial statements for all periods presented . upon meeting the held-for-sale criteria , the company recognized an after-tax loss of $ 382 million comprised of a pre-tax impairment charge of $ 783 million , offset by a tax benefit of $ 266 million related to the impairment of the sul long lived assets and a tax benefit of $ 135 million for deferred taxes related to the investment in sul . prior to the impairment charge , the carrying value of the sul asset group of $ 1.6 billion was greater than its approximate fair value less costs to sell . however , the impairment charge was limited to the carrying value of the long lived assets of the sul disposal group . on october 31 , 2016 , the company completed the sale of sul and received final proceeds less costs to sell of $ 484 million , excluding contingent consideration . upon disposal of sul , the company incurred an additional after-tax .
| string | null | net_change = 348 - 352
answer = net_change |
as of december 31 , 2005 what was the ratio of the annual maturities on long-term debt in 2006 to 2007 | 1.8200000525 | CodeFinQA | during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 . in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 . during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 . the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 . each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 . each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els . these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes . since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part . holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 . we may choose to pay the purchase price in cash or common stock or a combination thereof . during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares . in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes . most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares . during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan . in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas . during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations . under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating . the unsecured senior notes and senior debentures are not redeemable prior to maturity . our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio . we are in compliance with all covenants as of december 31 , 2005 . following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : .
| 2006 | $600,883 |
| :--- | :--- |
| 2007 | 329,493 |
| 2008 | 245,257 |
| 2009(1) | 361,449 |
| 2010 | 687,376 |
1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 . the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 . this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 . we may choose to pay any amounts in cash or common stock or a combination thereof . note 6 . shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction . as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share . total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock . the forward sale contract matured in february 2006 . during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us . upon settlement of the contract , we received 218089 additional shares of our common stock . these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 . our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock . offerings to employees are made on a quarterly basis . subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period . shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd . notes to the consolidated financial statements ( continued ) .
| string | null | maturities_2006_2007 = 600883
maturities_2007_2008 = 329493
maturities_2008_2009 = 245257
maturities_2009_2010 = 361449
maturities_2010_2011 = 687376
answer = maturities_2006_2007 / maturities_2007_2008 |
in thousands of bbl per day , what was average gasoline production during the three year period? | 792.299987793 | CodeFinQA | the following table sets forth our refined products sales by product group and our average sales price for each of the last three years . refined product sales ( thousands of barrels per day ) 2009 2008 2007 .
| <i>(Thousands of barrels per day)</i> | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Gasoline | 830 | 756 | 791 |
| Distillates | 357 | 375 | 377 |
| Propane | 23 | 22 | 23 |
| Feedstocks and special products | 75 | 100 | 103 |
| Heavy fuel oil | 24 | 23 | 29 |
| Asphalt | 69 | 76 | 87 |
| TOTAL | 1,378 | 1,352 | 1,410 |
| Average sales price (Dollars per barrel) | $70.86 | $109.49 | $86.53 |
we sell gasoline , gasoline blendstocks and no . 1 and no . 2 fuel oils ( including kerosene , jet fuel and diesel fuel ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states . we sold 51 percent of our gasoline volumes and 87 percent of our distillates volumes on a wholesale or spot market basis in 2009 . the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months . we have blended ethanol into gasoline for over 20 years and began expanding our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels . ethanol volumes sold in blended gasoline were 60 mbpd in 2009 , 54 mbpd in 2008 and 40 mbpd in 2007 . the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations . we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin , and hartford , illinois . we also sell biodiesel-blended diesel in minnesota , illinois and kentucky . we produce propane at all seven of our refineries . propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles . our propane sales are typically split evenly between the home heating market and industrial consumers . we are a producer and marketer of petrochemicals and specialty products . product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene . we market propylene , cumene and sulfur domestically to customers in the chemical industry . we sell maleic anhydride throughout the united states and canada . we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 5500 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications . in early 2009 , we discontinued production and sales of petroleum pitch and aliphatic solvents at our catlettsburg refinery . we produce and market heavy residual fuel oil or related components at all seven of our refineries . another product of crude oil , heavy residual fuel oil , is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product . we have refinery based asphalt production capacity of up to 108 mbpd . we market asphalt through 33 owned or leased terminals throughout the midwest and southeast . we have a broad customer base , including approximately 675 asphalt-paving contractors , government entities ( states , counties , cities and townships ) and asphalt roofing shingle manufacturers . we sell asphalt in the wholesale and cargo markets via rail and barge . we also produce asphalt cements , polymer modified asphalt , emulsified asphalt and industrial asphalts . in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana . we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio . the greenville plant began production in february 2008 . both of these facilities are managed by a co-owner. .
| string | null | table_row = [830, 756, 791] # row labeled gasoline
a = sum(table_row) / len(table_row) |
what was the value of the restricted stock that the company granted in 2016? | 43247932 | CodeFinQA | table of contents .
| | Year Ended December 31, |
| :--- | :--- |
| Assumptions used in Monte Carlo lattice pricing model | 2016 | 2015 | 2014 |
| Risk-free interest rate | 1.0% | 1.1% | 0.7% |
| Expected dividend yield | —% | —% | —% |
| Expected volatility—ANSYS stock price | 21% | 23% | 25% |
| Expected volatility—NASDAQ Composite Index | 16% | 14% | 15% |
| Expected term | 2.8 years | 2.8 years | 2.8 years |
| Correlation factor | 0.65 | 0.60 | 0.70 |
the company issued 35000 , 115485 and 39900 performance-based restricted stock awards during 2016 , 2015 and 2014 , respectively . of the cumulative performance-based restricted stock awards issued , defined operating metrics were assigned to 63462 , 51795 and 20667 awards with grant-date fair values of $ 84.61 , $ 86.38 and $ 81.52 during 2016 , 2015 and 2014 , respectively . the grant-date fair value of the awards is being recorded from the grant date through the conclusion of the measurement period associated with each operating metric based on management's estimates concerning the probability of vesting . as of december 31 , 2016 , 7625 units of the total 2014 awards granted were earned and will be issued in 2017 . total compensation expense associated with the awards recorded for the years ended december 31 , 2016 , 2015 and 2014 was $ 0.4 million , $ 0.4 million and $ 0.1 million , respectively . in addition , in 2016 , 2015 and 2014 , the company granted restricted stock units of 488622 , 344500 and 364150 , respectively , that will vest over a three- or four-year period with weighted-average grant-date fair values of $ 88.51 , $ 86.34 and $ 82.13 , respectively . during 2016 and 2015 , 162019 and 85713 shares vested and were released , respectively . as of december 31 , 2016 , 2015 and 2014 , 838327 , 571462 and 344750 units were outstanding , respectively . total compensation expense is being recorded over the service period and was $ 19.1 million , $ 12.5 million and $ 5.8 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively . in conjunction with a 2015 acquisition , ansys issued 68451 shares of replacement restricted stock with a weighted-average grant-date fair value of $ 90.48 . of the $ 6.2 million grant-date fair value , $ 3.5 million , related to partially vested awards , was recorded as non-cash purchase price consideration . the remaining fair value will be recognized as stock compensation expense through the conclusion of the service period . during the years ended december 31 , 2016 and 2015 , the company recorded $ 1.2 million and $ 0.6 million , respectively , of stock compensation expense related to these awards . in conjunction with a 2011 acquisition , the company granted performance-based restricted stock awards . vesting was determined based on the achievements of certain revenue and operating income targets of the entity post-acquisition . total compensation expense associated with the awards recorded for the year ended december 31 , 2014 was $ 4.7 million . the company has granted deferred stock awards to non-affiliate independent directors , which are rights to receive shares of common stock upon termination of service as a director . in 2015 and prior , the deferred stock awards were granted quarterly in arrears and vested immediately upon grant . associated with these awards , the company established a non-qualified 409 ( a ) deferred compensation plan with assets held under a rabbi trust to provide directors an opportunity to diversify their vested awards . during open trading windows and at their elective option , the directors may convert their company shares into a variety of non-company-stock investment options in order to diversify their holdings . as of december 31 , 2016 , 5000 shares have been diversified and 184099 undiversified deferred stock awards have vested with the underlying shares remaining unissued until the service termination of the respective director owners . in may 2016 , the company granted 38400 deferred stock awards which will vest in full on the one-year anniversary of the grant . total compensation expense associated with the awards recorded for the years ended december 31 , 2016 , 2015 and 2014 was $ 1.9 million , $ 4.0 million and $ 3.5 million , respectively. .
| string | null | awards_granted = 488622
grant_date_fair_value = 88.51
units_outstanding = awards_granted * grant_date_fair_value
answer = units_outstanding |
what was the specialty businesses and other profit margin in 2004 | 3.4000000954 | CodeFinQA | will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations . operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage . specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure . this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 . operating profits in 2006 were up substantially from both 2005 and 2004 . the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed . specialty businesses and other in millions 2006 2005 2004 .
| <i>In millions</i> | 2006 | 2005 | 2004 |
| :--- | :--- | :--- | :--- |
| Sales | $935 | $915 | $1,120 |
| Operating Profit | $61 | $4 | $38 |
arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 . sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe . operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 . the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) . earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway . other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business . sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 . in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing 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 and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle . as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america . spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 . financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 . additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s . qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense . our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows . management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms . at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively . cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 . the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 . the major components of cash provided by continuing oper- ations are earnings from continuing operations .
| string | null | specialty_businesses = 38
total_sales = 1120
specialty_margin = specialty_businesses / total_sales
answer = specialty_margin * 100 |
what was the change in millions of research and development costs including depreciation of research facilities from 2017 to 201? | 8 | CodeFinQA | 18 2018 ppg annual report and 10-k research and development .
| ($ in millions) | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Research and development costs, including depreciation of research facilities<sup>(a)</sup> | $464 | $472 | $473 |
| % of annual net sales | 3.0% | 3.2% | 3.3% |
( a ) prior year amounts have been recast for the adoption of accounting standards update no . 2017-07 , "improving the presentation of net periodic pension cost and net periodic postretirement benefit cost . 201d see note 1 within item 8 of this form 10-k for additional information . technology innovation has been a hallmark of ppg 2019s success throughout its history . the company seeks to optimize its investment in research and development to create new products to drive profitable growth . we align our product development with the macro trends in the markets we serve and leverage core technology platforms to develop products for unmet market needs . our history of successful technology introductions is based on a commitment to an efficient and effective innovation process and disciplined portfolio management . we have obtained government funding for a small portion of the company 2019s research efforts , and we will continue to pursue government funding where appropriate . ppg owns and operates several facilities to conduct research and development for new and improved products and processes . in addition to the company 2019s centralized principal research and development centers ( see item 2 . 201cproperties 201d of this form 10-k ) , operating segments manage their development through centers of excellence . as part of our ongoing efforts to manage our formulations and raw material costs effectively , we operate a global competitive sourcing laboratory in china . because of the company 2019s broad array of products and customers , ppg is not materially dependent upon any single technology platform . raw materials and energy the effective management of raw materials and energy is important to ppg 2019s continued success . ppg uses a wide variety of complex raw materials that serve as the building blocks of our manufactured products that provide broad ranging , high performance solutions to our customers . the company 2019s most significant raw materials are epoxy and other resins , titanium dioxide and other pigments , and solvents in the coatings businesses and sand and soda ash for the specialty coatings and materials business . coatings raw materials include both organic , primarily petroleum-derived , materials and inorganic materials , including titanium dioxide . these raw materials represent ppg 2019s single largest production cost component . most of the raw materials and energy used in production are purchased from outside sources , and the company has made , and plans to continue to make , supply arrangements to meet our planned operating requirements for the future . supply of critical raw materials and energy is managed by establishing contracts with multiple sources , and identifying alternative materials or technology whenever possible . our products use both petroleum-derived and bio-based materials as part of a product renewal strategy . while prices for these raw materials typically fluctuate with energy prices and global supply and demand , such fluctuations are impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil and natural gas . the company is continuing its aggressive sourcing initiatives to broaden our supply of high quality raw materials . these initiatives include qualifying multiple and local sources of supply , including suppliers from asia and other lower cost regions of the world , adding on-site resin production at certain manufacturing locations and a reduction in the amount of titanium dioxide used in our product formulations . we are subject to existing and evolving standards relating to the registration of chemicals which could potentially impact the availability and viability of some of the raw materials we use in our production processes . our ongoing , global product stewardship efforts are directed at maintaining our compliance with these standards . ppg has joined a global initiative to eliminate child labor from the mica industry , and the company is continuing to take steps , including audits of our suppliers , to ensure compliance with ppg 2019s zero-tolerance policy against the use of child labor in their supply chains . changes to chemical registration regulations have been proposed or implemented in the eu and many other countries , including china , canada , the united states ( u.s. ) , brazil , mexico and korea . because implementation of many of these programs has not been finalized , the financial impact cannot be estimated at this time . we anticipate that the number of chemical registration regulations will continue to increase globally , and we have implemented programs to track and comply with these regulations . given the recent volatility in certain energy-based input costs and foreign currencies , the company is not able to predict with certainty the 2019 full year impact of related changes in raw material pricing versus 2018 ; however , ppg currently expects overall coatings raw material costs to increase a low-single-digit percentage in the first half of 2019 , with impacts varied by region and commodity . further , given the distribution nature of many of our businesses , logistics and distribution costs are sizable , as are wages and benefits but to a lesser degree . ppg typically experiences fluctuating prices for energy and raw materials driven by various factors , including changes in supplier feedstock costs and inventories , global industry activity levels , foreign currency exchange rates , government regulation , and global supply and demand factors . in aggregate , average .
| string | null | change_in_costs = 464 - 472
answer = change_in_costs |
what is the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007? | 92280 | CodeFinQA | the weighted average grant date fair value of performance-based restricted stock units granted during the years 2008 and 2007 was $ 84.33 and $ 71.72 , respectively . the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007 was $ 33712 , $ 49387 and $ 9181 , respectively . at september 30 , 2009 , the weighted average remaining vesting term of performance-based restricted stock units is 1.28 years . time-vested restricted stock units time-vested restricted stock units generally cliff vest three years after the date of grant , except for certain key executives of the company , including the executive officers , for which such units generally vest one year following the employee 2019s retirement . the related share-based compensation expense is recorded over the requisite service period , which is the vesting period or in the case of certain key executives is based on retirement eligibility . the fair value of all time-vested restricted stock units is based on the market value of the company 2019s stock on the date of grant . a summary of time-vested restricted stock units outstanding as of september 30 , 2009 , and changes during the year then ended is as follows : weighted average grant date fair value .
| | Stock Units | Weighted Average Grant Date Fair Value |
| :--- | :--- | :--- |
| Balance at October 1 | 1,570,329 | $69.35 |
| Granted | 618,679 | 62.96 |
| Distributed | (316,839) | 60.32 |
| Forfeited or canceled | (165,211) | 62.58 |
| Balance at September 30 | 1,706,958 | $69.36 |
| Expected to vest at September 30 | 1,536,262 | $69.36 |
the weighted average grant date fair value of time-vested restricted stock units granted during the years 2008 and 2007 was $ 84.42 and $ 72.20 , respectively . the total fair value of time-vested restricted stock units vested during 2009 , 2008 and 2007 was $ 29535 , $ 26674 and $ 3392 , respectively . at september 30 , 2009 , the weighted average remaining vesting term of the time-vested restricted stock units is 1.71 years . the amount of unrecognized compensation expense for all non-vested share-based awards as of september 30 , 2009 , is approximately $ 97034 , which is expected to be recognized over a weighted-average remaining life of approximately 2.02 years . at september 30 , 2009 , 4295402 shares were authorized for future grants under the 2004 plan . the company has a policy of satisfying share-based payments through either open market purchases or shares held in treasury . at september 30 , 2009 , the company has sufficient shares held in treasury to satisfy these payments in 2010 . other stock plans the company has a stock award plan , which allows for grants of common shares to certain key employees . distribution of 25% ( 25 % ) or more of each award is deferred until after retirement or involuntary termination , upon which the deferred portion of the award is distributable in five equal annual installments . the balance of the award is distributable over five years from the grant date , subject to certain conditions . in february 2004 , this plan was terminated with respect to future grants upon the adoption of the 2004 plan . at september 30 , 2009 and 2008 , awards for 114197 and 161145 shares , respectively , were outstanding . becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .
| string | null | stock_2009 = 33712
stock_2008 = 49387
stock_2007 = 9181
total_stock = stock_2009 + stock_2008 + stock_2007
answer = total_stock |
what was the average revenues from 2013 to 2015 | 691.700012207 | CodeFinQA | theme parks segment 2013 operating costs and expenses our theme parks segment operating costs and expenses consist primarily of theme park operations , includ- ing repairs and maintenance and related administrative expenses ; food , beverage and merchandise costs ; labor costs ; and sales and marketing costs . theme parks segment operating costs and expenses increased in 2015 and 2014 primarily due to additional costs at our orlando and hollywood theme parks associated with newer attractions , such as the fast fur- ious 2122 2014 supercharged 2122 studio tour in hollywood in 2015 and the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando in 2014 and increases in food , beverage and merchandise costs associated with the increases in attendance in both years . operating costs and expenses also increased in 2015 due to $ 89 million of operating costs and expenses attributable to universal studios japan and $ 22 million of transaction costs related to our development of a theme park in china . nbcuniversal headquarters , other and eliminations headquarters and other operating costs and expenses incurred by our nbcuniversal businesses include overhead , personnel costs and costs associated with corporate initiatives . operating costs and expenses increased in 2015 and 2014 primarily due to higher employee-related costs , including severance costs in corporate and other results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014 .
| Year ended December 31 (in millions) | 2015 | 2014 | 2013 | % Change 2014 to 2015 | % Change 2013 to 2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue | $766 | $709 | $600 | 8.0% | 18.1% |
| Operating costs and expenses | 1,664 | 1,487 | 1,089 | 11.9 | 36.5 |
| Operating loss before depreciation and amortization | $(898) | $(778) | $(489) | (15.5)% | (59.1)% |
corporate and other 2013 revenue other revenue primarily relates to comcast spectacor , which owns the philadelphia flyers and the wells fargo center arena in philadelphia , pennsylvania and operates arena management-related businesses . other revenue increased in 2015 and 2014 primarily due to increases in revenue from food and other services associated with new contracts entered into by one of our comcast spectacor businesses . the increase in other revenue in 2014 was also due to an increase in revenue associated with newly acquired businesses . corporate and other 2013 operating costs and expenses corporate and other operating costs and expenses primarily include overhead , personnel costs , the costs of corporate initiatives and branding , and operating costs and expenses associated with comcast spectacor . excluding transaction costs associated with the time warner cable merger and related divestiture trans- actions of $ 178 million and $ 237 million in 2015 and 2014 , respectively , corporate and other operating costs and expenses increased 19% ( 19 % ) in 2015 . this was primarily due to $ 56 million of expenses related to a contract settlement , an increase in expenses related to corporate strategic business initiatives and an increase in operating costs and expenses at comcast spectacor primarily associated with new contracts entered into by one of its businesses . corporate and other operating costs and expenses increased in 2014 primarily due to $ 237 million of transaction-related costs associated with the time warner cable merger and related divest- iture transactions , as well as an increase in operating costs and expenses associated with new contracts entered into by one of our comcast spectacor businesses . comcast 2015 annual report on form 10-k 60 .
| string | null | revenue_2015 = 766
revenue_2014 = 709
revenue_2013 = 600
total_revenue = revenue_2015 + revenue_2014 + revenue_2013
average_revenue = total_revenue / 3
answer = average_revenue |
considering the other corporate special items in addition , what is the variation observed in the other pre-tax corporate special items during 2017 and 2018 , in millions of dollars? | 30 | CodeFinQA | other corporate special items in addition , other pre-tax corporate special items totaling $ 30 million , $ 0 million and $ 8 million were recorded in 2018 , 2017 and 2016 , respectively . details of these charges were as follows : other corporate items .
| In millions | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Smurfit-Kappa acquisition proposal costs | $12 | $— | $— |
| Environmental remediation reserve adjustment | 9 | — | — |
| Legal settlement | 9 | — | — |
| Write-off of certain regulatory pre-engineering costs | — | — | 8 |
| Total | $30 | $— | $8 |
impairments of goodwill no goodwill impairment charges were recorded in 2018 , 2017 or 2016 . net losses on sales and impairments of businesses net losses on sales and impairments of businesses included in special items totaled a pre-tax loss of $ 122 million in 2018 related to the impairment of an intangible asset and fixed assets in the brazil packaging business , a pre-tax loss of $ 9 million in 2017 related to the write down of the long-lived assets of the company's asia foodservice business to fair value and a pre-tax loss of $ 70 million related to severance and the impairment of the ip asia packaging business in 2016 . see note 8 divestitures and impairments on pages 54 and 55 of item 8 . financial statements and supplementary data for further discussion . description of business segments international paper 2019s business segments discussed below are consistent with the internal structure used to manage these businesses . all segments are differentiated on a common product , common customer basis consistent with the business segmentation generally used in the forest products industry . industrial packaging international paper is the largest manufacturer of containerboard in the united states . our u.s . production capacity is over 13 million tons annually . our products include linerboard , medium , whitetop , recycled linerboard , recycled medium and saturating kraft . about 80% ( 80 % ) of our production is converted into corrugated boxes and other packaging by our 179 north american container plants . additionally , we recycle approximately one million tons of occ and mixed and white paper through our 18 recycling plants . our container plants are supported by regional design centers , which offer total packaging solutions and supply chain initiatives . in emea , our operations include one recycled fiber containerboard mill in morocco , a recycled containerboard mill in spain and 26 container plants in france , italy , spain , morocco and turkey . in brazil , our operations include three containerboard mills and four box plants . international paper also produces high quality coated paperboard for a variety of packaging end uses with 428000 tons of annual capacity at our mills in poland and russia . global cellulose fibers our cellulose fibers product portfolio includes fluff , market and specialty pulps . international paper is the largest producer of fluff pulp which is used to make absorbent hygiene products like baby diapers , feminine care , adult incontinence and other non-woven products . our market pulp is used for tissue and paper products . we continue to invest in exploring new innovative uses for our products , such as our specialty pulps , which are used for non-absorbent end uses including textiles , filtration , construction material , paints and coatings , reinforced plastics and more . our products are made in the united states , canada , france , poland , and russia and are sold around the world . international paper facilities have annual dried pulp capacity of about 4 million metric tons . printing papers international paper is one of the world 2019s largest producers of printing and writing papers . the primary product in this segment is uncoated papers . this business produces papers for use in copiers , desktop and laser printers and digital imaging . end-use applications include advertising and promotional materials such as brochures , pamphlets , greeting cards , books , annual reports and direct mail . uncoated papers also produces a variety of grades that are converted by our customers into envelopes , tablets , business forms and file folders . uncoated papers are sold under private label and international paper brand names that include hammermill , springhill , williamsburg , postmark , accent , great white , chamex , ballet , rey , pol , and svetocopy . the mills producing uncoated papers are located in the united states , france , poland , russia , brazil and india . the mills have uncoated paper production capacity of over 4 million tons annually . brazilian operations function through international paper do brasil , ltda , which owns or manages approximately 329000 acres of forestlands in brazil. .
| string | null | other_items_2018 = 30
other_items_2017 = 0
other_items_2016 = 8
variation = other_items_2018 - other_items_2017
answer = variation |
what is the net change in warranty liability during 2016? | 96 | CodeFinQA | 2017 form 10-k | 115 and $ 1088 million , respectively , were primarily comprised of loans to dealers , and the spc 2019s liabilities of $ 1106 million and $ 1087 million , respectively , were primarily comprised of commercial paper . the assets of the spc are not available to pay cat financial 2019s creditors . cat financial may be obligated to perform under the guarantee if the spc experiences losses . no loss has been experienced or is anticipated under this loan purchase agreement . cat financial is party to agreements in the normal course of business with selected customers and caterpillar dealers in which they commit to provide a set dollar amount of financing on a pre- approved basis . they also provide lines of credit to certain customers and caterpillar dealers , of which a portion remains unused as of the end of the period . commitments and lines of credit generally have fixed expiration dates or other termination clauses . it has been cat financial 2019s experience that not all commitments and lines of credit will be used . management applies the same credit policies when making commitments and granting lines of credit as it does for any other financing . cat financial does not require collateral for these commitments/ lines , but if credit is extended , collateral may be required upon funding . the amount of the unused commitments and lines of credit for dealers as of december 31 , 2017 and 2016 was $ 10993 million and $ 12775 million , respectively . the amount of the unused commitments and lines of credit for customers as of december 31 , 2017 and 2016 was $ 3092 million and $ 3340 million , respectively . our product warranty liability is determined by applying historical claim rate experience to the current field population and dealer inventory . generally , historical claim rates are based on actual warranty experience for each product by machine model/engine size by customer or dealer location ( inside or outside north america ) . specific rates are developed for each product shipment month and are updated monthly based on actual warranty claim experience. .
| (Millions of dollars) | 2017 | 2016 |
| :--- | :--- | :--- |
| Warranty liability, January 1 | $1,258 | $1,354 |
| Reduction in liability (payments) | (860) | (909) |
| Increase in liability (new warranties) | 1,021 | 813 |
| Warranty liability, December 31 | $1,419 | $1,258 |
22 . environmental and legal matters the company is regulated by federal , state and international environmental laws governing our use , transport and disposal of substances and control of emissions . in addition to governing our manufacturing and other operations , these laws often impact the development of our products , including , but not limited to , required compliance with air emissions standards applicable to internal combustion engines . we have made , and will continue to make , significant research and development and capital expenditures to comply with these emissions standards . we are engaged in remedial activities at a number of locations , often with other companies , pursuant to federal and state laws . when it is probable we will pay remedial costs at a site , and those costs can be reasonably estimated , the investigation , remediation , and operating and maintenance costs are accrued against our earnings . costs are accrued based on consideration of currently available data and information with respect to each individual site , including available technologies , current applicable laws and regulations , and prior remediation experience . where no amount within a range of estimates is more likely , we accrue the minimum . where multiple potentially responsible parties are involved , we consider our proportionate share of the probable costs . in formulating the estimate of probable costs , we do not consider amounts expected to be recovered from insurance companies or others . we reassess these accrued amounts on a quarterly basis . the amount recorded for environmental remediation is not material and is included in accrued expenses . we believe there is no more than a remote chance that a material amount for remedial activities at any individual site , or at all the sites in the aggregate , will be required . on january 7 , 2015 , the company received a grand jury subpoena from the u.s . district court for the central district of illinois . the subpoena requests documents and information from the company relating to , among other things , financial information concerning u.s . and non-u.s . caterpillar subsidiaries ( including undistributed profits of non-u.s . subsidiaries and the movement of cash among u.s . and non-u.s . subsidiaries ) . the company has received additional subpoenas relating to this investigation requesting additional documents and information relating to , among other things , the purchase and resale of replacement parts by caterpillar inc . and non-u.s . caterpillar subsidiaries , dividend distributions of certain non-u.s . caterpillar subsidiaries , and caterpillar sarl and related structures . on march 2-3 , 2017 , agents with the department of commerce , the federal deposit insurance corporation and the internal revenue service executed search and seizure warrants at three facilities of the company in the peoria , illinois area , including its former corporate headquarters . the warrants identify , and agents seized , documents and information related to , among other things , the export of products from the united states , the movement of products between the united states and switzerland , the relationship between caterpillar inc . and caterpillar sarl , and sales outside the united states . it is the company 2019s understanding that the warrants , which concern both tax and export activities , are related to the ongoing grand jury investigation . the company is continuing to cooperate with this investigation . the company is unable to predict the outcome or reasonably estimate any potential loss ; however , we currently believe that this matter will not have a material adverse effect on the company 2019s consolidated results of operations , financial position or liquidity . on march 20 , 2014 , brazil 2019s administrative council for economic defense ( cade ) published a technical opinion which named 18 companies and over 100 individuals as defendants , including two subsidiaries of caterpillar inc. , mge - equipamentos e servi e7os ferrovi e1rios ltda . ( mge ) and caterpillar brasil ltda . the publication of the technical opinion opened cade 2019s official administrative investigation into allegations that the defendants participated in anticompetitive bid activity for the construction and maintenance of metro and train networks in brazil . while companies cannot be .
| string | null | warranty_liability_2017 = 1258
warranty_liability_2016 = 1354
increase = warranty_liability_2017 - warranty_liability_2016
answer = increase |
in 2013 what was printing papers operating margin | 4.3699998856 | CodeFinQA | regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2014 decreased 8% ( 8 % ) to $ 5.7 billion compared with $ 6.2 billion in 2013 and 8% ( 8 % ) compared with $ 6.2 billion in 2012 . operating profits in 2014 were 106% ( 106 % ) lower than in 2013 and 103% ( 103 % ) lower than in 2012 . excluding facility closure costs , impairment costs and other special items , operating profits in 2014 were 7% ( 7 % ) higher than in 2013 and 8% ( 8 % ) lower than in 2012 . benefits from higher average sales price realizations and a favorable mix ( $ 178 million ) , lower planned maintenance downtime costs ( $ 26 million ) , the absence of a provision for bad debt related to a large envelope customer that was booked in 2013 ( $ 28 million ) , and lower foreign exchange and other costs ( $ 25 million ) were offset by lower sales volumes ( $ 82 million ) , higher operating costs ( $ 49 million ) , higher input costs ( $ 47 million ) , and costs associated with the closure of our courtland , alabama mill ( $ 41 million ) . in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets . we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 . operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . printing papers .
| In millions | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Sales | $5,720 | $6,205 | $6,230 |
| Operating Profit (Loss) | (16) | 271 | 599 |
north american printing papers net sales were $ 2.1 billion in 2014 , $ 2.6 billion in 2013 and $ 2.7 billion in 2012 . operating profits in 2014 were a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) compared with gains of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 and $ 331 million in 2012 . sales volumes in 2014 decreased compared with 2013 due to lower market demand for uncoated freesheet paper and the closure our courtland mill . average sales price realizations were higher , reflecting sales price increases in both domestic and export markets . higher input costs for wood were offset by lower costs for chemicals , however freight costs were higher . planned maintenance downtime costs were $ 14 million lower in 2014 . operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill but benefited from the absence of a provision for bad debt related to a large envelope customer that was recorded in 2013 . entering the first quarter of 2015 , sales volumes are expected to be stable compared with the fourth quarter of 2014 . average sales margins should improve reflecting a more favorable mix although average sales price realizations are expected to be flat . input costs are expected to be stable . planned maintenance downtime costs are expected to be about $ 16 million lower with an outage scheduled in the 2015 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2014 fourth quarter . brazilian papers net sales for 2014 were $ 1.1 billion compared with $ 1.1 billion in 2013 and $ 1.1 billion in 2012 . operating profits for 2014 were $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) compared with $ 210 million in 2013 and $ 163 million in 2012 . sales volumes in 2014 were about flat compared with 2013 . average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2013 and in 2014 . margins were favorably affected by an increased proportion of sales to the higher-margin domestic market . raw material costs increased for wood and chemicals . operating costs were higher than in 2013 and planned maintenance downtime costs were flat . looking ahead to 2015 , sales volumes in the first quarter are expected to decrease due to seasonally weaker customer demand for uncoated freesheet paper . average sales price improvements are expected to reflect the partial realization of announced sales price increases in the brazilian domestic market for uncoated freesheet paper . input costs are expected to be flat . planned maintenance outage costs should be $ 5 million lower with an outage scheduled at the luiz antonio mill in the first quarter . european papers net sales in 2014 were $ 1.5 billion compared with $ 1.5 billion in 2013 and $ 1.4 billion in 2012 . operating profits in 2014 were $ 140 million compared with $ 167 million in 2013 and $ 179 million in compared with 2013 , sales volumes for uncoated freesheet paper in 2014 were slightly higher in both .
| string | null | margin_2014 = 271
margin_total = 6205
percent_margin = margin_2014 / margin_total
answer = percent_margin * 100 |
during 2006 what was the initial debt balance prior to the issuance of additional international paper debt securities for cash | 0.400000006 | CodeFinQA | exchanged installment notes totaling approximately $ 4.8 billion and approximately $ 400 million of inter- national paper promissory notes for interests in enti- ties formed to monetize the notes . international paper determined that it was not the primary benefi- ciary of these entities , and therefore should not consolidate its investments in these entities . during 2006 , these entities acquired an additional $ 4.8 bil- lion of international paper debt securities for cash , resulting in a total of approximately $ 5.2 billion of international paper debt obligations held by these entities at december 31 , 2006 . since international paper has , and intends to affect , a legal right to offset its obligations under these debt instruments with its investments in the entities , international paper has offset $ 5.0 billion of interest in the entities against $ 5.0 billion of international paper debt obligations held by the entities as of december 31 , 2007 . international paper also holds variable interests in two financing entities that were used to monetize long-term notes received from sales of forestlands in 2002 and 2001 . see note 8 of the notes to consolidated financial statements in item 8 . financial statements and supplementary data for a further discussion of these transactions . capital resources outlook for 2008 international paper expects to be able to meet pro- jected capital expenditures , service existing debt and meet working capital and dividend requirements during 2008 through current cash balances and cash from operations , supplemented as required by its various existing credit facilities . international paper has approximately $ 2.5 billion of committed bank credit agreements , which management believes is adequate to cover expected operating cash flow variability during our industry 2019s economic cycles . the agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon international paper 2019s credit rating . the agreements include a $ 1.5 billion fully commit- ted revolving bank credit agreement that expires in march 2011 and has a facility fee of 0.10% ( 0.10 % ) payable quarterly . these agreements also include up to $ 1.0 billion of available commercial paper-based financ- ings under a receivables securitization program that expires in october 2009 with a facility fee of 0.10% ( 0.10 % ) . at december 31 , 2007 , there were no borrowings under either the bank credit agreements or receiv- ables securitization program . 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 . the company was in compliance with all its debt covenants at december 31 , 2007 . principal financial covenants include maintenance of a minimum net worth , defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock , plus any goodwill impairment charges , of $ 9 billion ; and a maximum total debt to capital ratio , defined as total debt divided by total debt plus net worth , of 60% ( 60 % ) . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2007 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by standard & poor 2019s ( s&p ) and moody 2019s investor services ( moody 2019s ) , respectively . the company currently has short-term credit ratings by s&p and moody 2019s of a-2 and p-3 , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2007 , were as follows : in millions 2008 2009 2010 2011 2012 thereafter maturities of long-term debt ( a ) $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 debt obligations with right of offset ( b ) 2013 2013 2013 2013 2013 5000 .
| <i>In millions</i> | 2008 | 2009 | 2010 | 2011 | 2012 | Thereafter |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Maturities of long-term debt (a) | $267 | $1,300 | $1,069 | $396 | $532 | $3,056 |
| Debt obligations with right of offset (b) | – | – | – | – | – | 5,000 |
| Lease obligations | 136 | 116 | 101 | 84 | 67 | 92 |
| Purchase obligations (c) | 1,953 | 294 | 261 | 235 | 212 | 1,480 |
| Total (d) | $2,356 | $1,710 | $1,431 | $715 | $811 | $9,628 |
( 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 affect , a legal right to offset these obligations with investments held in the entities . accordingly , in its con- solidated balance sheet at december 31 , 2007 , international paper has offset approximately $ 5.0 billion of interests in the entities against this $ 5.0 billion of debt obligations held by the entities ( see note 8 in the accompanying consolidated financial statements ) . ( c ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . ( d ) not included in the above table are unrecognized tax benefits of approximately $ 280 million. .
| string | null | initial_debt_balance = 5.2
additional_debt = 4.8
answer = initial_debt_balance - additional_debt |
in december 2016 the nclc issued senior unsecured notes due december 2021 , what is the payment they will receive on december 2021? | 733.3499755859 | CodeFinQA | new term loan a facility , with the remaining unpaid principal amount of loans under the new term loan a facility due and payable in full at maturity on june 6 , 2021 . principal amounts outstanding under the new revolving loan facility are due and payable in full at maturity on june 6 , 2021 , subject to earlier repayment pursuant to the springing maturity date described above . in addition to paying interest on outstanding principal under the borrowings , we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio , with a maximum commitment fee of 40% ( 40 % ) of the applicable margin for eurocurrency loans . in july 2016 , breakaway four , ltd. , as borrower , and nclc , as guarantor , entered into a supplemental agreement , which amended the breakaway four loan to , among other things , increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from 20ac590.5 million to 20ac729.9 million . in june 2016 , we took delivery of seven seas explorer . to finance the payment due upon delivery , we had export credit financing in place for 80% ( 80 % ) of the contract price . the associated $ 373.6 million term loan bears interest at 3.43% ( 3.43 % ) with a maturity date of june 30 , 2028 . principal and interest payments shall be paid semiannually . in december 2016 , nclc issued $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due december 2021 ( the 201cnotes 201d ) in a private offering ( the 201coffering 201d ) at par . nclc used the net proceeds from the offering , after deducting the initial purchasers 2019 discount and estimated fees and expenses , together with cash on hand , to purchase its outstanding 5.25% ( 5.25 % ) senior notes due 2019 having an aggregate outstanding principal amount of $ 680 million . the redemption of the 5.25% ( 5.25 % ) senior notes due 2019 was completed in january 2017 . nclc will pay interest on the notes at 4.750% ( 4.750 % ) per annum , semiannually on june 15 and december 15 of each year , commencing on june 15 , 2017 , to holders of record at the close of business on the immediately preceding june 1 and december 1 , respectively . nclc may redeem the notes , in whole or part , at any time prior to december 15 , 2018 , at a price equal to 100% ( 100 % ) of the principal amount of the notes redeemed plus accrued and unpaid interest to , but not including , the redemption date and a 201cmake-whole premium . 201d nclc may redeem the notes , in whole or in part , on or after december 15 , 2018 , at the redemption prices set forth in the indenture governing the notes . at any time ( which may be more than once ) on or prior to december 15 , 2018 , nclc may choose to redeem up to 40% ( 40 % ) of the aggregate principal amount of the notes at a redemption price equal to 104.750% ( 104.750 % ) of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings , so long as at least 60% ( 60 % ) of the aggregate principal amount of the notes issued remains outstanding following such redemption . the indenture governing the notes contains covenants that limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to , among other things : ( i ) incur or guarantee additional indebtedness or issue certain preferred shares ; ( ii ) pay dividends and make certain other restricted payments ; ( iii ) create restrictions on the payment of dividends or other distributions to nclc from its restricted subsidiaries ; ( iv ) create liens on certain assets to secure debt ; ( v ) make certain investments ; ( vi ) engage in transactions with affiliates ; ( vii ) engage in sales of assets and subsidiary stock ; and ( viii ) transfer all or substantially all of its assets or enter into merger or consolidation transactions . the indenture governing the notes also provides for events of default , which , if any of them occurs , would permit or require the principal , premium ( if any ) , interest and other monetary obligations on all of the then-outstanding notes to become due and payable immediately . interest expense , net for the year ended december 31 , 2016 was $ 276.9 million which included $ 34.7 million of amortization of deferred financing fees and a $ 27.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2015 was $ 221.9 million which included $ 36.7 million of amortization of deferred financing fees and a $ 12.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2014 was $ 151.8 million which included $ 32.3 million of amortization of deferred financing fees and $ 15.4 million of expenses related to financing transactions in connection with the acquisition of prestige . 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 , 2016 . the following are scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 for each of the next five years ( in thousands ) : .
| Year | Amount |
| :--- | :--- |
| 2017 | $560,193 |
| 2018 | 554,846 |
| 2019 | 561,687 |
| 2020 | 1,153,733 |
| 2021 | 2,193,823 |
| Thereafter | 1,490,322 |
| Total | $6,514,604 |
we had an accrued interest liability of $ 32.5 million and $ 34.2 million as of december 31 , 2016 and 2015 , respectively. .
| string | null | principal_due = 700.0 * 0.0475
principal_due_total = principal_due + 700.0
answer = principal_due_total |
what portion of total rig count is in north america in 2017? | 53.2999992371 | CodeFinQA | 32 | bhge 2018 form 10-k baker hughes rig count the baker hughes rig counts are an important business barometer for the drilling industry and its suppliers . when drilling rigs are active they consume products and services produced by the oil service industry . rig count trends are driven by the exploration and development spending by oil and natural gas companies , which in turn is influenced by current and future price expectations for oil and natural gas . the counts may reflect the relative strength and stability of energy prices and overall market activity , however , these counts should not be solely relied on as other specific and pervasive conditions may exist that affect overall energy prices and market activity . we have been providing rig counts to the public since 1944 . we gather all relevant data through our field service personnel , who obtain the necessary data from routine visits to the various rigs , customers , contractors and other outside sources as necessary . we base the classification of a well as either oil or natural gas primarily upon filings made by operators in the relevant jurisdiction . this data is then compiled and distributed to various wire services and trade associations and is published on our website . we believe the counting process and resulting data is reliable , however , it is subject to our ability to obtain accurate and timely information . rig counts are compiled weekly for the u.s . and canada and monthly for all international rigs . published international rig counts do not include rigs drilling in certain locations , such as russia , the caspian region and onshore china because this information is not readily available . rigs in the u.s . and canada are counted as active if , on the day the count is taken , the well being drilled has been started but drilling has not been completed and the well is anticipated to be of sufficient depth to be a potential consumer of our drill bits . in international areas , rigs are counted on a weekly basis and deemed active if drilling activities occurred during the majority of the week . the weekly results are then averaged for the month and published accordingly . the rig count does not include rigs that are in transit from one location to another , rigging up , being used in non-drilling activities including production testing , completion and workover , and are not expected to be significant consumers of drill bits . the rig counts are summarized in the table below as averages for each of the periods indicated. .
| | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| North America | 1,223 | 1,082 | 642 |
| International | 988 | 948 | 956 |
| Worldwide | 2,211 | 2,030 | 1,598 |
2018 compared to 2017 overall the rig count was 2211 in 2018 , an increase of 9% ( 9 % ) as compared to 2017 due primarily to north american activity . the rig count in north america increased 13% ( 13 % ) in 2018 compared to 2017 . internationally , the rig count increased 4% ( 4 % ) in 2018 as compared to the same period last year . within north america , the increase was primarily driven by the u.s . rig count , which was up 18% ( 18 % ) on average versus 2017 , partially offset with a decrease in the canadian rig count , which was down 8% ( 8 % ) on average . internationally , the improvement in the rig count was driven primarily by increases in the africa region of 18% ( 18 % ) , the asia-pacific region and latin america region , were also up by 9% ( 9 % ) and 3% ( 3 % ) , respectively , partially offset by the europe region , which was down 8% ( 8 % ) . 2017 compared to 2016 overall the rig count was 2030 in 2017 , an increase of 27% ( 27 % ) as compared to 2016 due primarily to north american activity . the rig count in north america increased 69% ( 69 % ) in 2017 compared to 2016 . internationally , the rig count decreased 1% ( 1 % ) in 2017 as compared to the same period last year . within north america , the increase was primarily driven by the land rig count , which was up 72% ( 72 % ) , partially offset by a decrease in the offshore rig count of 16% ( 16 % ) . internationally , the rig count decrease was driven primarily by decreases in latin america of 7% ( 7 % ) , the europe region and africa region , which were down by 4% ( 4 % ) and 2% ( 2 % ) , respectively , partially offset by the asia-pacific region , which was up 8%. .
| string | null | rigs_north_america = 1082
rigs_total = 2030
percent_north_america = rigs_north_america / rigs_total
answer = percent_north_america * 100 |
what was the ratio of the purchase composition international paper purchased 50% ( 50 % ) of ilim holding s.a for the cash to the notes notes parables | 7.2600002289 | CodeFinQA | the following unaudited pro forma information for the years ended december 31 , 2008 and 2007 pres- ents the results of operations of international paper as if the cbpr and central lewmar acquisitions , and the luiz antonio asset exchange , had occurred on january 1 , 2007 . this pro forma information does not purport to represent international paper 2019s actual results of operations if the transactions described above would have occurred on january 1 , 2007 , nor is it necessarily indicative of future results . in millions , except per share amounts 2008 2007 .
| <i>In millions, except per share amounts</i> | 2008 | 2007 |
| :--- | :--- | :--- |
| Net sales | $27,920 | $27,489 |
| Earnings (loss) from continuingoperations | (1,348) | 1,083 |
| Net earnings (loss) (1) | (1,361) | 1,052 |
| Earnings (loss) from continuingoperations per common share | (3.20) | 2.50 |
| Net earnings (loss) per common share<sup>(1)</sup> | (3.23) | 2.43 |
earnings ( loss ) from continuing operations per common share ( 3.20 ) 2.50 net earnings ( loss ) per common share ( 1 ) ( 3.23 ) 2.43 ( 1 ) attributable to international paper company common share- holders . joint ventures in october 2007 , international paper and ilim holding s.a . announced the completion of the formation of a 50:50 joint venture to operate in russia as ilim group . to form the joint venture , international paper purchased 50% ( 50 % ) of ilim holding s.a . ( ilim ) for approx- imately $ 620 million , including $ 545 million in cash and $ 75 million of notes payable , and contributed an additional $ 21 million in 2008 . the company 2019s investment in ilim totaled approximately $ 465 mil- lion at december 31 , 2009 , which is approximately $ 190 million higher than the company 2019s share of the underlying net assets of ilim . this basis difference primarily consists of the estimated fair value write-up of ilim plant , property and equipment of $ 150 million that is being amortized as a reduction of reported net income over the estimated remaining useful lives of the related assets , goodwill of $ 90 million and other basis differences of $ 50 million , including deferred taxes . a key element of the proposed joint venture strategy is a long-term investment program in which the joint venture will invest , through cash from operations and additional borrowings by the joint venture , approximately $ 1.5 billion in ilim 2019s three mills over approximately five years . this planned investment in the russian pulp and paper industry will be used to upgrade equipment , increase production capacity and allow for new high-value uncoated paper , pulp and corrugated packaging product development . this capital expansion strategy is expected to be ini- tiated in the second half of 2010 , subject to ilim obtaining financing sufficient to fund the project . note 7 businesses held for sale , divestitures and impairments discontinued operations 2008 : during the fourth quarter of 2008 , the com- pany recorded pre-tax gains of $ 9 million ( $ 5 million after taxes ) for adjustments to reserves associated with the sale of discontinued operations . during the first quarter of 2008 , the company recorded a pre-tax charge of $ 25 million ( $ 16 million after taxes ) related to the final settlement of a post- closing adjustment to the purchase price received by the company for the sale of its beverage packaging business , and a $ 3 million charge before taxes ( $ 2 million after taxes ) for 2008 operating losses related to certain wood products facilities . 2007 : during the fourth quarter of 2007 , the com- pany recorded a pre-tax charge of $ 9 million ( $ 6 mil- lion after taxes ) and a pre-tax credit of $ 4 million ( $ 3 million after taxes ) relating to adjustments to esti- mated losses on the sales of its beverage packaging and wood products businesses , respectively . addi- tionally , during the fourth quarter , a $ 4 million pre-tax charge ( $ 3 million after taxes ) was recorded for additional taxes associated with the sale of the company 2019s former weldwood of canada limited business . during the third quarter of 2007 , the company com- pleted the sale of the remainder of its non-u.s . beverage packaging business . during the second quarter of 2007 , the company recorded pre-tax charges of $ 6 million ( $ 4 million after taxes ) and $ 5 million ( $ 3 million after taxes ) relating to adjustments to estimated losses on the sales of its wood products and beverage packaging businesses , respectively . during the first quarter of 2007 , the company recorded pre-tax credits of $ 21 million ( $ 9 million after taxes ) and $ 6 million ( $ 4 million after taxes ) relating to the sales of its wood products and kraft papers businesses , respectively . in addition , a $ 15 million pre-tax charge ( $ 39 million after taxes ) was recorded for adjustments to the loss on the com- pletion of the sale of most of the beverage packaging business . finally , a pre-tax credit of approximately $ 10 million ( $ 6 million after taxes ) was recorded for refunds received from the canadian government of .
| string | null | cash_to_notes = 545
notes_parables = 75
ratio = cash_to_notes / notes_parables
answer = ratio |
in 2007 what was the percent of the the total future minimum lease commitments and contingencies for operating leases that was due in 2009 | 21 | CodeFinQA | lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 5 . long-term obligations ( continued ) as part of the consideration for business acquisitions completed during 2007 , 2006 and 2005 , we issued promissory notes totaling approximately $ 1.7 million , $ 7.2 million and $ 6.4 million , respectively . the notes bear interest at annual rates of 3.0% ( 3.0 % ) to 6.0% ( 6.0 % ) , and interest is payable at maturity or in monthly installments . we also assumed certain liabilities in connection with a business acquisition during the second quarter of 2005 , including a promissory note with a remaining principle balance of approximately $ 0.2 million . the annual interest rate on the note , which was retired during 2006 , was note 6 . 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 , 2007 are as follows ( in thousands ) : years ending december 31: .
| 2008 | $42,335 |
| :--- | :--- |
| 2009 | 33,249 |
| 2010 | 25,149 |
| 2011 | 17,425 |
| 2012 | 11,750 |
| Thereafter | 28,581 |
| Future Minimum Lease Payments | $158,489 |
rental expense for operating leases was approximately $ 27.4 million , $ 18.6 million and $ 12.2 million during the years ended december 31 , 2007 , 2006 and 2005 , respectively . we guaranty 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 guaranties at december 31 , 2007 , the guarantied residual value would have totaled approximately $ 24.0 million . litigation and related contingencies on december 2 , 2005 , ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed a complaint with the united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone and five other named respondents , including four taiwan-based manufacturers . on december 12 , 2005 , ford filed an amended complaint . both the complaint and the amended complaint contended that keystone and the other respondents infringed 14 design patents that ford alleges cover eight parts on the 2004-2005 .
| string | null | commitments_2009 = 33249
commitments_total = 158489
percent_due = commitments_2009 / commitments_total
answer = percent_due * 100 |
what was the change in millions of total other earnings from 2009 to 2010? | 36 | 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 | change_in_earnings = 214 - 178
answer = change_in_earnings |
what was the difference between earnings per share 2013 diluted as reported and earnings per share 2013 diluted pro forma ? | 0.1400000006 | CodeFinQA | the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the year ended december 31 , 2005 based on the fair value method under fasb statement no . 123 , accounting for stock-based compensation . pro forma stock-based compensation expense millions of dollars , except per share amounts 2005 .
| <i>Pro Forma Stock-Based Compensation Expense</i><i>Millions of Dollars, Except Per Share Amounts</i> | 2005 |
| :--- | :--- |
| Net income, as reported | $ 1,026 |
| Stock-based employee compensation expense, reported in net income, net of tax | 13 |
| Total stock-based employee compensation expense determined under fair value–based method for allawards, net of tax [a] | (50) |
| Pro forma net income | $ 989 |
| Earnings per share – basic, as reported | $ 3.89 |
| Earnings per share – basic, pro forma | $ 3.75 |
| Earnings per share – diluted, as reported | $ 3.85 |
| Earnings per share – diluted, pro forma | $ 3.71 |
[a] stock options for executives granted in 2003 and 2002 included a reload feature . this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes . the reload feature of these option grants could only be exercised if the price of our common stock increased at least 20% ( 20 % ) from the price at the time of the reload grant . during the year ended december 31 , 2005 , reload option grants represented $ 19 million of the pro forma expense noted above . there were no reload option grants during 2007 and 2006 as stock options exercised after january 1 , 2006 are not eligible for the reload feature . earnings per share 2013 basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period . diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive . use of estimates 2013 our consolidated financial statements include estimates and assumptions regarding certain assets , liabilities , revenue , and expenses and the disclosure of certain contingent assets and liabilities . actual future results may differ from such estimates . income taxes 2013 as required under fasb statement no . 109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns . these expected future tax consequences are measured based on provisions of tax law as currently enacted ; the effects of future changes in tax laws are not anticipated . future tax law changes , such as a change in the corporate tax rate , could have a material impact on our financial condition or results of operations . when appropriate , we record a valuation allowance against deferred tax assets to offset future tax benefits that may not be realized . in determining whether a valuation allowance is appropriate , we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized , based on management 2019s judgments regarding the best available evidence about future events . when we have claimed tax benefits that may be challenged by a tax authority , these uncertain tax positions are accounted for under fasb interpretation no . 48 , accounting for uncertainty in income taxes , an interpretation of fasb statement no . 109 ( fin 48 ) . we adopted fin 48 beginning january 1 , 2007 . prior to 2007 , income tax contingencies were accounted for under fasb statement no . 5 , accounting for contingencies . under fin 48 , we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities . the amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement . a liability for 201cunrecognized tax benefits 201d is .
| string | null | earnings_per_share_reported = 3.89
earnings_per_share_pro_forma = 3.75
answer = earnings_per_share_pro_forma - earnings_per_share_reported |
what is the percentage change in the balance of alternative assets from 2011 to 2012? | 4.5999999046 | CodeFinQA | challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients . defined contribution plans of institutional clients remained a significant driver of flows . this client group added $ 13.1 billion of net new business in 2012 . during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains . 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 . 2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 . growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) . 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 , which are qualified investment options under the pension protection act of 2006 . these 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 accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains . these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management . 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 . alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
| <i>(Dollar amounts in millions)</i> | 12/31/2011 | Net New Business | Net Acquired | Market /FX App (Dep) | 12/31/2012 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Core | $63,647 | $(3,922) | $6,166 | $2,476 | $68,367 |
| Currency and commodities | 41,301 | (1,547) | 860 | 814 | 41,428 |
| Alternatives | $104,948 | $(5,469) | $7,026 | $3,290 | $109,795 |
alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore . core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients . currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds . we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum . we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings . institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 . ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end . alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively . the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .
| string | null | alt_assets_2012 = 109795
alt_assets_2011 = 104948
change = alt_assets_2012 - alt_assets_2011
percent_change = change / alt_assets_2011
answer = percent_change * 100 |
as of october 31 , 2016 , what was the average square footage for bd owned or leased facilities? | 77631.421875 | CodeFinQA | the agreements that govern the indebtedness incurred or assumed in connection with the acquisition contain various covenants that impose restrictions on us and certain of our subsidiaries that may affect our ability to operate our businesses . the agreements that govern the indebtedness incurred or assumed in connection with the carefusion transaction contain various affirmative and negative covenants that may , subject to certain significant exceptions , restrict our ability and the ability of certain of our subsidiaries ( including carefusion ) to , among other things , have liens on their property , transact business with affiliates and/or merge or consolidate with any other person or sell or convey certain of our assets to any one person . in addition , some of the agreements that govern our indebtedness contain financial covenants that will require us to maintain certain financial ratios . our ability and the ability of our subsidiaries to comply with these provisions may be affected by events beyond our control . failure to comply with these covenants could result in an event of default , which , if not cured or waived , could accelerate our repayment obligations . item 1b . unresolved staff comments . item 2 . properties . bd 2019s executive offices are located in franklin lakes , new jersey . as of october 31 , 2016 , bd owned or leased 255 facilities throughout the world , comprising approximately 19796011 square feet of manufacturing , warehousing , administrative and research facilities . the u.s . facilities , including those in puerto rico , comprise approximately 7459856 square feet of owned and 2923257 square feet of leased space . the international facilities comprise approximately 7189652 square feet of owned and 2223245 square feet of leased space . sales offices and distribution centers included in the total square footage are also located throughout the world . operations in each of bd 2019s business segments are conducted at both u.s . and international locations . particularly in the international marketplace , facilities often serve more than one business segment and are used for multiple purposes , such as administrative/sales , manufacturing and/or warehousing/distribution . bd generally seeks to own its manufacturing facilities , although some are leased . the following table summarizes property information by business segment. .
| Sites | Corporate | BD Life Sciences | BD Medical | Mixed(A) | Total |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Leased | 11 | 19 | 75 | 92 | 195 |
| Owned | 3 | 15 | 31 | 121 | 60 |
| Total | 14 | 34 | 106 | 103 | 255 |
| Square feet | 1,425,720 | 4,337,963 | 9,891,908 | 4,140,420 | 19,796,011 |
( a ) facilities used by more than one business segment . bd believes that its facilities are of good construction and in good physical condition , are suitable and adequate for the operations conducted at those facilities , and are , with minor exceptions , fully utilized and operating at normal capacity . the u.s . facilities are located in alabama , arizona , california , connecticut , florida , georgia , illinois , indiana , maryland , massachusetts , michigan , nebraska , new jersey , north carolina , ohio , oklahoma , south carolina , texas , utah , virginia , washington , d.c. , washington , wisconsin and puerto rico . the international facilities are as follows : - europe , middle east , africa , which includes facilities in austria , belgium , bosnia and herzegovina , the czech republic , denmark , england , finland , france , germany , ghana , hungary , ireland , italy , kenya , luxembourg , netherlands , norway , poland , portugal , russia , saudi arabia , south africa , spain , sweden , switzerland , turkey , the united arab emirates and zambia. .
| string | null | total_square_footage = 19796011
owned_square_footage = 1425720 + 4337963 + 9891908 + 4140420
leased_square_footage = 11 * 195 + 19 * 75 + 75 * 92 + 92 * 195
total_owned_and_leased_square_footage = owned_square_footage + leased_square_footage
average_square_footage = total_square_footage / 255
answer = average_square_footage |
for 2000 , what is the implied revenue for the north america segment based on the margin , in millions ? \\n | 3376 | CodeFinQA | the breakdown of aes 2019s gross margin for the years ended december 31 , 2000 and 1999 , based on the geographic region in which they were earned , is set forth below. .
| | 2000 | % of Revenue | 1999 | % of Revenue | % change |
| :--- | :--- | :--- | :--- | :--- | :--- |
| North America | $844 million | 25% | $649 million | 32% | 30% |
| South America | $416 million | 36% | $232 million | 28% | 79% |
| Caribbean* | $226 million | 21% | $75 million | 24% | 201% |
| Europe/Africa | $371 million | 29% | $124 million | 29% | 199% |
| Asia | $138 million | 22% | $183 million | 37% | (26%) |
* includes venezuela and colombia . selling , general and administrative expenses selling , general and administrative expenses increased $ 11 million , or 15% ( 15 % ) , to $ 82 million in 2000 from $ 71 million in 1999 . selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in both 2000 and 1999 . the increase is due to an increase in business development activities . interest expense , net net interest expense increased $ 506 million , or 80% ( 80 % ) , to $ 1.1 billion in 2000 from $ 632 million in 1999 . interest expense as a percentage of revenues remained constant at 15% ( 15 % ) in both 2000 and 1999 . interest expense increased primarily due to the interest at new businesses , including drax , tiete , cilcorp and edc , as well as additional corporate interest costs resulting from the senior debt and convertible securities issued within the past two years . other income , net other income increased $ 16 million , or 107% ( 107 % ) , to $ 31 million in 2000 from $ 15 million in 1999 . other income includes foreign currency transaction gains and losses as well as other non-operating income . the increase in other income is due primarily to a favorable legal judgment and the sale of development projects . severance and transaction costs during the fourth quarter of 2000 , the company incurred approximately $ 79 million of transaction and contractual severance costs related to the acquisition of ipalco . gain on sale of assets during 2000 , ipalco sold certain assets ( 2018 2018thermal assets 2019 2019 ) for approximately $ 162 million . the transaction resulted in a gain to the company of approximately $ 31 million . of the net proceeds , $ 88 million was used to retire debt specifically assignable to the thermal assets . during 1999 , the company recorded a $ 29 million gain ( before extraordinary loss ) from the buyout of its long-term power sales agreement at placerita . the company received gross proceeds of $ 110 million which were offset by transaction related costs of $ 19 million and an impairment loss of $ 62 million to reduce the carrying value of the electric generation assets to their estimated fair value after termination of the contract . the estimated fair value was determined by an independent appraisal . concurrent with the buyout of the power sales agreement , the company repaid the related non-recourse debt prior to its scheduled maturity and recorded an extraordinary loss of $ 11 million , net of income taxes. .
| string | null | gross_margin = 844
revenue = 0.25
percent_gross_margin = gross_margin / revenue
answer = percent_gross_margin |
in 2016 what was the percent of the cib markets net interest income as part of the net interest income 2013 managed basis | 13.3999996185 | CodeFinQA | jpmorgan chase & co./2016 annual report 49 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities . cib 2019s markets businesses represent both fixed income markets and equity markets . the data presented below are non-gaap financial measures due to the exclusion of net interest income from cib 2019s markets businesses ( 201ccib markets 201d ) . management believes this exclusion provides investors and analysts with another measure by which to analyze the non- markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities . year ended december 31 , ( in millions , except rates ) 2016 2015 2014 net interest income 2013 managed basis ( a ) ( b ) $ 47292 $ 44620 $ 44619 less : cib markets net interest income ( c ) 6334 5298 6032 net interest income excluding cib markets ( a ) $ 40958 $ 39322 $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 less : average cib markets interest-earning assets ( c ) 520307 510292 522989 average interest-earning assets excluding cib markets $ 1581297 $ 1577950 $ 1526104 net interest yield on average interest-earning assets 2013 managed basis 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) 2.18% ( 2.18 % ) net interest yield on average cib markets interest- earning assets ( c ) 1.22 1.04 1.15 net interest yield on average interest-earning assets excluding cib markets 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) 2.53% ( 2.53 % ) ( a ) interest includes the effect of related hedges . taxable-equivalent amounts are used where applicable . ( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s . gaap results to managed basis on page 48 . ( c ) prior period amounts were revised to align with cib 2019s markets businesses . for further information on cib 2019s markets businesses , see page 61 . calculation of certain u.s . gaap and non-gaap financial measures certain u.s . gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .
| Year ended December 31,(in millions, except rates) | 2016 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Net interest income – managed basis<sup>(a)(b)</sup> | $47,292 | $44,620 | $44,619 |
| Less: CIB Markets net interest income<sup>(c)</sup> | 6,334 | 5,298 | 6,032 |
| Net interest income excluding CIB Markets<sup>(a)</sup> | $40,958 | $39,322 | $38,587 |
| Average interest-earning assets | $2,101,604 | $2,088,242 | $2,049,093 |
| Less: Average CIB Markets interest-earning assets<sup>(c)</sup> | 520,307 | 510,292 | 522,989 |
| Average interest-earning assets excluding CIB Markets | $1,581,297 | $1,577,950 | $1,526,104 |
| Net interest yield on average interest-earning assets – managed basis | 2.25% | 2.14% | 2.18% |
| Net interest yield on average CIB Markets interest-earning assets<sup>(c)</sup> | 1.22 | 1.04 | 1.15 |
| Net interest yield on average interest-earning assets excluding CIB Markets | 2.59% | 2.49% | 2.53% |
jpmorgan chase & co./2016 annual report 49 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities . cib 2019s markets businesses represent both fixed income markets and equity markets . the data presented below are non-gaap financial measures due to the exclusion of net interest income from cib 2019s markets businesses ( 201ccib markets 201d ) . management believes this exclusion provides investors and analysts with another measure by which to analyze the non- markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities . year ended december 31 , ( in millions , except rates ) 2016 2015 2014 net interest income 2013 managed basis ( a ) ( b ) $ 47292 $ 44620 $ 44619 less : cib markets net interest income ( c ) 6334 5298 6032 net interest income excluding cib markets ( a ) $ 40958 $ 39322 $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 less : average cib markets interest-earning assets ( c ) 520307 510292 522989 average interest-earning assets excluding cib markets $ 1581297 $ 1577950 $ 1526104 net interest yield on average interest-earning assets 2013 managed basis 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) 2.18% ( 2.18 % ) net interest yield on average cib markets interest- earning assets ( c ) 1.22 1.04 1.15 net interest yield on average interest-earning assets excluding cib markets 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) 2.53% ( 2.53 % ) ( a ) interest includes the effect of related hedges . taxable-equivalent amounts are used where applicable . ( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s . gaap results to managed basis on page 48 . ( c ) prior period amounts were revised to align with cib 2019s markets businesses . for further information on cib 2019s markets businesses , see page 61 . calculation of certain u.s . gaap and non-gaap financial measures certain u.s . gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .
| string | null | cib_markets_net_interest_income = 6334
net_interest_income_2013_managed_basis = 47292
answer = cib_markets_net_interest_income / net_interest_income_2013_managed_basis * 100 |
what is the highest initial balance observed during 2015-2017? | 1149309 | CodeFinQA | eog resources , inc . supplemental information to consolidated financial statements ( continued ) net proved undeveloped reserves . the following table presents the changes in eog's total proved undeveloped reserves during 2017 , 2016 and 2015 ( in mboe ) : .
| | 2017 | 2016 | 2015 |
| :--- | :--- | :--- | :--- |
| Balance at January 1 | 1,053,027 | 1,045,640 | 1,149,309 |
| Extensions and Discoveries | 237,378 | 138,101 | 205,152 |
| Revisions | 33,127 | 64,413 | (241,973) |
| Acquisition of Reserves | — | — | 54,458 |
| Sale of Reserves | (8,253) | (45,917) | — |
| Conversion to Proved Developed Reserves | (152,644) | (149,210) | (121,306) |
| Balance at December 31 | 1,162,635 | 1,053,027 | 1,045,640 |
for the twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe . eog added approximately 38 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion . based on the technology employed by eog to identify and record puds ( see discussion of technology employed on pages f-38 and f-39 of this annual report on form 10-k ) , eog added 199 mmboe . the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 74% ( 74 % ) of the additions were crude oil and condensate and ngls . during 2017 , eog drilled and transferred 153 mmboe of puds to proved developed reserves at a total capital cost of $ 1440 million . revisions of puds totaled positive 33 mmboe , primarily due to updated type curves resulting from improved performance of offsetting wells in the permian basin , the impact of increases in the average crude oil and natural gas prices used in the december 31 , 2017 , reserves estimation as compared to the prices used in the prior year estimate , and lower costs . during 2017 , eog sold or exchanged 8 mmboe of puds primarily in the permian basin . all puds , including drilled but uncompleted wells ( ducs ) , are scheduled for completion within five years of the original reserve booking . for the twelve-month period ended december 31 , 2016 , total puds increased by 7 mmboe to 1053 mmboe . eog added approximately 21 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion . based on the technology employed by eog to identify and record puds , eog added 117 mmboe . the pud additions were primarily in the permian basin and , to a lesser extent , the rocky mountain area , and 82% ( 82 % ) of the additions were crude oil and condensate and ngls . during 2016 , eog drilled and transferred 149 mmboe of puds to proved developed reserves at a total capital cost of $ 1230 million . revisions of puds totaled positive 64 mmboe , primarily due to improved well performance , primarily in the delaware basin , and lower production costs , partially offset by the impact of decreases in the average crude oil and natural gas prices used in the december 31 , 2016 , reserves estimation as compared to the prices used in the prior year estimate . during 2016 , eog sold 46 mmboe of puds primarily in the haynesville play . all puds for drilled but uncompleted wells ( ducs ) are scheduled for completion within five years of the original reserve booking . for the twelve-month period ended december 31 , 2015 , total puds decreased by 104 mmboe to 1046 mmboe . eog added approximately 52 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion . based on the technology employed by eog to identify and record puds , eog added 153 mmboe . the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls . during 2015 , eog drilled and transferred 121 mmboe of puds to proved developed reserves at a total capital cost of $ 2349 million . revisions of puds totaled negative 242 mmboe , primarily due to decreases in the average crude oil and natural gas prices used in the december 31 , 2015 , reserves estimation as compared to the prices used in the prior year estimate . during 2015 , eog did not sell any puds and acquired 54 mmboe of puds. .
| string | null | table_row = [1053027, 1045640, 1149309] # row labeled balance at january 1
a = max(table_row) |
what was the percentage change in total revenues net of interest expense between 2016 and 2018? | 60 | CodeFinQA | corporate/other corporate/other includes certain unallocated costs of global staff functions ( including finance , risk , human resources , legal and compliance ) , other corporate expenses and unallocated global operations and technology expenses and income taxes , as well as corporate treasury , certain north america legacy consumer loan portfolios , other legacy assets and discontinued operations ( for additional information on corporate/other , see 201ccitigroup segments 201d above ) . at december 31 , 2018 , corporate/other had $ 91 billion in assets , an increase of 17% ( 17 % ) from the prior year . in millions of dollars 2018 2017 2016 % ( % ) change 2018 vs . 2017 % ( % ) change 2017 vs . 2016 .
| In millions of dollars | 2018 | 2017 | 2016 | % Change2018 vs. 2017 | % Change2017 vs. 2016 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Net interest revenue | $2,254 | $2,000 | $3,045 | 13% | (34)% |
| Non-interest revenue | (171) | 1,132 | 2,188 | NM | (48) |
| Total revenues, net of interest expense | $2,083 | $3,132 | $5,233 | (33)% | (40)% |
| Total operating expenses | $2,272 | $3,814 | $5,042 | (40)% | (24)% |
| Net credit losses | $21 | $149 | $435 | (86)% | (66)% |
| Credit reserve build (release) | (218) | (317) | (456) | 31 | 30 |
| Provision (release) for unfunded lending commitments | (3) | — | (8) | — | 100 |
| Provision for benefits and claims | (2) | (7) | 98 | 71 | NM |
| Provisions for credit losses and for benefits and claims | $(202) | $(175) | $69 | (15) | NM |
| Income (loss) from continuing operations before taxes | $13 | $(507) | $122 | NM | NM |
| Income taxes (benefits) | (113) | 19,064 | (455) | NM | NM |
| Income (loss) from continuing operations | $126 | $(19,571) | $577 | NM | NM |
| Income (loss) from discontinued operations, net of taxes | (8) | (111) | (58) | 93 | (91) |
| Net income (loss) before attribution of noncontrolling interests | $118 | $(19,682) | $519 | NM | NM |
| Noncontrolling interests | 11 | (6) | (2) | NM | NM |
| Net income (loss) | $107 | $(19,676) | $521 | NM | NM |
nm not meaningful 2018 vs . 2017 net income was $ 107 million in 2018 , compared to a net loss of $ 19.7 billion in the prior year , primarily driven by the $ 19.8 billion one-time , non-cash charge recorded in the tax line in 2017 due to the impact of tax reform . results in 2018 included the one-time benefit of $ 94 million in the tax line , related to tax reform . for additional information , see 201csignificant accounting policies and significant estimates 2014income taxes 201d below . excluding the one-time impact of tax reform in 2018 and 2017 , net income decreased 92% ( 92 % ) , reflecting lower revenues , partially offset by lower expenses , lower cost of credit and tax benefits related to the reorganization of certain non-u.s . subsidiaries . the tax benefits were largely offset by the release of a foreign currency translation adjustment ( cta ) from aoci to earnings ( for additional information on the cta release , see note 19 to the consolidated financial statements ) . revenues decreased 33% ( 33 % ) , driven by the continued wind-down of legacy assets . expenses decreased 40% ( 40 % ) , primarily driven by the wind-down of legacy assets , lower infrastructure costs and lower legal expenses . provisions decreased $ 27 million to a net benefit of $ 202 million , primarily due to lower net credit losses , partially offset by a lower net loan loss reserve release . net credit losses declined 86% ( 86 % ) to $ 21 million , primarily reflecting the impact of ongoing divestiture activity and the continued wind-down of the north america mortgage portfolio . the net reserve release declined by $ 96 million to $ 221 million , and reflected the continued wind-down of the legacy north america mortgage portfolio and divestitures . 2017 vs . 2016 the net loss was $ 19.7 billion , compared to net income of $ 521 million in the prior year , primarily driven by the one-time impact of tax reform . excluding the one-time impact of tax reform , net income declined 69% ( 69 % ) to $ 168 million , reflecting lower revenues , partially offset by lower expenses and lower cost of credit . revenues declined 40% ( 40 % ) , primarily reflecting the continued wind-down of legacy assets and the absence of gains related to debt buybacks in 2016 . revenues included approximately $ 750 million in gains on asset sales in the first quarter of 2017 , which more than offset a roughly $ 300 million charge related to the exit of citi 2019s u.s . mortgage servicing operations in the quarter . expenses declined 24% ( 24 % ) , reflecting the wind-down of legacy assets and lower legal expenses , partially offset by approximately $ 100 million in episodic expenses primarily related to the exit of the u.s . mortgage servicing operations . also included in expenses is an approximately $ 255 million provision for remediation costs related to a card act matter in 2017 . provisions decreased $ 244 million to a net benefit of $ 175 million , primarily due to lower net credit losses and a lower provision for benefits and claims , partially offset by a lower net loan loss reserve release . net credit losses declined 66% ( 66 % ) , primarily reflecting the impact of ongoing divestiture activity and the continued wind-down of the north america mortgage portfolio . the decline in the provision for benefits and claims was primarily due to lower insurance activity . the net reserve release declined $ 147 million , and reflected the continued wind-down of the legacy north america mortgage portfolio and divestitures. .
| string | null | total_revenues_net_of_interest_expense = 2083 - 5233
answer = total_revenues_net_of_interest_expense / 5233 * 100 |
what was the largest gross margin in millions dollars over the three year period? | 4043 | CodeFinQA | expansion of the retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure , operating lease commitments , personnel , and other operating expenses . capital expenditures associated with the retail segment were $ 132 million in 2005 , bringing the total capital expenditures since inception of the retail segment to approximately $ 529 million . as of september 24 , 2005 , the retail segment had approximately 3673 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $ 606 million . the company would incur substantial costs should it choose to terminate its retail segment or close individual stores . such costs could adversely affect the company 2019s results of operations and financial condition . gross margin gross margin for each of the last three fiscal years are as follows ( in millions , except gross margin percentages ) : september 24 , september 25 , september 27 .
| | September 24, 2005 | September 25, 2004 | September 27, 2003 |
| :--- | :--- | :--- | :--- |
| Net sales | $13,931 | $8,279 | $6,207 |
| Cost of sales | 9,888 | 6,020 | 4,499 |
| Gross margin | $4,043 | $2,259 | $1,708 |
| Gross margin percentage | 29.0% | 27.3% | 27.5% |
gross margin increased in 2005 to 29.0% ( 29.0 % ) of net sales from 27.3% ( 27.3 % ) of net sales in 2004 . the company 2019s gross margin during 2005 increased due to more favorable pricing on certain commodity components including lcd flat-panel displays and dram memory ; an increase in higher margin software sales ; a favorable shift in direct sales related primarily to the company 2019s retail and online stores ; and higher overall revenue that provided for more leverage on fixed production costs . these increases to gross margin were partially offset by an increase in lower margin ipod sales . the company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will remain under pressure in light of price competition , especially for the ipod product line . the company expects gross margin percentage to decline in the first quarter of 2006 primarily as a result of a shift in the mix of revenue toward lower margin products such as the ipod and content from the itunes music store . the foregoing statements regarding the company 2019s expected gross margin are forward-looking . there can be no assurance that current gross margins will be maintained or targeted gross margin levels will be achieved . in general , gross margins and margins on individual products , including ipods , will remain under significant downward pressure due to a variety of factors , including continued industry wide global pricing pressures , increased competition , compressed product life cycles , potential increases in the cost and availability of raw material and outside manufacturing services , and potential changes to the company 2019s product mix , including higher unit sales of consumer products with lower average selling prices and lower gross margins . in response to these downward pressures , the company expects it will continue to take pricing actions with respect to its products . gross margins could also be affected by the company 2019s ability to effectively manage product quality and warranty costs and to stimulate demand for certain of its products . due to the company 2019s significant international operations , financial results can be significantly affected in the short-term by fluctuations in exchange rates. .
| string | null | table_row = [4043, 2259, 1708] # row labeled gross margin
a = max(table_row) |
what percentage of consumer packaging sales where from north american consumer packaging in 2014? | 59 | 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 | percent_north_american_consumer_packaging = 2 * 1000
percent_consumer_packaging = 3403
percent_north_american = percent_north_american_consumer_packaging / percent_consumer_packaging
answer = percent_north_american * 100 |
what were operating expenses in 2003? | 1638.5999755859 | CodeFinQA | year ended december 31 , 2004 compared to year ended december 31 , 2003 the historical results of operations of pca for the years ended december 31 , 2004 and 2003 are set forth below : for the year ended december 31 , ( in millions ) 2004 2003 change .
| | For the Year Ended December 31, | |
| :--- | :--- | :--- |
| <i>(In millions)</i> | 2004 | 2003 | Change |
| Net sales | $1,890.1 | $1,735.5 | $154.6 |
| Income before interest and taxes | $140.5 | $96.9 | $43.6 |
| Interest expense, net | (29.6) | (121.8) | 92.2 |
| Income (loss) before taxes | 110.9 | (24.9) | 135.8 |
| (Provision) benefit for income taxes | (42.2) | 10.5 | (52.7) |
| Net income (loss) | $68.7 | $(14.4) | $83.1 |
net sales net sales increased by $ 154.6 million , or 8.9% ( 8.9 % ) , for the year ended december 31 , 2004 from the year ended december 31 , 2003 . net sales increased due to improved sales volumes and prices of corrugated products and containerboard compared to 2003 . total corrugated products volume sold increased 6.6% ( 6.6 % ) to 29.9 billion square feet in 2004 compared to 28.1 billion square feet in 2003 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 7.0% ( 7.0 % ) in 2004 from 2003 . excluding pca 2019s acquisition of acorn in february 2004 , corrugated products volume was 5.3% ( 5.3 % ) higher in 2004 than 2003 and up 5.8% ( 5.8 % ) compared to 2003 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2004 had one less workday ( 251 days ) , those days not falling on a weekend or holiday , than 2003 ( 252 days ) . containerboard sales volume to external domestic and export customers increased 6.8% ( 6.8 % ) to 475000 tons for the year ended december 31 , 2004 from 445000 tons in 2003 . income before interest and taxes income before interest and taxes increased by $ 43.6 million , or 45.1% ( 45.1 % ) , for the year ended december 31 , 2004 compared to 2003 . included in income before interest and taxes for the year ended december 31 , 2004 is income of $ 27.8 million , net of expenses , attributable to a dividend paid to pca by stv , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest . included in income before interest and taxes for the year ended december 31 , 2003 is a $ 3.3 million charge for fees and expenses related to the company 2019s debt refinancing which was completed in july 2003 , and a fourth quarter charge of $ 16.0 million to settle certain benefits related matters with pactiv corporation dating back to april 12 , 1999 when pca became a stand-alone company , as described below . during the fourth quarter of 2003 , pactiv notified pca that we owed pactiv additional amounts for hourly pension benefits and workers 2019 compensation liabilities dating back to april 12 , 1999 . a settlement of $ 16.0 million was negotiated between pactiv and pca in december 2003 . the full amount of the settlement was accrued in the fourth quarter of 2003 . excluding these special items , operating income decreased $ 3.4 million in 2004 compared to 2003 . the $ 3.4 million decrease in income before interest and taxes was primarily attributable to increased energy and transportation costs ( $ 19.2 million ) , higher recycled and wood fiber costs ( $ 16.7 million ) , increased salary expenses related to annual increases and new hires ( $ 5.7 million ) , and increased contractual hourly labor costs ( $ 5.6 million ) , which was partially offset by increased sales volume and sales prices ( $ 44.3 million ) . .
| string | null | net_sales_2004 = 1735.5
income_before_taxes_2004 = 96.9
net_income_2004 = net_sales_2004 - income_before_taxes_2004
answer = net_income_2004 |
what was the average cash flow from 2010 to 2012 | 920 | CodeFinQA | we measure cash flow as net cash provided by operating activities reduced by expenditures for property additions . we use this non-gaap financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment , dividend distributions , acquisition opportunities , and share repurchases . our cash flow metric is reconciled to the most comparable gaap measure , as follows: .
| (dollars in millions) | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Net cash provided by operating activities | $1,758 | $1,595 | $1,008 |
| Additions to properties | (533) | (594) | (474) |
| Cash flow | $1,225 | $1,001 | $534 |
| <i>year-over-year change</i> | 22.4% | 87.5% | |
year-over-year change 22.4 % ( % ) 87.5 % ( % ) year-over-year changes in cash flow ( as defined ) were driven by improved performance in working capital resulting from the benefit derived from the pringles acquisition , as well as changes in the level of capital expenditures during the three-year period . investing activities our net cash used in investing activities for 2012 amounted to $ 3245 million , an increase of $ 2658 million compared with 2011 primarily attributable to the $ 2668 acquisition of pringles in capital spending in 2012 included investments in our supply chain infrastructure , and to support capacity requirements in certain markets , including pringles . in addition , we continued the investment in our information technology infrastructure related to the reimplementation and upgrade of our sap platform . net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010 , reflecting capital projects for our reimplementation and upgrade of our sap platform and investments in our supply chain . cash paid for additions to properties as a percentage of net sales has decreased to 3.8% ( 3.8 % ) in 2012 , from 4.5% ( 4.5 % ) in 2011 , which was an increase from 3.8% ( 3.8 % ) in financing activities in february 2013 , we issued $ 250 million of two-year floating-rate u.s . dollar notes , and $ 400 million of ten-year 2.75% ( 2.75 % ) u.s . dollar notes . the proceeds from these notes will be used for general corporate purposes , including , together with cash on hand , repayment of the $ 750 million aggregate principal amount of our 4.25% ( 4.25 % ) u.s . dollar notes due march 2013 . the floating-rate notes bear interest equal to three-month libor plus 23 basis points , subject to quarterly reset . the notes contain customary covenants that limit the ability of kellogg company and its restricted subsidiaries ( as defined ) to incur certain liens or enter into certain sale and lease-back transactions , as well as a change of control provision . our net cash provided by financing activities was $ 1317 for 2012 , compared to net cash used in financing activities of $ 957 and $ 439 for 2011 and 2010 , respectively . the increase in cash provided from financing activities in 2012 compared to 2011 and 2010 , was primarily due to the issuance of debt related to the acquisition of pringles . total debt was $ 7.9 billion at year-end 2012 and $ 6.0 billion at year-end 2011 . in march 2012 , we entered into interest rate swaps on our $ 500 million five-year 1.875% ( 1.875 % ) fixed rate u.s . dollar notes due 2016 , $ 500 million ten-year 4.15% ( 4.15 % ) fixed rate u.s . dollar notes due 2019 and $ 500 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted these notes from their fixed rates to floating rate obligations through maturity . in may 2012 , we issued $ 350 million of three-year 1.125% ( 1.125 % ) u.s . dollar notes , $ 400 million of five-year 1.75% ( 1.75 % ) u.s . dollar notes and $ 700 million of ten-year 3.125% ( 3.125 % ) u.s . dollar notes , resulting in aggregate net proceeds after debt discount of $ 1.442 billion . the proceeds of these notes were used for general corporate purposes , including financing a portion of the acquisition of pringles . in may 2012 , we issued cdn . $ 300 million of two-year 2.10% ( 2.10 % ) fixed rate canadian dollar notes , using the proceeds from these notes for general corporate purposes , which included repayment of intercompany debt . this repayment resulted in cash available to be used for a portion of the acquisition of pringles . in december 2012 , we repaid $ 750 million five-year 5.125% ( 5.125 % ) u.s . dollar notes at maturity with commercial paper . in february 2011 , we entered into interest rate swaps on $ 200 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted this portion of the notes from a fixed rate to a floating rate obligation through maturity . in april 2011 , we repaid $ 945 million ten-year 6.60% ( 6.60 % ) u.s . dollar notes at maturity with commercial paper . in may 2011 , we issued $ 400 million of seven-year 3.25% ( 3.25 % ) fixed rate u.s . dollar notes , using the proceeds of $ 397 million for general corporate purposes and repayment of commercial paper . during 2011 , we entered into interest rate swaps with notional amounts totaling $ 400 million , which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in november 2011 , we issued $ 500 million of five-year 1.875% ( 1.875 % ) fixed rate u . s . dollar notes , using the proceeds of $ 498 million for general corporate purposes and repayment of commercial paper . during 2012 , we entered into interest rate swaps which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in april 2010 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 2.5 billion during 2010 through 2012 . this three year authorization replaced previous share buyback programs which had authorized stock repurchases of up to $ 1.1 billion for 2010 and $ 650 million for 2009 . under this program , we repurchased approximately 1 million , 15 million and 21 million shares of common stock for $ 63 million , $ 793 million and $ 1.1 billion during 2012 , 2011 and 2010 , respectively . in december 2012 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 300 million during 2013 . we paid quarterly dividends to shareholders totaling $ 1.74 per share in 2012 , $ 1.67 per share in 2011 and $ 1.56 per share in 2010 . total cash paid for dividends increased by 3.0% ( 3.0 % ) in 2012 and 3.4% ( 3.4 % ) in 2011 . in march 2011 , we entered into an unsecured four- year credit agreement which allows us to borrow , on a revolving credit basis , up to $ 2.0 billion . our long-term debt agreements contain customary covenants that limit kellogg company and some of its subsidiaries from incurring certain liens or from entering into certain sale and lease-back transactions . some agreements also contain change in control provisions . however , they do not contain acceleration of maturity clauses that are dependent on credit ratings . a change in our credit ratings could limit our access to the u.s . short-term debt market and/or increase the cost of refinancing long-term debt in the future . however , even under these circumstances , we would continue to have access to our four-year credit agreement , which expires in march 2015 . this source of liquidity is unused and available on an unsecured basis , although we do not currently plan to use it . capital and credit markets , including commercial paper markets , continued to experience instability and disruption as the u.s . and global economies underwent a period of extreme uncertainty . throughout this period of uncertainty , we continued to have access to the u.s. , european , and canadian commercial paper markets . our commercial paper and term debt credit ratings were not affected by the changes in the credit environment . we monitor the financial strength of our third-party financial institutions , including those that hold our cash and cash equivalents as well as those who serve as counterparties to our credit facilities , our derivative financial instruments , and other arrangements . we are in compliance with all covenants as of december 29 , 2012 . we continue to believe that we will be able to meet our interest and principal repayment obligations and maintain our debt covenants for the foreseeable future , while still meeting our operational needs , including the pursuit of selected bolt-on acquisitions . this will be accomplished through our strong cash flow , our short- term borrowings , and our maintenance of credit facilities on a global basis. .
| string | null | average_cash_flow = (1225 + 1001 + 534) / 3
answer = average_cash_flow |
in billions , what would 2018 total operating revenues have been without the mexico business? | 20.3320007324 | 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 , 201ccompany 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 32236 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 26039 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 analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network . our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination . effective january 1 , 2018 , the company reclassified its six commodity groups into four : agricultural products , energy , industrial , and premium . the following table represents a disaggregation of our freight and other revenues: .
| Millions | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Agricultural Products | $4,469 | $4,303 | $4,209 |
| Energy | 4,608 | 4,498 | 3,715 |
| Industrial | 5,679 | 5,204 | 4,964 |
| Premium | 6,628 | 5,832 | 5,713 |
| Total freight revenues | $21,384 | $19,837 | $18,601 |
| Other subsidiary revenues | 881 | 885 | 814 |
| Accessorial revenues | 502 | 458 | 455 |
| Other | 65 | 60 | 71 |
| Total operating revenues | $22,832 | $21,240 | $19,941 |
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are freight revenues from our mexico business which amounted to $ 2.5 billion in 2018 , $ 2.3 billion in 2017 , and $ 2.2 billion in 2016 . 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 , cash equivalents and restricted cash 2013 cash equivalents consist of investments with original maturities of three months or less . amounts included in restricted cash represent those required to be set aside by contractual agreement. .
| string | null | total_revenue = 22832 / 1000
net_revenue = total_revenue - 2.5
answer = net_revenue |
what is the percent change in relative percentages of operating companies income ( loss ) attributable to smokeless products from 2015 to 2016? | 0.3000000119 | CodeFinQA | 10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
| | 2017 | 2016 | 2015 |
| :--- | :--- | :--- | :--- |
| Smokeable products | 85.8% | 86.2% | 87.4% |
| Smokeless products | 13.2 | 13.1 | 12.8 |
| Wine | 1.5 | 1.8 | 1.8 |
| All other | (0.5) | (1.1) | (2.0) |
| Total | 100.0% | 100.0% | 100.0% |
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 . narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 . management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) . tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman . altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies . the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark . cigarettes : pm usa is the largest cigarette company in the united states . marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years . nat sherman sells substantially all of its super premium cigarettes in the united states . total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco . middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states . black & mild is the principal cigar brand of middleton . nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states . total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 . smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products . the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky . substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states . total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 . innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products . in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements . in 2013 , nu mark introduced markten e-vapor products . in april 2014 , nu mark acquired the e-vapor business of green smoke , inc . and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 . in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products . in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc . ( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states . further , in july 2015 , altria group , inc . announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement . under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi . this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products . in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 . upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states . distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services . the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition . promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .
| string | null | smokeless_products_percent_change = 13.1 - 12.8
answer = smokeless_products_percent_change |
what was the service revenue as of december 312016 in millions as filed? | 29200 | CodeFinQA | adjusted ebitda increased $ 574 million , or 5% ( 5 % ) , in 2017 primarily from : 2022 an increase in branded postpaid and prepaid service revenues primarily due to strong customer response to our un- carrier initiatives , the ongoing success of our promotional activities , and the continued strength of our metropcs brand ; 2022 higher wholesale revenues ; and 2022 higher other revenues ; partially offset by 2022 higher selling , general and administrative expenses ; 2022 lower gains on disposal of spectrum licenses of $ 600 million ; gains on disposal were $ 235 million for the year ended december 31 , 2017 , compared to $ 835 million in the same period in 2016 ; 2022 higher cost of services expense ; 2022 higher net losses on equipment ; and 2022 the negative impact from hurricanes of approximately $ 201 million , net of insurance recoveries . adjusted ebitda increased $ 2.8 billion , or 36% ( 36 % ) , in 2016 primarily from : 2022 increased branded postpaid and prepaid service revenues primarily due to strong customer response to our un-carrier initiatives and the ongoing success of our promotional activities ; 2022 higher gains on disposal of spectrum licenses of $ 672 million ; gains on disposal were $ 835 million in 2016 compared to $ 163 million in 2015 ; 2022 lower losses on equipment ; and 2022 focused cost control and synergies realized from the metropcs business combination , primarily in cost of services ; partially offset by 2022 higher selling , general and administrative . effective january 1 , 2017 , the imputed discount on eip receivables , which was previously recognized within interest income in our consolidated statements of comprehensive income , is recognized within other revenues in our consolidated statements of comprehensive income . due to this presentation , the imputed discount on eip receivables is included in adjusted ebitda . see note 1 - summary of significant accounting policies of notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for further information . we have applied this change retrospectively and presented the effect on the years ended december 31 , 2016 and 2015 , in the table below. .
| | Year Ended December 31, 2016 | Year Ended December 31, 2015 |
| :--- | :--- | :--- |
| (in millions) | As Filed | Change in Accounting Principle | As Adjusted | As Filed | Change in Accounting Principle | As Adjusted |
| Operating income | $3,802 | $248 | $4,050 | $2,065 | $414 | $2,479 |
| Interest income | 261 | (248) | 13 | 420 | (414) | 6 |
| Net income | 1,460 | — | 1,460 | 733 | — | 733 |
| Net income as a percentage of service revenue | 5% | —% | 5% | 3% | —% | 3% |
| Adjusted EBITDA | $10,391 | $248 | $10,639 | $7,393 | $414 | $7,807 |
| Adjusted EBITDA margin (Adjusted EBITDA divided by service revenues) | 37% | 1% | 38% | 30% | 1% | 31% |
adjusted ebitda margin ( adjusted ebitda divided by service revenues ) 37% ( 37 % ) 1% ( 1 % ) 38% ( 38 % ) 30% ( 30 % ) 1% ( 1 % ) 31% ( 31 % ) liquidity and capital resources our principal sources of liquidity are our cash and cash equivalents and cash generated from operations , proceeds from issuance of long-term debt and common stock , capital leases , the sale of certain receivables , financing arrangements of vendor payables which effectively extend payment terms and secured and unsecured revolving credit facilities with dt. .
| string | null | net_income = 1460 / 0.05
answer = net_income |
considering the year 2018 , what is the average risk-free rate? | 1.875 | CodeFinQA | 5 . stock based compensation overview maa accounts for its stock based employee compensation plans in accordance with accounting standards governing stock based compensation . these standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award , which is generally the vesting period . any liability awards issued are remeasured at each reporting period . maa 2019s stock compensation plans consist of a number of incentives provided to attract and retain independent directors , executive officers and key employees . incentives are currently granted under the second amended and restated 2013 stock incentive plan , or the stock plan , which was approved at the 2018 annual meeting of maa shareholders . the stock plan allows for the grant of restricted stock and stock options up to 2000000 shares . maa believes that such awards better align the interests of its employees with those of its shareholders . compensation expense is generally recognized for service based restricted stock awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions . compensation expense for market and performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award , with a separate vesting date , consistent with the estimated value of the award at each period end . additionally , compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited . compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period . maa presents stock compensation expense in the consolidated statements of operations in "general and administrative expenses" . total compensation expense under the stock plan was $ 12.9 million , $ 10.8 million and $ 12.2 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . of these amounts , total compensation expense capitalized was $ 0.5 million , $ 0.2 million and $ 0.7 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . as of december 31 , 2018 , the total unrecognized compensation expense was $ 13.5 million . this cost is expected to be recognized over the remaining weighted average period of 1.1 years . total cash paid for the settlement of plan shares totaled $ 2.9 million , $ 4.8 million and $ 2.0 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . information concerning grants under the stock plan is provided below . restricted stock in general , restricted stock is earned based on either a service condition , performance condition , or market condition , or a combination thereof , and generally vests ratably over a period from 1 year to 5 years . service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of maa common stock on the date of grant . market based awards are earned when maa reaches a specified stock price or specified return on the stock price ( price appreciation plus dividends ) and are valued on the grant date using a monte carlo simulation . performance based awards are earned when maa reaches certain operational goals such as funds from operations , or ffo , targets and are valued based upon the market price of maa common stock on the date of grant as well as the probability of reaching the stated targets . maa remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known . the weighted average grant date fair value per share of restricted stock awards granted during the years ended december 31 , 2018 , 2017 and 2016 , was $ 71.85 , $ 84.53 and $ 73.20 , respectively . the following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended december 31 , 2018 , 2017 and 2016: .
| | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Risk free rate | 1.61% - 2.14% | 0.65% - 1.57% | 0.49% - 1.27% |
| Dividend yield | 3.884% | 3.573% | 3.634% |
| Volatility | 15.05% - 17.18% | 20.43% - 21.85% | 18.41% - 19.45% |
| Requisite service period | 3 years | 3 years | 3 years |
the risk free rate was based on a zero coupon risk-free rate . the minimum risk free rate was based on a period of 0.25 years for the years ended december 31 , 2018 , 2017 and 2016 . the maximum risk free rate was based on a period of 3 years for the years ended december 31 , 2018 , 2017 and 2016 . the dividend yield was based on the closing stock price of maa stock on the .
| string | null | risk_free_rate = 0.0161 + 0.021400000000000002
risk_free_rate = risk_free_rate / 2
answer = risk_free_rate * 100 |
what was the percentage growth of the vornado realty trust from 2005 to 2006 | 51 | CodeFinQA | performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index ( excluding health care real estate investment trusts ) , a peer group index . the graph assumes that $ 100 was invested on december 31 , 2005 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions . there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. .
| | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Vornado Realty Trust | 100 | 151 | 113 | 81 | 100 | 124 |
| S&P 500 Index | 100 | 116 | 122 | 77 | 97 | 112 |
| The NAREIT All Equity Index | 100 | 135 | 114 | 71 | 91 | 116 |
.
| string | null | change = 151 - 100
answer = change |
what was the sum of the entergy arkansas 2019s payables from 2015 to 2017 in millions | 270111 | CodeFinQA | entergy arkansas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .
| 2017 | 2016 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| (In Thousands) |
| ($166,137) | ($51,232) | ($52,742) | $2,218 |
see note 4 to the financial statements for a description of the money pool . entergy arkansas has a credit facility in the amount of $ 150 million scheduled to expire in august 2022 . entergy arkansas also has a $ 20 million credit facility scheduled to expire in april 2018 . a0 a0the $ 150 million credit facility permits the issuance of letters of credit against $ 5 million of the borrowing capacity of the facility . as of december 31 , 2017 , there were no cash borrowings and no letters of credit outstanding under the credit facilities . in addition , entergy arkansas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso . as of december 31 , 2017 , a $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility . see note 4 to the financial statements for further discussion of the credit facilities . the entergy arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $ 80 million scheduled to expire in may 2019 . a0 a0as of december 31 , 2017 , $ 50 million in letters of credit to support a like amount of commercial paper issued and $ 24.9 million in loans were outstanding under the entergy arkansas nuclear fuel company variable interest entity credit facility . see note 4 to the financial statements for further discussion of the nuclear fuel company variable interest entity credit facility . entergy arkansas obtained authorizations from the ferc through october 2019 for short-term borrowings not to exceed an aggregate amount of $ 250 million at any time outstanding and borrowings by its nuclear fuel company variable interest entity . see note 4 to the financial statements for further discussion of entergy arkansas 2019s short-term borrowing limits . the long-term securities issuances of entergy arkansas are limited to amounts authorized by the apsc , and the current authorization extends through december 2018 . entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis state and local rate regulation and fuel-cost recovery retail rates 2015 base rate filing in april 2015 , entergy arkansas filed with the apsc for a general change in rates , charges , and tariffs . the filing notified the apsc of entergy arkansas 2019s intent to implement a forward test year formula rate plan pursuant to arkansas legislation passed in 2015 , and requested a retail rate increase of $ 268.4 million , with a net increase in revenue of $ 167 million . the filing requested a 10.2% ( 10.2 % ) return on common equity . in september 2015 the apsc staff and intervenors filed direct testimony , with the apsc staff recommending a revenue requirement of $ 217.9 million and a 9.65% ( 9.65 % ) return on common equity . in december 2015 , entergy arkansas , the apsc staff , and certain of the intervenors in the rate case filed with the apsc a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $ 225 million with a net increase in revenue of approximately $ 133 million ; an authorized return on common equity of 9.75% ( 9.75 % ) ; and a formula rate plan tariff that provides a +/- 50 basis point band around the 9.75% ( 9.75 % ) allowed return on common equity . a significant portion of the rate increase is related to entergy arkansas 2019s acquisition in march 2016 of union power station power block 2 for a base purchase price of $ 237 million . the settlement agreement also provided for amortization over a 10-year period of $ 7.7 million of previously-incurred costs related to ano post-fukushima compliance and $ 9.9 million of previously-incurred costs related to ano flood barrier compliance . a settlement hearing was held in january 2016 . in february 2016 the apsc approved the settlement with one exception that reduced the retail rate increase proposed in the settlement by $ 5 million . the settling parties agreed to the apsc modifications in february 2016 . the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 . in march 2016 , entergy arkansas made a compliance filing regarding the .
| string | null | entergy_arkansas_payables = 166137 + 51232 + 52742
answer = entergy_arkansas_payables |
as part of the overall decline in the nets ales in 2013 what was the total decline in sales before the partial offsetting increase leading to the net decline in millions | 95 | CodeFinQA | warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and twic ) . partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support . is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 . the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) . partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support . operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves . adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011 . backlog backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) , and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets . backlog decreased in 2012 compared to 2011 primarily due to the substantial completion of various programs in 2011 ( primarily odin , u.k . census , and jtrs ) . trends we expect is&gs 2019 net sales to decline in 2014 in the high single digit percentage range as compared to 2013 primarily due to the continued downturn in federal information technology budgets . operating profit is also expected to decline in 2014 in the high single digit percentage range consistent with the expected decline in net sales , resulting in margins that are comparable with 2013 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support , and integration services ; and manned and unmanned ground vehicles . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , joint air-to-surface standoff missile ( jassm ) , javelin , apache fire control system ( apache ) , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) , and sof clss . mfc 2019s operating results included the following ( in millions ) : .
| | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Net sales | $7,757 | $7,457 | $7,463 |
| Operating profit | 1,431 | 1,256 | 1,069 |
| Operating margins | 18.4% | 16.8% | 14.3% |
| Backlog at year-end | 15,000 | 14,700 | 14,400 |
2013 compared to 2012 mfc 2019s net sales for 2013 increased $ 300 million , or 4% ( 4 % ) , compared to 2012 . the increase was primarily attributable to higher net sales of approximately $ 450 million for air and missile defense programs ( thaad and pac-3 ) due to increased production volume and deliveries ; about $ 70 million for fire control programs due to net increased deliveries and volume ; and approximately $ 55 million for tactical missile programs due to net increased deliveries . the increases were partially offset by lower net sales of about $ 275 million for various technical services programs due to lower volume driven by the continuing impact of defense budget reductions and related competitive pressures . the increase for fire control programs was primarily attributable to increased deliveries on the sniper ae and lantirn ae programs , increased volume on the sof clss program , partially offset by lower volume on longbow fire control radar and other programs . the increase for tactical missile programs was primarily attributable to increased deliveries on jassm and other programs , partially offset by fewer deliveries on the guided multiple launch rocket system and javelin programs. .
| string | null | total_decrease_in_sales = 50 + 25 + 20
answer = total_decrease_in_sales |
what percentage of consumer packaging sales where from north american consumer packaging in 2015? | 65 | 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 | north_american_consumer_packaging_sales = 1.9 * 1000
consumer_packaging_sales = 2940
percent_sales = north_american_consumer_packaging_sales / consumer_packaging_sales
answer = percent_sales * 100 |
in 2016 what was the percent of the cib markets net interest income ( c ) as part of the total net interest income 2013 managed basis | 13.3999996185 | CodeFinQA | jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities . this net interest income is referred to as non-markets related net interest income . cib 2019s markets businesses are fixed income markets and equity markets . management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities . the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib . year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges . taxable-equivalent amounts are used where applicable . ( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s . gaap results to managed basis on page 52 . ( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses . for further information on cib 2019s markets businesses , see page 65 . calculation of certain u.s . gaap and non-gaap financial measures certain u.s . gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .
| Year ended December 31,(in millions, except rates) | 2017 | 2016 | 2015 |
| :--- | :--- | :--- | :--- |
| Net interest income – managed basis<sup>(a)(b)</sup> | $51,410 | $47,292 | $44,620 |
| Less: CIB Markets net interest income<sup>(c)</sup> | 4,630 | 6,334 | 5,298 |
| Net interest income excluding CIB Markets<sup>(a)</sup> | $46,780 | $40,958 | $39,322 |
| Average interest-earning assets | $2,180,592 | $2,101,604 | $2,088,242 |
| Less: Average CIB Markets interest-earning assets<sup>(c)</sup> | 540,835 | 520,307 | 510,292 |
| Average interest-earning assets excluding CIB Markets | $1,639,757 | $1,581,297 | $1,577,950 |
| Net interest yield on average interest-earning assets – managed basis | 2.36% | 2.25% | 2.14% |
| Net interest yield on average CIB Markets interest-earning assets<sup>(c)</sup> | 0.86 | 1.22 | 1.04 |
| Net interest yield on average interest-earning assets excluding CIB Markets | 2.85% | 2.59% | 2.49% |
jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities . this net interest income is referred to as non-markets related net interest income . cib 2019s markets businesses are fixed income markets and equity markets . management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities . the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib . year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges . taxable-equivalent amounts are used where applicable . ( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s . gaap results to managed basis on page 52 . ( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses . for further information on cib 2019s markets businesses , see page 65 . calculation of certain u.s . gaap and non-gaap financial measures certain u.s . gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .
| string | null | cib_markets_net_interest_income = 6334
non_cib_markets_net_interest_income = 47292
answer = cib_markets_net_interest_income / non_cib_markets_net_interest_income * 100 |
what percent of the ratings profile of derivative receivables were junk rated in 2014? | 12 | CodeFinQA | management 2019s discussion and analysis 126 jpmorgan chase & co./2014 annual report while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure . to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) . these measures all incorporate netting and collateral benefits , where applicable . peak exposure to a counterparty is an extreme measure of exposure calculated at a 97.5% ( 97.5 % ) confidence level . dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures . the measurement is done by equating the unexpected loss in a derivative counterparty exposure ( which takes into consideration both the loss volatility and the credit rating of the counterparty ) with the unexpected loss in a loan exposure ( which takes into consideration only the credit rating of the counterparty ) . dre is a less extreme measure of potential credit loss than peak and is the primary measure used by the firm for credit approval of derivative transactions . finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral . avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit capital and the cva , as further described below . the three year avg exposure was $ 37.5 billion and $ 35.4 billion at december 31 , 2014 and 2013 , respectively , compared with derivative receivables , net of all collateral , of $ 59.4 billion and $ 51.3 billion at december 31 , 2014 and 2013 , respectively . the fair value of the firm 2019s derivative receivables incorporates an adjustment , the cva , to reflect the credit quality of counterparties . the cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market . the primary components of changes in cva are credit spreads , new deal activity or unwinds , and changes in the underlying market environment . the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio . in addition , the firm 2019s risk management process takes into consideration the potential impact of wrong-way risk , which is broadly defined as the potential for increased correlation between the firm 2019s exposure to a counterparty ( avg ) and the counterparty 2019s credit quality . many factors may influence the nature and magnitude of these correlations over time . to the extent that these correlations are identified , the firm may adjust the cva associated with that counterparty 2019s avg . the firm risk manages exposure to changes in cva by entering into credit derivative transactions , as well as interest rate , foreign exchange , equity and commodity derivative transactions . the accompanying graph shows exposure profiles to the firm 2019s current derivatives portfolio over the next 10 years as calculated by the dre and avg metrics . the two measures generally show that exposure will decline after the first year , if no new trades are added to the portfolio . the following table summarizes the ratings profile by derivative counterparty of the firm 2019s derivative receivables , including credit derivatives , net of other liquid securities collateral , for the dates indicated . the ratings scale is based on the firm 2019s internal ratings , which generally correspond to the ratings as defined by s&p and moody 2019s . ratings profile of derivative receivables rating equivalent 2014 2013 ( a ) december 31 , ( in millions , except ratios ) exposure net of all collateral % ( % ) of exposure net of all collateral exposure net of all collateral % ( % ) of exposure net of all collateral .
| Rating equivalent | 2014 | 2013<sup>(a)</sup> |
| :--- | :--- | :--- |
| December 31,(in millions, except ratios) | Exposure net of all collateral | % of exposure net of all collateral | Exposure net of all collateral | % of exposure net of all collateral |
| AAA/Aaa to AA-/Aa3 | $19,202 | 32% | $12,953 | 25% |
| A+/A1 to A-/A3 | 13,940 | 24 | 12,930 | 25 |
| BBB+/Baa1 to BBB-/Baa3 | 19,008 | 32 | 15,220 | 30 |
| BB+/Ba1 to B-/B3 | 6,384 | 11 | 6,806 | 13 |
| CCC+/Caa1 and below | 837 | 1 | 3,415 | 7 |
| Total | $59,371 | 100% | $51,324 | 100% |
( a ) the prior period amounts have been revised to conform with the current period presentation. .
| string | null | percent_junk = 11 + 1
answer = percent_junk |
in q1 2008 , what was the average cost per share for repurchased shares in that quarter? | 38.0699996948 | CodeFinQA | issuer purchases of equity securities during the three months ended december 31 , 2007 , we repurchased 8895570 shares of our class a common stock for an aggregate of $ 385.1 million pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 , as follows : period total number of shares purchased ( 1 ) average price paid per share 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 ( in millions ) .
| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | 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 (In millions) |
| :--- | :--- | :--- | :--- | :--- |
| October 2007 | 3,493,426 | $43.30 | 3,493,426 | $449.9 |
| November 2007 | 2,891,719 | $44.16 | 2,891,719 | $322.2 |
| December 2007 | 2,510,425 | $44.20 | 2,510,425 | $216.2 |
| Total Fourth Quarter | 8,895,570 | $43.27 | 8,895,570 | $216.2 |
( 1 ) issuer repurchases pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 . under this program , our management was authorized through february 2008 to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , we typically made purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allow us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods . subsequent to december 31 , 2007 , we repurchased 4.3 million shares of our class a common stock for an aggregate of $ 163.7 million pursuant to this program . in february 2008 , our board of directors approved a new stock repurchase program , pursuant to which we are authorized to purchase up to an additional $ 1.5 billion of our class a common stock . purchases under this stock repurchase program are subject to us having available cash to fund repurchases , as further described in item 1a of this annual report under the caption 201crisk factors 2014we anticipate that we may need additional financing to fund our stock repurchase programs , to refinance our existing indebtedness and to fund future growth and expansion initiatives 201d and item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources . 201d .
| string | null | repurchased_shares_2007 = 1637000000
repurchased_shares_2008 = 43000000
cost_per_share = repurchased_shares_2007 / repurchased_shares_2008
answer = cost_per_share |
how much will the company pay in interest on the 2022 notes between 2012 and 2022 ? in millions $ . | 262.5 | CodeFinQA | 12 . borrowings short-term borrowings 2015 revolving credit facility . in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility , which was amended in 2014 , 2013 and 2012 . in april 2015 , the company 2019s credit facility was further amended to extend the maturity date to march 2020 and to increase the amount of the aggregate commitment to $ 4.0 billion ( the 201c2015 credit facility 201d ) . the 2015 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 2015 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2015 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 , 2015 . the 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2015 , the company had no amount outstanding under the 2015 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 $ 4.0 billion as amended in april 2015 . the cp program is currently supported by the 2015 credit facility . at december 31 , 2015 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2015 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .
| (in millions) | MaturityAmount | Unamortized Discount and Debt Issuance Costs | Carrying Value | Fair Value |
| :--- | :--- | :--- | :--- | :--- |
| 6.25% Notes due 2017 | $700 | $(1) | $699 | $757 |
| 5.00% Notes due 2019 | 1,000 | (3) | 997 | 1,106 |
| 4.25% Notes due 2021 | 750 | (5) | 745 | 828 |
| 3.375% Notes due 2022 | 750 | (6) | 744 | 773 |
| 3.50% Notes due 2024 | 1,000 | (8) | 992 | 1,030 |
| 1.25% Notes due 2025 | 760 | (7) | 753 | 729 |
| Total Long-term Borrowings | $4,960 | $(30) | $4,930 | $5,223 |
long-term borrowings at december 31 , 2014 had a carrying value of $ 4.922 billion and a fair value of $ 5.309 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 10 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time 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 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . a gain of $ 19 million , net of tax , was recognized in other comprehensive income for 2015 . no hedge ineffectiveness was recognized during 2015 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a .
| string | null | a = 10 * 2
b = a + 1
c = 25 / 2
d = c * b
answer = d |
north american industrial packaging net sales where what percent of industrial packaging sales in 2011? | 82 | 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 | north_american_industrial_packaging_sales = 8.6 * 1000
industrial_packaging_sales = 10430
percent_sales = north_american_industrial_packaging_sales / industrial_packaging_sales
answer = percent_sales * 100 |
what was the average revenue generated by banno between 2014 and 2016? | 11416 | CodeFinQA | 58 2016 annual report note 12 . business acquisition bayside business solutions , inc . effective july 1 , 2015 , the company acquired all of the equity interests of bayside business solutions , an alabama-based company that provides technology solutions and payment processing services primarily for the financial services industry , for $ 10000 paid in cash . this acquisition was funded using existing operating cash . the acquisition of bayside business solutions expanded the company 2019s presence in commercial lending within the industry . management has completed a purchase price allocation of bayside business solutions and its assessment of the fair value of acquired assets and liabilities assumed . the recognized amounts of identifiable assets acquired and liabilities assumed , based upon their fair values as of july 1 , 2015 are set forth below: .
| Current assets | $1,922 |
| :--- | :--- |
| Long-term assets | 253 |
| Identifiable intangible assets | 5,005 |
| Total liabilities assumed | (3,279) |
| Total identifiable net assets | 3,901 |
| Goodwill | 6,099 |
| Net assets acquired | $10,000 |
the goodwill of $ 6099 arising from this acquisition consists largely of the growth potential , synergies and economies of scale expected from combining the operations of the company with those of bayside business solutions , together with the value of bayside business solutions 2019 assembled workforce . goodwill from this acquisition has been allocated to our banking systems and services segment . the goodwill is not expected to be deductible for income tax purposes . identifiable intangible assets from this acquisition consist of customer relationships of $ 3402 , $ 659 of computer software and other intangible assets of $ 944 . the weighted average amortization period for acquired customer relationships , acquired computer software , and other intangible assets is 15 years , 5 years , and 20 years , respectively . current assets were inclusive of cash acquired of $ 1725 . the fair value of current assets acquired included accounts receivable of $ 178 . the gross amount of receivables was $ 178 , none of which was expected to be uncollectible . during fiscal year 2016 , the company incurred $ 55 in costs related to the acquisition of bayside business solutions . these costs included fees for legal , valuation and other fees . these costs were included within general and administrative expenses . the results of bayside business solutions 2019 operations included in the company 2019s consolidated statement of income for the twelve months ended june 30 , 2016 included revenue of $ 4273 and after-tax net income of $ 303 . the accompanying consolidated statements of income for the fiscal year ended june 30 , 2016 do not include any revenues and expenses related to this acquisition prior to the acquisition date . the impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided . banno , llc effective march 1 , 2014 , the company acquired all of the equity interests of banno , an iowa-based company that provides web and transaction marketing services with a focus on the mobile medium , for $ 27910 paid in cash . this acquisition was funded using existing operating cash . the acquisition of banno expanded the company 2019s presence in online and mobile technologies within the industry . during fiscal year 2014 , the company incurred $ 30 in costs related to the acquisition of banno . these costs included fees for legal , valuation and other fees . these costs were included within general and administrative expenses . the results of banno's operations included in the company's consolidated statements of income for the year ended june 30 , 2016 included revenue of $ 6393 and after-tax net loss of $ 1289 . for the year ended june 30 , 2015 , our consolidated statements of income included revenue of $ 4175 and after-tax net loss of $ 1784 attributable to banno . the results of banno 2019s operations included in the company 2019s consolidated statement of operations from the acquisition date to june 30 , 2014 included revenue of $ 848 and after-tax net loss of $ 1121 . the accompanying consolidated statements of income for the twelve month period ended june 30 , 2016 do not include any revenues and expenses related to this acquisition prior to the acquisition date . the impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. .
| string | null | banno_revenue = 6393 + 4175
banno_revenue_2014 = 848 + banno_revenue
answer = banno_revenue_2014 |
what was the effect in difference of average borrowing rate due to the use of swaps in 2013? | 2.2000000477 | CodeFinQA | morgan stanley notes to consolidated financial statements 2014 ( continued ) consumer price index ) . senior debt also may be structured to be callable by the company or extendible at the option of holders of the senior debt securities . debt containing provisions that effectively allow the holders to put or extend the notes aggregated $ 1175 million at december 31 , 2013 and $ 1131 million at december 31 , 2012 . in addition , separate agreements are entered into by the company 2019s subsidiaries that effectively allow the holders to put the notes aggregated $ 353 million at december 31 , 2013 and $ 1895 million at december 31 , 2012 . subordinated debt and junior subordinated debentures generally are issued to meet the capital requirements of the company or its regulated subsidiaries and primarily are u.s . dollar denominated . senior debt 2014structured borrowings . the company 2019s index-linked , equity-linked or credit-linked borrowings include various structured instruments whose payments and redemption values are linked to the performance of a specific index ( e.g. , standard & poor 2019s 500 ) , a basket of stocks , a specific equity security , a credit exposure or basket of credit exposures . to minimize the exposure resulting from movements in the underlying index , equity , credit or other position , the company has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates based upon libor . these instruments are included in the preceding table at their redemption values based on the performance of the underlying indices , baskets of stocks , or specific equity securities , credit or other position or index . the company carries either the entire structured borrowing at fair value or bifurcates the embedded derivative and carries it at fair value . the swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value . changes in fair value related to the notes and economic hedges are reported in trading revenues . see note 4 for further information on structured borrowings . subordinated debt and junior subordinated debentures . included in the company 2019s long-term borrowings are subordinated notes of $ 9275 million having a contractual weighted average coupon of 4.69% ( 4.69 % ) at december 31 , 2013 and $ 5845 million having a weighted average coupon of 4.81% ( 4.81 % ) at december 31 , 2012 . junior subordinated debentures outstanding by the company were $ 4849 million at december 31 , 2013 and $ 4827 million at december 31 , 2012 having a contractual weighted average coupon of 6.37% ( 6.37 % ) at both december 31 , 2013 and december 31 , 2012 . maturities of the subordinated and junior subordinated notes range from 2014 to 2067 . maturities of certain junior subordinated debentures can be extended to 2052 at the company 2019s option . asset and liability management . in general , securities inventories that are not financed by secured funding sources and the majority of the company 2019s assets are financed with a combination of deposits , short-term funding , floating rate long-term debt or fixed rate long-term debt swapped to a floating rate . fixed assets are generally financed with fixed rate long-term debt . the company uses interest rate swaps to more closely match these borrowings to the duration , holding period and interest rate characteristics of the assets being funded and to manage interest rate risk . these swaps effectively convert certain of the company 2019s fixed rate borrowings into floating rate obligations . in addition , for non-u.s . dollar currency borrowings that are not used to fund assets in the same currency , the company has entered into currency swaps that effectively convert the borrowings into u.s . dollar obligations . the company 2019s use of swaps for asset and liability management affected its effective average borrowing rate as follows: .
| | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Weighted average coupon of long-term borrowings at period-end(1) | 4.4% | 4.4% | 4.0% |
| Effective average borrowing rate for long-term borrowings after swaps at period-end(1) | 2.2% | 2.3% | 1.9% |
( 1 ) included in the weighted average and effective average calculations are non-u.s . dollar interest rates . other . the company , through several of its subsidiaries , maintains funded and unfunded committed credit facilities to support various businesses , including the collateralized commercial and residential mortgage whole loan , derivative contracts , warehouse lending , emerging market loan , structured product , corporate loan , investment banking and prime brokerage businesses. .
| string | null | long_term_borrowing_rate_2013 = 4.4
long_term_borrowing_rate_2012 = 4.4
long_term_borrowing_rate_2011 = 4.0
effective_average_borrowing_rate_after_swaps_2013 = long_term_borrowing_rate_2013 - 2.2
effective_average_borrowing_rate_after_swaps_2012 = long_term_borrowing_rate_2012 - 2.3
effective_average_borrowing_rate_after_swaps_2011 = long_term_borrowing_rate_2011 - 1.9
answer = effective_average_borrowing_rate_after_swaps_2013 |
what is the increase in fuel cost recovery revenues as a percentage of the change in net revenue from 2002 to 2003? | 2137 | CodeFinQA | entergy gulf states , inc . management's financial discussion and analysis .
| | (In Millions) |
| :--- | :--- |
| 2002 net revenue | $1,130.7 |
| Volume/weather | 17.8 |
| Fuel write-offs in 2002 | 15.3 |
| Net wholesale revenue | 10.2 |
| Base rate decreases | (23.3) |
| NISCO gain recognized in 2002 | (15.2) |
| Rate refund provisions | (11.3) |
| Other | (14.1) |
| 2003 net revenue | $1,110.1 |
the volume/weather variance was due to higher electric sales volume in the service territory . billed usage increased a total of 517 gwh in the residential and commercial sectors . the increase was partially offset by a decrease in industrial usage of 470 gwh due to the loss of two large industrial customers to cogeneration . the customers accounted for approximately 1% ( 1 % ) of entergy gulf states' net revenue in 2002 . in 2002 , deferred fuel costs of $ 8.9 million related to a texas fuel reconciliation case were written off and $ 6.5 million in expense resulted from an adjustment in the deregulated asset plan percentage as the result of a power uprate at river bend . the increase in net wholesale revenue was primarily due to an increase in sales volume to municipal and co- op customers and also to affiliated systems related to entergy's generation resource planning . the base rate decreases were effective june 2002 and january 2003 , both in the louisiana jurisdiction . the january 2003 base rate decrease of $ 22.1 million had a minimal impact on net income due to a corresponding reduction in nuclear depreciation and decommissioning expenses associated with the change in accounting to reflect an assumed extension of river bend's useful life . in 2002 , a gain of $ 15.2 million was recognized for the louisiana portion of the 1988 nelson units 1 and 2 sale . entergy gulf states received approval from the lpsc to discontinue applying amortization of the gain against recoverable fuel , resulting in the recognition of the deferred gain in income . rate refund provisions caused a decrease in net revenue due to additional provisions recorded in 2003 compared to 2002 for potential rate actions and refunds . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 440.2 million in fuel cost recovery revenues as a result of higher fuel rates in both the louisiana and texas jurisdictions . fuel and purchased power expenses increased $ 471.1 million due to an increase in the market prices of natural gas and purchased power . other income statement variances 2004 compared to 2003 other operation and maintenance expenses decreased primarily due to : 2022 voluntary severance program accruals of $ 22.5 million in 2003 ; and 2022 a decrease of $ 4.3 million in nuclear material and labor costs due to reduced staff in 2004. .
| string | null | fuel_cost_recovery_revenue_percent_change = 440.2 / (1130.7 - 1110.1)
answer = fuel_cost_recovery_revenue_percent_change * 100 |
at december 31 , 2010 , what was the ratio of the anticipated benefit payments from the plan in future for 2015 to 2016-2020 | 6.2800002098 | CodeFinQA | the company expects to amortize $ 1.7 million of actuarial loss from accumulated other comprehensive income ( loss ) into net periodic benefit costs in 2011 . at december 31 , 2010 , anticipated benefit payments from the plan in future years are as follows: .
| (in millions) | Year |
| :--- | :--- |
| 2011 | $7.2 |
| 2012 | 8.2 |
| 2013 | 8.6 |
| 2014 | 9.5 |
| 2015 | 10.0 |
| 2016-2020 | 62.8 |
savings plans . cme maintains a defined contribution savings plan pursuant to section 401 ( k ) of the internal revenue code , whereby all u.s . employees are participants and have the option to contribute to this plan . cme matches employee contributions up to 3% ( 3 % ) of the employee 2019s base salary and may make additional discretionary contributions of up to 2% ( 2 % ) of base salary . in addition , certain cme london-based employees are eligible to participate in a defined contribution plan . for cme london-based employees , the plan provides for company contributions of 10% ( 10 % ) of earnings and does not have any vesting requirements . salary and cash bonuses paid are included in the definition of earnings . aggregate expense for all of the defined contribution savings plans amounted to $ 6.3 million , $ 5.2 million and $ 5.8 million in 2010 , 2009 and 2008 , respectively . cme non-qualified plans . cme maintains non-qualified plans , under which participants may make assumed investment choices with respect to amounts contributed on their behalf . although not required to do so , cme invests such contributions in assets that mirror the assumed investment choices . the balances in these plans are subject to the claims of general creditors of the exchange and totaled $ 28.8 million and $ 23.4 million at december 31 , 2010 and 2009 , respectively . although the value of the plans is recorded as an asset in the consolidated balance sheets , there is an equal and offsetting liability . the investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense . supplemental savings plan 2014cme maintains a supplemental plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plan . all cme employees hired prior to january 1 , 2007 are immediately vested in their supplemental plan benefits . all cme employees hired on or after january 1 , 2007 are subject to the vesting requirements of the underlying qualified plans . total expense for the supplemental plan was $ 0.9 million , $ 0.7 million and $ 1.3 million for 2010 , 2009 and 2008 , respectively . deferred compensation plan 2014a deferred compensation plan is maintained by cme , under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution . nymexmembers 2019 retirement plan and benefits . nymex maintained a retirement and benefit plan under the commodities exchange , inc . ( comex ) members 2019 recognition and retention plan ( mrrp ) . this plan provides benefits to certain members of the comex division based on long-term membership , and participation is limited to individuals who were comex division members prior to nymex 2019s acquisition of comex in 1994 . no new participants were permitted into the plan after the date of this acquisition . under the terms of the mrrp , the company is required to fund the plan with a minimum annual contribution of $ 0.4 million until it is fully funded . all benefits to be paid under the mrrp are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits . total contributions to the plan were $ 0.8 million for each of 2010 , 2009 and for the period august 23 through december 31 , 2008 . at december 31 , 2010 and 2009 , the total obligation for the mrrp totaled $ 20.7 million and $ 20.5 million .
| string | null | anticipated_benefit_payments_2015_2016_2020 = 62.8
anticipated_benefit_payments_2011 = 7.2
anticipated_benefit_payments_2012 = 8.2
anticipated_benefit_payments_2013 = 8.6
anticipated_benefit_payments_2014 = 9.5
anticipated_benefit_payments_2015 = 10.0
answer = anticipated_benefit_payments_2015_2016_2020 / anticipated_benefit_payments_2015 |
what was the average stock price in 2019? ( $ ) | 42.1899986267 | CodeFinQA | westrock company notes to consolidated financial statements 2014 ( continued ) note 20 . stockholders 2019 equity capitalization our capital stock consists solely of common stock . holders of our common stock are entitled to one vote per share . our amended and restated certificate of incorporation also authorizes preferred stock , of which no shares have been issued . the terms and provisions of such shares will be determined by our board of directors upon any issuance of such shares in accordance with our certificate of incorporation . stock repurchase plan in july 2015 , our board of directors authorized a repurchase program of up to 40.0 million shares of our common stock , representing approximately 15% ( 15 % ) of our outstanding common stock as of july 1 , 2015 . the shares of our common stock may be repurchased over an indefinite period of time at the discretion of management . in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million . in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million . in fiscal 2017 , we repurchased approximately 1.8 million shares of our common stock for an aggregate cost of $ 93.0 million . as of september 30 , 2019 , we had remaining authorization under the repurchase program authorized in july 2015 to purchase approximately 19.1 million shares of our common stock . note 21 . share-based compensation share-based compensation plans at our annual meeting of stockholders held on february 2 , 2016 , our stockholders approved the westrock company 2016 incentive stock plan . the 2016 incentive stock plan was amended and restated on february 2 , 2018 ( the 201camended and restated 2016 incentive stock plan 201d ) . the amended and restated 2016 incentive stock plan allows for the granting of options , restricted stock , sars and restricted stock units to certain key employees and directors . the table below shows the approximate number of shares : available for issuance , available for future grant , to be issued if restricted awards granted with a performance condition recorded at target achieve the maximum award , and if new grants pursuant to the plan are expected to be issued , each as adjusted as necessary for corporate actions ( in millions ) . shares available issuance shares available for future shares to be issued if performance is achieved at maximum expect to awards amended and restated 2016 incentive stock plan ( 1 ) 11.7 5.1 2.3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15.8 3.1 0.0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12.8 9.0 0.0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7.9 5.9 0.0 no ( 1 ) as part of the separation , equity-based incentive awards were generally adjusted to maintain the intrinsic value of awards immediately prior to the separation . the number of unvested restricted stock awards and unexercised stock options and sars at the time of the separation were increased by an exchange factor of approximately 1.12 . in addition , the exercise price of unexercised stock options and sars at the time of the separation was converted to decrease the exercise price by an exchange factor of approximately 1.12 . ( 2 ) in connection with the combination , westrock assumed all rocktenn and mwv equity incentive plans . we issued awards to certain key employees and our directors pursuant to our rocktenn 2004 incentive stock plan , as amended , and our mwv 2005 performance incentive plan , as amended . the awards were converted into westrock awards using the conversion factor as described in the business combination agreement . ( 3 ) in connection with the smurfit-stone acquisition , we assumed the smurfit-stone equity incentive plan , which was renamed the rock-tenn company ( sscc ) equity incentive plan . the awards were converted into shares of rocktenn common stock , options and restricted stock units , as applicable , using the conversion factor as described in the merger agreement. .
| | Shares Available For Issuance | Shares Available For Future Grant | Shares To Be Issued If Performance Is Achieved At Maximum | Expect To Make New Awards |
| :--- | :--- | :--- | :--- | :--- |
| Amended and Restated 2016 Incentive Stock Plan<sup>(1)</sup> | 11.7 | 5.1 | 2.3 | Yes |
| 2004 Incentive Stock Plan<sup>(1)(2)</sup> | 15.8 | 3.1 | 0.0 | No |
| 2005 Performance Incentive Plan<sup>(1)(2)</sup> | 12.8 | 9.0 | 0.0 | No |
| RockTenn (SSCC) Equity Inventive Plan<sup>(1)(3)</sup> | 7.9 | 5.9 | 0.0 | No |
westrock company notes to consolidated financial statements 2014 ( continued ) note 20 . stockholders 2019 equity capitalization our capital stock consists solely of common stock . holders of our common stock are entitled to one vote per share . our amended and restated certificate of incorporation also authorizes preferred stock , of which no shares have been issued . the terms and provisions of such shares will be determined by our board of directors upon any issuance of such shares in accordance with our certificate of incorporation . stock repurchase plan in july 2015 , our board of directors authorized a repurchase program of up to 40.0 million shares of our common stock , representing approximately 15% ( 15 % ) of our outstanding common stock as of july 1 , 2015 . the shares of our common stock may be repurchased over an indefinite period of time at the discretion of management . in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million . in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million . in fiscal 2017 , we repurchased approximately 1.8 million shares of our common stock for an aggregate cost of $ 93.0 million . as of september 30 , 2019 , we had remaining authorization under the repurchase program authorized in july 2015 to purchase approximately 19.1 million shares of our common stock . note 21 . share-based compensation share-based compensation plans at our annual meeting of stockholders held on february 2 , 2016 , our stockholders approved the westrock company 2016 incentive stock plan . the 2016 incentive stock plan was amended and restated on february 2 , 2018 ( the 201camended and restated 2016 incentive stock plan 201d ) . the amended and restated 2016 incentive stock plan allows for the granting of options , restricted stock , sars and restricted stock units to certain key employees and directors . the table below shows the approximate number of shares : available for issuance , available for future grant , to be issued if restricted awards granted with a performance condition recorded at target achieve the maximum award , and if new grants pursuant to the plan are expected to be issued , each as adjusted as necessary for corporate actions ( in millions ) . shares available issuance shares available for future shares to be issued if performance is achieved at maximum expect to awards amended and restated 2016 incentive stock plan ( 1 ) 11.7 5.1 2.3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15.8 3.1 0.0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12.8 9.0 0.0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7.9 5.9 0.0 no ( 1 ) as part of the separation , equity-based incentive awards were generally adjusted to maintain the intrinsic value of awards immediately prior to the separation . the number of unvested restricted stock awards and unexercised stock options and sars at the time of the separation were increased by an exchange factor of approximately 1.12 . in addition , the exercise price of unexercised stock options and sars at the time of the separation was converted to decrease the exercise price by an exchange factor of approximately 1.12 . ( 2 ) in connection with the combination , westrock assumed all rocktenn and mwv equity incentive plans . we issued awards to certain key employees and our directors pursuant to our rocktenn 2004 incentive stock plan , as amended , and our mwv 2005 performance incentive plan , as amended . the awards were converted into westrock awards using the conversion factor as described in the business combination agreement . ( 3 ) in connection with the smurfit-stone acquisition , we assumed the smurfit-stone equity incentive plan , which was renamed the rock-tenn company ( sscc ) equity incentive plan . the awards were converted into shares of rocktenn common stock , options and restricted stock units , as applicable , using the conversion factor as described in the merger agreement. .
| string | null | price = 88.6
shares_repurchased = 2.1
average_price = price / shares_repurchased
answer = average_price |
what was the ratio of the net increase sales leading to the net increase in the operating profit in 2012 to the net decrease in the sales | 4.0799999237 | CodeFinQA | mfc 2019s operating profit for 2013 increased $ 175 million , or 14% ( 14 % ) , compared to 2012 . the increase was primarily attributable to higher operating profit of approximately $ 85 million for air and missile defense programs ( thaad and pac-3 ) due to increased risk retirements and volume ; about $ 85 million for fire control programs ( sniper ae , lantirn ae and apache ) due to increased risk retirements and higher volume ; and approximately $ 75 million for tactical missile programs ( hellfire and various programs ) due to increased risk retirements . the increases were partially offset by lower operating profit of about $ 45 million for the resolution of contractual matters in the second quarter of 2012 ; and approximately $ 15 million for various technical services programs due to lower volume partially offset by increased risk retirements . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 100 million higher for 2013 compared to 2012 . 2012 compared to 2011 mfc 2019s net sales for 2012 were comparable to 2011 . net sales decreased approximately $ 130 million due to lower volume and risk retirements on various services programs , and about $ 60 million due to lower volume from fire control systems programs ( primarily sniper ae ; lantirn ae ; and apache ) . the decreases largely were offset by higher net sales of approximately $ 95 million due to higher volume from tactical missile programs ( primarily javelin and hellfire ) and approximately $ 80 million for air and missile defense programs ( primarily pac-3 and thaad ) . mfc 2019s operating profit for 2012 increased $ 187 million , or 17% ( 17 % ) , compared to 2011 . the increase was attributable to higher risk retirements and volume of about $ 95 million from tactical missile programs ( primarily javelin and hellfire ) ; increased risk retirements and volume of approximately $ 60 million for air and missile defense programs ( primarily thaad and pac-3 ) ; and about $ 45 million from a resolution of contractual matters . partially offsetting these increases was lower risk retirements and volume on various programs , including $ 25 million for services programs . adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 145 million higher for 2012 compared to 2011 . backlog backlog increased in 2013 compared to 2012 mainly due to higher orders on the thaad program and lower sales volume compared to new orders on certain fire control systems programs in 2013 , partially offset by lower orders on technical services programs and certain tactical missile programs . backlog increased in 2012 compared to 2011 mainly due to increased orders and lower sales on fire control systems programs ( primarily lantirn ae and sniper ae ) and on various services programs , partially offset by lower orders and higher sales volume on tactical missiles programs . trends we expect mfc 2019s net sales to be flat to slightly down in 2014 compared to 2013 , primarily due to a decrease in net sales on technical services programs partially offset by an increase in net sales from missiles and fire control programs . operating profit is expected to decrease in the high single digit percentage range , driven by a reduction in expected risk retirements in 2014 . accordingly , operating profit margin is expected to slightly decline from 2013 . mission systems and training our mst business segment provides ship and submarine mission and combat systems ; mission systems and sensors for rotary and fixed-wing aircraft ; sea and land-based missile defense systems ; radar systems ; littoral combat ships ; simulation and training services ; and unmanned systems and technologies . mst 2019s major programs include aegis combat system ( aegis ) , lcs , mh-60 , tpq-53 radar system , and mk-41 vertical launching system ( vls ) . mst 2019s operating results included the following ( in millions ) : .
| | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Net sales | $7,153 | $7,579 | $7,132 |
| Operating profit | 905 | 737 | 645 |
| Operating margins | 12.7% | 9.7% | 9.0% |
| Backlog at year-end | 10,800 | 10,700 | 10,500 |
2013 compared to 2012 mst 2019s net sales for 2013 decreased $ 426 million , or 6% ( 6 % ) , compared to 2012 . the decrease was primarily attributable to lower net sales of approximately $ 275 million for various ship and aviation systems programs due to lower volume .
| string | null | a = 45 + 15
b = 85 + 85
c = b + 75
d = c / a
answer = d |
what was the percent decrease of redeemable noncontrolling interests and call options with affiliates from 2021 to 2022? | 86.7099990845 | CodeFinQA | notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries . as of december 31 , 2018 and 2017 , the amount of parent company guarantees on lease obligations was $ 824.5 and $ 829.2 , respectively , the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 349.1 and $ 308.8 , respectively , and the amount of parent company guarantees related to daylight overdrafts , primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings , was $ 207.8 and $ 182.2 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2018 , there were no material assets pledged as security for such parent company guarantees . contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .
| | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Deferred acquisition payments | $65.7 | $20.0 | $23.6 | $4.7 | $10.2 | $2.7 | $126.9 |
| Redeemable noncontrolling interests and call options with affiliates<sup>1</sup> | 30.1 | 30.6 | 42.9 | 5.7 | 3.5 | 2.5 | 115.3 |
| Total contingent acquisition payments | $95.8 | $50.6 | $66.5 | $10.4 | $13.7 | $5.2 | $242.2 |
1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions . the estimated amounts listed would be paid in the event of exercise at the earliest exercise date . we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2018 . these estimated payments of $ 24.9 are included within the total payments expected to be made in 2019 , and will continue to be carried forward into 2020 or beyond until exercised or expired . redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities . the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements . see note 5 for further information relating to the payment structure of our acquisitions . legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities arising in the normal course of business . the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters . we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated . in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages . while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows . as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts . the company had previously investigated the matter and taken a number of remedial and disciplinary actions . the company has been in the process of concluding a settlement related to these matters with government agencies , and that settlement was fully executed in april 2018 . the company has previously provided for such settlement in its consolidated financial statements. .
| string | null | redeemable_interests_change = 42.9 - 5.7
redeemable_interests_2021 = redeemable_interests_change / 42.9
answer = redeemable_interests_2021 * 100 |
what was the percentage gain on the sale of starter brand business? | 91 | CodeFinQA | nike , inc . notes to consolidated financial statements 2014 ( continued ) such agreements in place . however , based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to the company 2019s financial position or results of operations . in the ordinary course of its business , the company is involved in various legal proceedings involving contractual and employment relationships , product liability claims , trademark rights , and a variety of other matters . the company does not believe there are any pending legal proceedings that will have a material impact on the company 2019s financial position or results of operations . note 16 2014 restructuring charges during the fourth quarter of fiscal 2009 , the company took necessary steps to streamline its management structure , enhance consumer focus , drive innovation more quickly to market and establish a more scalable , long-term cost structure . as a result , the company reduced its global workforce by approximately 5% ( 5 % ) and incurred pre-tax restructuring charges of $ 195 million , primarily consisting of severance costs related to the workforce reduction . as nearly all of the restructuring activities were completed in the fourth quarter of fiscal 2009 , the company does not expect to recognize additional costs in future periods relating to these actions . the restructuring charge is reflected in the corporate expense line in the segment presentation of pre-tax income in note 19 2014 operating segments and related information . the activity in the restructuring accrual for the year ended may 31 , 2009 is as follows ( in millions ) : .
| Restructuring accrual — June 1, 2008 | $— |
| :--- | :--- |
| Severance and related costs | 195.0 |
| Cash payments | (29.4) |
| Non-cash stock option and restricted stock expense | (19.5) |
| Foreign currency translation and other | 3.5 |
| Restructuring accrual — May 31, 2009 | $149.6 |
the accrual balance as of may 31 , 2009 will be relieved throughout fiscal year 2010 and early 2011 , as severance payments are completed . the restructuring accrual is included in accrued liabilities in the consolidated balance sheet . as part of its restructuring activities , the company reorganized its nike brand operations geographic structure . in fiscal 2009 , 2008 and 2007 , nike brand operations were organized into the following four geographic regions : u.s. , europe , middle east and africa ( collectively , 201cemea 201d ) , asia pacific , and americas . in the fourth quarter of 2009 , the company initiated a reorganization of the nike brand business into a new operating model . as a result of this reorganization , beginning in the first quarter of fiscal 2010 , the nike brand operations will consist of the following six geographies : north america , western europe , central/eastern europe , greater china , japan , and emerging markets . note 17 2014 divestitures on december 17 , 2007 , the company completed the sale of the starter brand business to iconix brand group , inc . for $ 60.0 million in cash . this transaction resulted in a gain of $ 28.6 million during the year ended may 31 , 2008. .
| string | null | a = 60.0 - 28.6
b = 28.6 / a * 100 |
what is the percent change in the relative percentages of operating companies income ( loss ) attributable to smokeless products from 2013 to 2014? | 1.2000000477 | CodeFinQA | part i item 1 . business . general development of business general : altria group , inc . is a holding company incorporated in the commonwealth of virginia in 1985 . at december 31 , 2014 , altria group , inc . 2019s wholly-owned subsidiaries included philip morris usa inc . ( 201cpm usa 201d ) , which is engaged predominantly in the manufacture and sale of cigarettes in the united states ; john middleton co . ( 201cmiddleton 201d ) , which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco , and is a wholly- owned subsidiary of pm usa ; and ust llc ( 201cust 201d ) , which through its wholly-owned subsidiaries , including u.s . smokeless tobacco company llc ( 201cusstc 201d ) and ste . michelle wine estates ltd . ( 201cste . michelle 201d ) , is engaged in the manufacture and sale of smokeless tobacco products and wine . altria group , inc . 2019s other operating companies included nu mark llc ( 201cnu mark 201d ) , a wholly-owned subsidiary that is engaged in the manufacture and sale of innovative tobacco products , and philip morris capital corporation ( 201cpmcc 201d ) , a wholly-owned subsidiary that maintains a portfolio of finance assets , substantially all of which are leveraged leases . other altria group , inc . wholly-owned subsidiaries included altria group distribution company , which provides sales , distribution and consumer engagement services to certain altria group , inc . operating subsidiaries , and altria client services inc. , which provides various support services , such as legal , regulatory , finance , human resources and external affairs , to altria group , inc . and its subsidiaries . at december 31 , 2014 , altria group , inc . also held approximately 27% ( 27 % ) of the economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc . accounts for under the equity method of accounting . source of funds : because altria group , inc . is a holding company , its access to the operating cash flows of its wholly- owned subsidiaries consists of cash received from the payment of dividends and distributions , and the payment of interest on intercompany loans by its subsidiaries . at december 31 , 2014 , altria group , inc . 2019s principal wholly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their equity interests . in addition , altria group , inc . receives cash dividends on its interest in sabmiller if and when sabmiller pays such dividends . financial information about segments altria group , inc . 2019s reportable segments are smokeable products , smokeless products and wine . the financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of pmcc and the relative financial contribution of altria group , inc . 2019s innovative tobacco products businesses to altria group , inc . 2019s consolidated results . altria group , inc . 2019s chief operating decision maker reviews operating companies income to evaluate the performance of , and allocate resources to , the segments . operating companies income for the segments is defined as operating income before amortization of intangibles and general corporate expenses . interest and other debt expense , net , and provision for income taxes are centrally managed at the corporate level and , accordingly , such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by altria group , inc . 2019s chief operating decision maker . net revenues and operating companies income ( together with a reconciliation to earnings before income taxes ) attributable to each such segment for each of the last three years are set forth in note 15 . segment reporting to the consolidated financial statements in item 8 . financial statements and supplementary data of this annual report on form 10-k ( 201citem 8 201d ) . information about total assets by segment is not disclosed because such information is not reported to or used by altria group , inc . 2019s chief operating decision maker . segment goodwill and other intangible assets , net , are disclosed in note 4 . goodwill and other intangible assets , net to the consolidated financial statements in item 8 ( 201cnote 4 201d ) . the accounting policies of the segments are the same as those described in note 2 . summary of significant accounting policies to the consolidated financial statements in item 8 ( 201cnote 2 201d ) . the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
| | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Smokeable products | 87.2% | 84.5% | 83.7% |
| Smokeless products | 13.4 | 12.2 | 12.5 |
| Wine | 1.7 | 1.4 | 1.4 |
| All other | (2.3) | 1.9 | 2.4 |
| Total | 100.0% | 100.0% | 100.0% |
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 . segment reporting to the consolidated financial statements in item 8 ( 201cnote 15 201d ) . narrative description of business portions of the information called for by this item are included in item 7 . management 2019s discussion and analysis of financial condition and results of operations - operating results by business segment of this annual report on form 10-k . tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton and nu mark . altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies . the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products comprised of cigarettes manufactured and sold by pm usa and machine-made large altria_mdc_2014form10k_nolinks_crops.pdf 3 2/25/15 5:56 pm .
| string | null | smokeless_products_change = 13.4 - 12.2
answer = smokeless_products_change |
by what percent did the balance of deferred tax assets increase between 2016 and 2018? | 29.4599990845 | CodeFinQA | westrock company notes to consolidated financial statements fffd ( continued ) at september 30 , 2018 and september 30 , 2017 , gross net operating losses for foreign reporting purposes of approximately $ 698.4 million and $ 673.7 million , respectively , were available for carryforward . a majority of these loss carryforwards generally expire between fiscal 2020 and 2038 , while a portion have an indefinite carryforward . the tax effected values of these net operating losses are $ 185.8 million and $ 182.6 million at september 30 , 2018 and 2017 , respectively , exclusive of valuation allowances of $ 161.5 million and $ 149.6 million at september 30 , 2018 and 2017 , respectively . at september 30 , 2018 and 2017 , we had state tax credit carryforwards of $ 64.8 million and $ 54.4 million , respectively . these state tax credit carryforwards generally expire within 5 to 10 years ; however , certain state credits can be carried forward indefinitely . valuation allowances of $ 56.1 million and $ 47.3 million at september 30 , 2018 and 2017 , respectively , have been provided on these assets . these valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction . the following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2018 , 2017 and 2016 ( in millions ) : .
| | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Balance at beginning of fiscal year | $219.1 | $177.2 | $100.2 |
| Increases | 50.8 | 54.3 | 24.8 |
| Allowances related to purchase accounting<sup>(1)</sup> | 0.1 | 12.4 | 63.0 |
| Reductions | (40.6) | (24.8) | (10.8) |
| Balance at end of fiscal year | $229.4 | $219.1 | $177.2 |
( 1 ) amounts in fiscal 2018 and 2017 relate to the mps acquisition . adjustments in fiscal 2016 relate to the combination and the sp fiber acquisition . consistent with prior years , we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly . however , we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested . accordingly , we have not provided for any taxes that would be due . as of september 30 , 2018 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.5 billion . the components of the outside basis difference are comprised of purchase accounting adjustments , undistributed earnings , and equity components . except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes , we have not provided for any taxes that would be due upon the reversal of the outside basis differences . however , in the event of a distribution in the form of dividends or dispositions of the subsidiaries , we may be subject to incremental u.s . income taxes , subject to an adjustment for foreign tax credits , and withholding taxes or income taxes payable to the foreign jurisdictions . as of september 30 , 2018 , the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis differences is not practicable. .
| string | null | balance_of_deferred_tax_assets_2018 = 229.4
balance_of_deferred_tax_assets_2017 = 177.2
balance_of_deferred_tax_assets_2016 = 100.2
increase_2018 = 50.8
increase_2017 = 54.3
increase_2016 = 24.8
allowance_purchase_accounting_2018 = 0.1
allowance_purchase_accounting_2017 = 12.4
allowance_purchase_accounting_2016 = 63.0
reduction_2018 = 40.6
reduction_2017 = 24.8
reduction_2016 = 10.8
answer = (balance_of_deferred_tax_assets_2018 - balance_of_deferred_tax_assets_2017) / balance_of_deferred_tax_assets_2017 * 100 |
in 2007 what was the company 2019s consolidated net sales in millions | 36804.76171875 | CodeFinQA | management 2019s discussion and analysis of financial condition and results of operations in 2008 , sales to the segment 2019s top five customers represented approximately 45% ( 45 % ) of the segment 2019s net sales . the segment 2019s backlog was $ 2.3 billion at december 31 , 2008 , compared to $ 2.6 billion at december 31 , 2007 . in 2008 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly ip and hd/dvr devices . in february 2008 , the segment acquired the assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd and hangzhou image silicon ( known collectively as dahua digital ) , a developer , manufacturer and marketer of cable set-tops and related low-cost integrated circuits for the emerging chinese cable business . the acquisition helped the segment strengthen its position in the rapidly growing cable market in china . enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radios , wireless lan and security products , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of customers , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 2018 2018government and public safety market 2019 2019 ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 2018 2018commercial enterprise market 2019 2019 ) . in 2009 , the segment 2019s net sales represented 32% ( 32 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2008 and 21% ( 21 % ) in 2007 . years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .
| | <i>Years Ended December 31</i> | <i>Percent Change</i> |
| :--- | :--- | :--- |
| <i>(Dollars in millions)</i> | 2009 | 2008 | 2007 | 2009—2008 | <i>2008—2007</i> |
| Segment net sales | $7,008 | $8,093 | $7,729 | (13)% | 5% |
| Operating earnings | 1,057 | 1,496 | 1,213 | (29)% | 23% |
segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 7.0 billion , a decrease of 13% ( 13 % ) compared to net sales of $ 8.1 billion in 2008 . the 13% ( 13 % ) decrease in net sales reflects a 21% ( 21 % ) decrease in net sales to the commercial enterprise market and a 10% ( 10 % ) decrease in net sales to the government and public safety market . the decrease in net sales to the commercial enterprise market reflects decreased net sales in all regions . the decrease in net sales to the government and public safety market was primarily driven by decreased net sales in emea , north america and latin america , partially offset by higher net sales in asia . the segment 2019s overall net sales were lower in north america , emea and latin america and higher in asia the segment had operating earnings of $ 1.1 billion in 2009 , a decrease of 29% ( 29 % ) compared to operating earnings of $ 1.5 billion in 2008 . the decrease in operating earnings was primarily due to a decrease in gross margin , driven by the 13% ( 13 % ) decrease in net sales and an unfavorable product mix . also contributing to the decrease in operating earnings was an increase in reorganization of business charges , relating primarily to higher employee severance costs . these factors were partially offset by decreased sg&a expenses and r&d expenditures , primarily related to savings from cost-reduction initiatives . as a percentage of net sales in 2009 as compared 2008 , gross margin decreased and r&d expenditures and sg&a expenses increased . net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 58% ( 58 % ) of the segment 2019s net sales in 2009 , compared to approximately 57% ( 57 % ) in 2008 . the regional shift in 2009 as compared to 2008 reflects a 16% ( 16 % ) decline in net sales outside of north america and a 12% ( 12 % ) decline in net sales in north america . the segment 2019s backlog was $ 2.4 billion at both december 31 , 2009 and december 31 , 2008 . in our government and public safety market , we see a continued emphasis on mission-critical communication and homeland security solutions . in 2009 , we led market innovation through the continued success of our mototrbo line and the delivery of the apx fffd family of products . while spending by end customers in the segment 2019s government and public safety market is affected by government budgets at the national , state and local levels , we continue to see demand for large-scale mission critical communications systems . in 2009 , we had significant wins across the globe , including several city and statewide communications systems in the united states , and continued success winning competitive projects with our tetra systems in europe , the middle east .
| string | null | net_sales_2007 = 7729
net_sales_2008 = 8093
net_sales_2009 = 7008
net_sales_2007_percent = net_sales_2007 / 0.21
answer = net_sales_2007_percent |
how much did the annual payments increase from 2019 to 2024 and beyond? | 350824 | CodeFinQA | maturity requirements on long-term debt as of december 31 , 2018 by year are as follows ( in thousands ) : years ending december 31 .
| 2019 | $124,176 |
| :--- | :--- |
| 2020 | 159,979 |
| 2021 | 195,848 |
| 2022 | 267,587 |
| 2023 | 3,945,053 |
| 2024 and thereafter | 475,000 |
| Total | $5,167,643 |
credit facility we are party to a credit facility agreement with bank of america , n.a. , as administrative agent , and a syndicate of financial institutions as lenders and other agents ( as amended from time to time , the 201ccredit facility 201d ) . as of december 31 , 2018 , the credit facility provided for secured financing comprised of ( i ) a $ 1.5 billion revolving credit facility ( the 201crevolving credit facility 201d ) ; ( ii ) a $ 1.5 billion term loan ( the 201cterm a loan 201d ) , ( iii ) a $ 1.37 billion term loan ( the 201cterm a-2 loan 201d ) , ( iv ) a $ 1.14 billion term loan facility ( the 201cterm b-2 loan 201d ) and ( v ) a $ 500 million term loan ( the 201cterm b-4 loan 201d ) . substantially all of the assets of our domestic subsidiaries are pledged as collateral under the credit facility . the borrowings outstanding under our credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018 , including a reduction to the interest rate margins applicable to our term a loan , term a-2 loan , term b-2 loan and the revolving credit facility , an extension of the maturity dates of the term a loan , term a-2 loan and the revolving credit facility , and an increase in the total financing capacity under the credit facility to approximately $ 5.5 billion in june 2018 . in october 2018 , we entered into an additional term loan under the credit facility in the amount of $ 500 million ( the 201cterm b-4 loan 201d ) . we used the proceeds from the term b-4 loan to pay down a portion of the balance outstanding under our revolving credit facility . the credit facility provides for an interest rate , at our election , of either libor or a base rate , in each case plus a margin . as of december 31 , 2018 , the interest rates on the term a loan , the term a-2 loan , the term b-2 loan and the term b-4 loan were 4.02% ( 4.02 % ) , 4.01% ( 4.01 % ) , 4.27% ( 4.27 % ) and 4.27% ( 4.27 % ) , respectively , and the interest rate on the revolving credit facility was 3.92% ( 3.92 % ) . in addition , we are required to pay a quarterly commitment fee with respect to the unused portion of the revolving credit facility at an applicable rate per annum ranging from 0.20% ( 0.20 % ) to 0.30% ( 0.30 % ) depending on our leverage ratio . the term a loan and the term a-2 loan mature , and the revolving credit facility expires , on january 20 , 2023 . the term b-2 loan matures on april 22 , 2023 . the term b-4 loan matures on october 18 , 2025 . the term a loan and term a-2 loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% ( 0.625 % ) of principal through june 2019 , increasing to 1.25% ( 1.25 % ) of principal through june 2021 , increasing to 1.875% ( 1.875 % ) of principal through june 2022 and increasing to 2.50% ( 2.50 % ) of principal through december 2022 , with the remaining principal balance due upon maturity in january 2023 . the term b-2 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through march 2023 , with the remaining principal balance due upon maturity in april 2023 . the term b-4 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through september 2025 , with the remaining principal balance due upon maturity in october 2025 . we may issue standby letters of credit of up to $ 100 million in the aggregate under the revolving credit facility . outstanding letters of credit under the revolving credit facility reduce the amount of borrowings available to us . borrowings available to us under the revolving credit facility are further limited by the covenants described below under 201ccompliance with covenants . 201d the total available commitments under the revolving credit facility at december 31 , 2018 were $ 783.6 million . global payments inc . | 2018 form 10-k annual report 2013 85 .
| string | null | total_balance_2018 = 475000 - 124176
answer = total_balance_2018 |
what percent of distribution sales where attributable to printing papers and graphic arts supplies and equipment in 2011? | 60 | CodeFinQA | foodservice sales volumes increased in 2012 compared with 2011 . average sales margins were higher reflecting the realization of sales price increases for the pass-through of earlier cost increases . raw material costs for board and resins were lower . operating costs and distribution costs were both higher . the u.s . shorewood business was sold december 31 , 2011 and the non-u.s . business was sold in january looking ahead to the first quarter of 2013 , coated paperboard sales volumes are expected to increase slightly from the fourth quarter of 2012 . average sales price realizations are expected to be slightly lower , but margins should benefit from a more favorable product mix . input costs are expected to be higher for energy and wood . no planned main- tenance outages are scheduled in the first quarter . in january 2013 the company announced the perma- nent shutdown of a coated paperboard machine at the augusta mill with an annual capacity of 140000 tons . foodservice sales volumes are expected to increase . average sales margins are expected to decrease due to the realization of sales price decreases effective with our january contract open- ers . input costs for board and resin are expected to be lower and operating costs are also expected to decrease . european consumer packaging net sales in 2012 were $ 380 million compared with $ 375 million in 2011 and $ 345 million in 2010 . operating profits in 2012 were $ 99 million compared with $ 93 million in 2011 and $ 76 million in 2010 . sales volumes in 2012 increased from 2011 . average sales price realizations were higher in russian markets , but were lower in european markets . input costs decreased , primarily for wood , and planned maintenance downtime costs were lower in 2012 than in 2011 . looking forward to the first quarter of 2013 , sales volumes are expected to decrease in both europe and russia . average sales price realizations are expected to be higher in russia , but be more than offset by decreases in europe . input costs are expected to increase for wood and chemicals . no maintenance outages are scheduled for the first quarter . asian consumer packaging net sales were $ 830 million in 2012 compared with $ 855 million in 2011 and $ 705 million in 2010 . operating profits in 2012 were $ 4 million compared with $ 35 million in 2011 and $ 34 million in 2010 . sales volumes increased in 2012 compared with 2011 partially due to the start-up of a new coated paperboard machine . average sales price realizations were significantly lower , but were partially offset by lower input costs for purchased pulp . start-up costs for a new coated paperboard machine adversely impacted operating profits in 2012 . in the first quarter of 2013 , sales volumes are expected to increase slightly . average sales price realizations for folding carton board and bristols board are expected to be lower reflecting increased competitive pressures and seasonally weaker market demand . input costs should be higher for pulp and chemicals . however , costs related to the ramp-up of the new coated paperboard machine should be lower . distribution xpedx , our distribution business , is one of north america 2019s leading business-to-business distributors to manufacturers , facility managers and printers , providing customized solutions that are designed to improve efficiency , reduce costs and deliver results . customer demand is generally sensitive to changes in economic conditions and consumer behavior , along with segment specific activity including corpo- rate advertising and promotional spending , government spending and domestic manufacturing activity . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice for value in both products and supply chain services is a key competitive factor . addition- ally , efficient customer service , cost-effective logis- tics and focused working capital management are key factors in this segment 2019s profitability . distribution .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $6,040 | $6,630 | $6,735 |
| Operating Profit | 22 | 34 | 78 |
distr ibut ion 2019s 2012 annual sales decreased 9% ( 9 % ) from 2011 , and decreased 10% ( 10 % ) from 2010 . operating profits in 2012 were $ 22 million ( $ 71 million exclud- ing reorganization costs ) compared with $ 34 million ( $ 86 million excluding reorganization costs ) in 2011 and $ 78 million in 2010 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 3.5 billion in 2012 compared with $ 4.0 billion in 2011 and $ 4.2 billion in 2010 , reflecting declining demand and the exiting of unprofitable businesses . trade margins as a percent of sales for printing papers were relatively even with both 2011 and 2010 . revenue from packaging prod- ucts was flat at $ 1.6 billion in both 2012 and 2011 and up slightly compared to $ 1.5 billion in 2010 . pack- aging margins increased in 2012 from both 2011 and 2010 , reflecting the successful execution of strategic sourcing initiatives . facility supplies annual revenue was $ 0.9 billion in 2012 , down compared to $ 1.0 bil- lion in 2011 and 2010 . operating profits in 2012 included $ 49 million of reorganization costs for severance , professional services and asset write-downs compared with $ 52 .
| string | null | total_sales = 4 * 1000
percent_printing_graphics = total_sales / 6630
answer = percent_printing_graphics * 100 |
assuming a stock price of $ 22.97 in 2010 , what would be the dividend per share? | 0.1599999964 | CodeFinQA | the weighted average fair value of options granted during 2010 , 2009 and 2008 was estimated to be $ 7.84 , $ 7.18 and $ 3.84 , respectively , using the black-scholes option pricing model with the assumptions below: .
| | 2010 | 2009 | 2008 |
| :--- | :--- | :--- | :--- |
| Risk free interest rate | 1.1% | 2.3% | 2.8% |
| Volatility | 35.6% | 35.0% | 26.0% |
| Dividend yield | 0.7% | 1.0% | 1.0% |
| Weighted average expected life (years) | 4.4 | 5.0 | 5.3 |
at december 31 , 2010 and 2009 , the total unrecognized compensation cost related to non-vested stock awards is $ 129.3 million and $ 93.5 million , respectively , which is expected to be recognized in pre-tax income over a weighted average period of 1.7 years as of both year ends . the company granted a total of 1.5 million restricted stock awards at prices ranging from $ 25.76 to $ 28.15 on various dates in 2010 . these awards vest annually over three years . the company also granted 0.9 million performance restricted stock units during 2010 . these performance restricted stock units have been granted at the maximum achievable level and the number of shares that can vest is based on specific revenue and ebitda goals for periods from 2010 through 2012 . during 2009 , we granted 0.5 million shares of restricted stock at a price of $ 22.55 that vest annually over 3 years . on october 1 , 2009 , the company granted 0.4 million restricted stock units at a price of $ 24.85 per share that vested over six months . on march 20 , 2008 , we granted 0.4 million shares of restricted stock at a price of $ 38.75 that were to vest quarterly over 2 years . on july 2 , 2008 , 0.2 million of these shares were canceled and assumed by lps . the remaining unvested restricted shares were converted by the conversion factor of 1.7952 . these awards vested as of october 1 , 2009 , under the change in control provisions due to the metavante acquisition . on october 27 , 2008 , we granted 0.8 million shares of restricted stock at a price of $ 14.35 that vest annually over 3 years . as of december 31 , 2010 and 2009 , we have approximately 2.2 million and 1.4 million unvested restricted shares remaining . as of december 31 , 2010 we also have 0.6 million of restricted stock units that have not vested . share repurchase plans on october 25 , 2006 , our board of directors approved a plan authorizing repurchases of up to $ 200.0 million worth of our common stock ( the 201cold plan 201d ) . on april 17 , 2008 , our board of directors approved a plan authorizing repurchases of up to an additional $ 250.0 million worth of our common stock ( the 201cnew plan 201d ) . under the new plan we repurchased 5.8 million shares of our stock for $ 226.2 million , at an average price of $ 38.97 for the year ended december 31 , 2008 . during the year ended december 31 , 2008 , we also repurchased an additional 0.2 million shares of our stock for $ 10.0 million at an average price of $ 40.56 under the old plan . during 2007 , the company repurchased 1.6 million shares at an average price of $ 49.15 under the old plan . on february 4 , 2010 our board of directors approved a plan authorizing repurchases of up to 15.0 million shares of our common stock in the open market , at prevailing market prices or in privately negotiated transactions , through january 31 , 2013 . we repurchased 1.4 million shares of our common stock for $ 32.2 million , at an average price of $ 22.97 through march 31 , 2010 . no additional shares were repurchased under this plan during the year ended december 31 , 2010 . approximately 13.6 million shares of our common stock remain available to repurchase under this plan as of december 31 , 2010 . on may 25 , 2010 , our board of directors authorized a leveraged recapitalization plan to repurchase up to $ 2.5 billion of our common stock at a price range of $ 29.00 2014 $ 31.00 per share of common stock through a modified 201cdutch auction 201d tender offer ( the 201ctender offer 201d ) . the tender offer commenced on july 6 , 2010 and expired on august 3 , 2010 . the tender offer was oversubscribed at $ 29.00 , resulting in the purchase of 86.2 million shares , including 6.4 million shares underlying previously unexercised stock options . the repurchased shares were added to treasury stock . fidelity national information services , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : g26369 pcn : 087000000 ***%%pcmsg|87 |00008|yes|no|03/28/2011 17:32|0|0|page is valid , no graphics -- color : n| .
| string | null | stock_price = 22.97
dividend_per_share = stock_price * 0.006999999999999999
answer = dividend_per_share |
what was the revenue impact of higher selling prices in the glass segment in 2008? | 43900000 | CodeFinQA | management 2019s discussion and analysis results of reportable business segments net sales segment income ( millions ) 2008 2007 2008 2007 .
| <i>(Millions)</i> | Net sales 2008 | 2007 | Segment income 2008 | 2007 |
| :--- | :--- | :--- | :--- | :--- |
| Performance Coatings | $4,716 | $3,811 | $582 | $563 |
| Industrial Coatings | 3,999 | 3,646 | 212 | 370 |
| Architectural Coatings – EMEA | 2,249 | — | 141 | — |
| Optical and Specialty Materials | 1,134 | 1,029 | 244 | 235 |
| Commodity Chemicals | 1,837 | 1,539 | 340 | 243 |
| Glass | 1,914 | 2,195 | 70 | 138 |
performance coatings sales increased $ 905 million or 24% ( 24 % ) in 2008 . sales increased 21% ( 21 % ) due to acquisitions , largely due to the impact of the sigmakalon protective and marine coatings business . sales also grew by 3% ( 3 % ) due to higher selling prices and 2% ( 2 % ) due to the positive impact of foreign currency translation . sales volumes declined 2% ( 2 % ) as reduced volumes in architectural coatings 2013 americas and asia pacific and automotive refinish were not fully offset by improved volumes in the aerospace and protective and marine businesses . volume growth in the aerospace businesses occurred throughout the world , while the volume growth in protective and marine coatings occurred primarily in asia . segment income increased $ 19 million in 2008 . factors increasing segment income were the positive impact of acquisitions , lower overhead costs and the positive impact of foreign currency translation . the benefit of higher selling prices more than offset the negative impact of inflation , including higher raw materials and benefit costs . segment income was reduced by the impact of the lower sales volumes in architectural coatings and automotive refinish , which more than offset the benefit of volume gains in the aerospace and protective and marine coatings businesses . industrial coatings sales increased $ 353 million or 10% ( 10 % ) in 2008 . sales increased 11% ( 11 % ) due to acquisitions , including the impact of the sigmakalon industrial coatings business . sales also grew 3% ( 3 % ) due to the positive impact of foreign currency translation , and 1% ( 1 % ) from higher selling prices . sales volumes declined 5% ( 5 % ) as reduced volumes were experienced in all three businesses , reflecting the substantial declines in global demand . volume declines in the automotive and industrial businesses were primarily in the u.s . and canada . additional volume declines in the european and asian regions were experienced by the industrial coatings business . in packaging coatings , volume declines in europe were only partially offset by gains in asia and north america . segment income declined $ 158 million in 2008 due to the lower volumes and inflation , including higher raw material and freight costs , the impact of which was only partially mitigated by the increased selling prices . segment income also declined due to higher selling and distribution costs , including higher bad debt expense . factors increasing segment income were the earnings of acquired businesses , the positive impact of foreign currency translation and lower manufacturing costs . architectural coatings - emea sales for the year were $ 2249 million . this business was acquired in the sigmakalon acquisition . segment income was $ 141 million , which included amortization expense of $ 63 million related to acquired intangible assets and depreciation expense of $ 58 million . optical and specialty materials sales increased $ 105 million or 10% ( 10 % ) in 2008 . sales increased 5% ( 5 % ) due to higher volumes in our optical products business resulting from the launch of transitions optical 2019s next generation lens product , 3% ( 3 % ) due to the positive impact of foreign currency translation and 2% ( 2 % ) due to increased selling prices . segment income increased $ 9 million in 2008 . the increase in segment income was the result of increased sales volumes and the favorable impact of currency partially offset by increased selling and marketing costs in the optical products business related to the transitions optical product launch mentioned above . increased selling prices only partially offset higher raw material costs , primarily in our silicas business . commodity chemicals sales increased $ 298 million or 19% ( 19 % ) in 2008 . sales increased 18% ( 18 % ) due to higher selling prices and 1% ( 1 % ) due to improved sales volumes . segment income increased $ 97 million in 2008 . segment income increased in large part due to higher selling prices , which more than offset the negative impact of inflation , primarily higher raw material and energy costs . segment income also improved due to lower manufacturing costs , while lower margin mix and equity earnings reduced segment income . glass sales decreased $ 281 million or 13% ( 13 % ) in 2008 . sales decreased 11% ( 11 % ) due to the divestiture of the automotive glass and services business in september 2008 and 4% ( 4 % ) due to lower sales volumes . sales increased 2% ( 2 % ) due to higher selling prices . segment income decreased $ 68 million in 2008 . segment income decreased due to the divestiture of the automotive glass and services business , lower volumes , the negative impact of inflation and lower equity earnings from our asian fiber glass joint ventures . factors increasing segment income were lower manufacturing costs , higher selling prices and stronger foreign currency . outlook overall global economic activity was volatile in 2008 with an overall downward trend . the north american economy continued a slowing trend which began during the second half of 2006 and continued all of 2007 . the impact of the weakening u.s . economy was particularly 2008 ppg annual report and form 10-k 17 .
| string | null | glass_sales_2008 = 2195 * 0.02
answer = glass_sales_2008 * 1000000 |
what is the total mw capacity of the boiling water reactors? | 2131 | CodeFinQA | part i item 1 entergy corporation , utility operating companies , and system energy including the continued effectiveness of the clean energy standards/zero emissions credit program ( ces/zec ) , the establishment of certain long-term agreements on acceptable terms with the energy research and development authority of the state of new york in connection with the ces/zec program , and nypsc approval of the transaction on acceptable terms , entergy refueled the fitzpatrick plant in january and february 2017 . in october 2015 , entergy determined that it would close the pilgrim plant . the decision came after management 2019s extensive analysis of the economics and operating life of the plant following the nrc 2019s decision in september 2015 to place the plant in its 201cmultiple/repetitive degraded cornerstone column 201d ( column 4 ) of its reactor oversight process action matrix . the pilgrim plant is expected to cease operations on may 31 , 2019 , after refueling in the spring of 2017 and operating through the end of that fuel cycle . in december 2015 , entergy wholesale commodities closed on the sale of its 583 mw rhode island state energy center ( risec ) , in johnston , rhode island . the base sales price , excluding adjustments , was approximately $ 490 million . entergy wholesale commodities purchased risec for $ 346 million in december 2011 . in december 2016 , entergy announced that it reached an agreement with consumers energy to terminate the ppa for the palisades plant on may 31 , 2018 . pursuant to the ppa termination agreement , consumers energy will pay entergy $ 172 million for the early termination of the ppa . the ppa termination agreement is subject to regulatory approvals . separately , and assuming regulatory approvals are obtained for the ppa termination agreement , entergy intends to shut down the palisades nuclear power plant permanently on october 1 , 2018 , after refueling in the spring of 2017 and operating through the end of that fuel cycle . entergy expects to enter into a new ppa with consumers energy under which the plant would continue to operate through october 1 , 2018 . in january 2017 , entergy announced that it reached a settlement with new york state to shut down indian point 2 by april 30 , 2020 and indian point 3 by april 30 , 2021 , and resolve all new york state-initiated legal challenges to indian point 2019s operating license renewal . as part of the settlement , new york state has agreed to issue indian point 2019s water quality certification and coastal zone management act consistency certification and to withdraw its objection to license renewal before the nrc . new york state also has agreed to issue a water discharge permit , which is required regardless of whether the plant is seeking a renewed nrc license . the shutdowns are conditioned , among other things , upon such actions being taken by new york state . even without opposition , the nrc license renewal process is expected to continue at least into 2018 . with the settlement concerning indian point , entergy now has announced plans for the disposition of all of the entergy wholesale commodities nuclear power plants , including the sales of vermont yankee and fitzpatrick , and the earlier than previously expected shutdowns of pilgrim , palisades , indian point 2 , and indian point 3 . see 201centergy wholesale commodities exit from the merchant power business 201d for further discussion . property nuclear generating stations entergy wholesale commodities includes the ownership of the following nuclear power plants : power plant market service year acquired location capacity - reactor type license expiration .
| Power Plant | Market | In Service Year | Acquired | Location | Capacity - Reactor Type | License Expiration Date |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Pilgrim (a) | IS0-NE | 1972 | July 1999 | Plymouth, MA | 688 MW - Boiling Water | 2032 (a) |
| FitzPatrick (b) | NYISO | 1975 | Nov. 2000 | Oswego, NY | 838 MW - Boiling Water | 2034 (b) |
| Indian Point 3 (c) | NYISO | 1976 | Nov. 2000 | Buchanan, NY | 1,041 MW - Pressurized Water | 2015 (c) |
| Indian Point 2 (c) | NYISO | 1974 | Sept. 2001 | Buchanan, NY | 1,028 MW - Pressurized Water | 2013 (c) |
| Vermont Yankee (d) | IS0-NE | 1972 | July 2002 | Vernon, VT | 605 MW - Boiling Water | 2032 (d) |
| Palisades (e) | MISO | 1971 | Apr. 2007 | Covert, MI | 811 MW - Pressurized Water | 2031 (e) |
.
| string | null | pilgrim_capacity = 688
fitzpatrick_capacity = 838
vermont_capacity = 605
total_capacity = pilgrim_capacity + fitzpatrick_capacity + vermont_capacity
answer = total_capacity |
what percentage of printing paper sales where north american printing papers net sales 2014? | 37 | CodeFinQA | compared with $ 6.2 billion in 2013 . operating profits in 2015 were significantly higher than in both 2014 and 2013 . excluding facility closure costs , impairment costs and other special items , operating profits in 2015 were 3% ( 3 % ) lower than in 2014 and 4% ( 4 % ) higher than in 2013 . benefits from lower input costs ( $ 18 million ) , lower costs associated with the closure of our courtland , alabama mill ( $ 44 million ) and favorable foreign exchange ( $ 33 million ) were offset by lower average sales price realizations and mix ( $ 52 million ) , lower sales volumes ( $ 16 million ) , higher operating costs ( $ 18 million ) and higher planned maintenance downtime costs ( $ 26 million ) . in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets . we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 . operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . printing papers .
| In millions | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Sales | $5,031 | $5,720 | $6,205 |
| Operating Profit (Loss) | 533 | (16) | 271 |
north american printing papers net sales were $ 1.9 billion in 2015 , $ 2.1 billion in 2014 and $ 2.6 billion in 2013 . operating profits in 2015 were $ 179 million compared with a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) in 2014 and a gain of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 . sales volumes in 2015 decreased compared with 2014 primarily due to the closure of our courtland mill in 2014 . shipments to the domestic market increased , but export shipments declined . average sales price realizations decreased , primarily in the domestic market . input costs were lower , mainly for energy . planned maintenance downtime costs were $ 12 million higher in 2015 . operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill . entering the first quarter of 2016 , sales volumes are expected to be up slightly compared with the fourth quarter of 2015 . average sales margins should be about flat reflecting lower average sales price realizations offset by a more favorable product mix . input costs are expected to be stable . planned maintenance downtime costs are expected to be about $ 14 million lower with an outage scheduled in the 2016 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2015 fourth quarter . in january 2015 , the united steelworkers , domtar corporation , packaging corporation of america , finch paper llc and p . h . glatfelter company ( the petitioners ) filed an anti-dumping petition before the united states international trade commission ( itc ) and the united states department of commerce ( doc ) alleging that paper producers in china , indonesia , australia , brazil , and portugal are selling uncoated free sheet paper in sheet form ( the products ) in violation of international trade rules . the petitioners also filed a countervailing-duties petition with these agencies regarding imports of the products from china and indonesia . in january 2016 , the doc announced its final countervailing duty rates on imports of the products to the united states from certain producers from china and indonesia . also , in january 2016 , the doc announced its final anti-dumping duty rates on imports of the products to the united states from certain producers from australia , brazil , china , indonesia and portugal . in february 2016 , the itc concluded its anti- dumping and countervailing duties investigations and made a final determination that the u.s . market had been injured by imports of the products . accordingly , the doc 2019s previously announced countervailing duty rates and anti-dumping duty rates will be in effect for a minimum of five years . we do not believe the impact of these rates will have a material , adverse effect on our consolidated financial statements . brazilian papers net sales for 2015 were $ 878 million compared with $ 1.1 billion in 2014 and $ 1.1 billion in 2013 . operating profits for 2015 were $ 186 million compared with $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) in 2014 and $ 210 million in 2013 . sales volumes in 2015 were lower compared with 2014 reflecting weak economic conditions and the absence of 2014 one-time events . average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2015 . margins were unfavorably affected by an increased proportion of sales to the lower-margin export markets . raw material costs increased for energy and wood . operating costs were higher than in 2014 , while planned maintenance downtime costs were $ 4 million lower. .
| string | null | north_american_printing_papers_sales = 2.1 * 1000
total_net_sales_2014 = 5720
percent_2014 = north_american_printing_papers_sales / total_net_sales_2014
answer = percent_2014 * 100 |
what was the net change number of units in 2009 in thousands | 227 | CodeFinQA | during 2009 , the company extended the contractual life of 4 million fully vested share options held by 6 employees . as a result of that modification , the company recognized additional compensation expense of $ 1 million for the year ended december 31 , 2009 . restricted stock units ( 201crsus 201d ) performance-based rsus . the company grants performance-based rsus to the company 2019s executive officers and certain employees once per year . the company may also grant performance-based rsus to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur . the number of performance-based rsus that ultimately vest is dependent on one or both of the following as per the terms of the specific award agreement : the achievement of 1 ) internal profitability targets ( performance condition ) and 2 ) market performance targets measured by the comparison of the company 2019s stock performance versus a defined peer group ( market condition ) . the performance-based rsus generally cliff-vest during the company 2019s quarter-end september 30 black-out period three years from the date of grant . the ultimate number of shares of the company 2019s series a common stock issued will range from zero to stretch , with stretch defined individually under each award , net of personal income taxes withheld . the market condition is factored into the estimated fair value per unit and compensation expense for each award will be based on the probability of achieving internal profitability targets , as applicable , and recognized on a straight-line basis over the term of the respective grant , less estimated forfeitures . for performance-based rsus granted without a performance condition , compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures . in april 2007 , the company granted performance-based rsus to certain employees that vest annually in equal tranches beginning october 1 , 2008 through october 1 , 2011 and include a market condition . the performance- based rsus awarded include a catch-up provision that provides for an additional year of vesting of previously unvested amounts , subject to certain maximums . compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures . a summary of changes in performance-based rsus outstanding is as follows : number of weighted average fair value ( in thousands ) ( in $ ) .
| | Number of Units (In thousands) | Weighted Average Fair Value (In $) |
| :--- | :--- | :--- |
| Nonvested at December 31, 2008 | 1,188 | 19.65 |
| Granted | 420 | 38.16 |
| Vested | (79) | 21.30 |
| Forfeited | (114) | 17.28 |
| Nonvested at December 31, 2009 | 1,415 | 25.24 |
the fair value of shares vested for performance-based rsus during the years ended december 31 , 2009 and 2008 was $ 2 million and $ 3 million , respectively . there were no vestings that occurred during the year ended december 31 , 2007 . fair value for the company 2019s performance-based rsus was estimated at the grant date using a monte carlo simulation approach . monte carlo simulation was utilized to randomly generate future stock returns for the company and each company in the defined peer group for each grant based on company-specific dividend yields , volatilities and stock return correlations . these returns were used to calculate future performance-based rsu vesting percentages and the simulated values of the vested performance-based rsus were then discounted to present value using a risk-free rate , yielding the expected value of these performance-based rsus . %%transmsg*** transmitting job : d70731 pcn : 119000000 ***%%pcmsg|119 |00016|yes|no|02/10/2010 16:17|0|0|page is valid , no graphics -- color : n| .
| string | null | units_2009 = 420 + -79
forfeited_2009 = -114
answer = units_2009 + forfeited_2009 |
what is the percent change in share issuable between the end of 2006 and the end of 2005? | 47 | CodeFinQA | vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) o . significant revenue arrangements ( continued ) $ 7 million of development and commercialization milestone payments . additionally , kissei agreed to reimburse the company for certain development costs , including a portion of costs for phase 2 trials of vx-702 . research funding ended under this program in june 2000 , and the company has received the full amount of research funding specified under the agreement . kissei has exclusive rights to develop and commercialize vx-702 in japan and certain far east countries and co-exclusive rights in china , taiwan and south korea . the company retains exclusive marketing rights outside the far east and co-exclusive rights in china , taiwan and south korea . in addition , the company will have the right to supply bulk drug material to kissei for sale in its territory and will receive royalties or drug supply payments on future product sales , if any . in 2006 , 2005 and 2004 , approximately $ 6.4 million , $ 7.3 million and $ 3.5 million , respectively , was recognized as revenue under this agreement . the $ 7.3 million of revenue recognized in 2005 includes a $ 2.5 million milestone paid upon kissei 2019s completion of regulatory filings in preparation for phase 1 clinical development of vx-702 in japan . p . employee benefits the company has a 401 ( k ) retirement plan ( the 201cvertex 401 ( k ) plan 201d ) in which substantially all of its permanent employees are eligible to participate . participants may contribute up to 60% ( 60 % ) of their annual compensation to the vertex 401 ( k ) plan , subject to statutory limitations . the company may declare discretionary matching contributions to the vertex 401 ( k ) plan that are payable in the form of vertex common stock . the match is paid in the form of fully vested interests in a vertex common stock 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 , 2006 , 2005 and 2004 , the company had a loan outstanding to a former officer of the company in the amount of $ 36000 , $ 36000 , $ 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 . the consulting agreement terminated in january 2006 . r . contingencies the company has certain contingent liabilities that arise in the ordinary course of its business activities . the company accrues a reserve for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. .
| | 2006 | 2005 | 2004 |
| :--- | :--- | :--- | :--- |
| Discretionary matching contributions during the year ended December 31, | $3,341 | $2,894 | $2,492 |
| Shares issued during the year ended December 31, | 91 | 215 | 239 |
| Shares issuable as of the year ended December 31, | 28 | 19 | 57 |
discretionary matching contributions during the year ended december 31 , $ 3341 $ 2894 $ 2492 shares issued during the year ended december 31 , 91 215 239 shares issuable as of the year ended december 31 , 28 19 57 .
| string | null | share_issuable_change = 28 - 19
share_issuable_percent_change = share_issuable_change / 19
answer = share_issuable_percent_change * 100 |
how much , in billions , was spent purchasing common stock under the programs from 2016-2018? | 4.0999999046 | 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 | common_stock_purchases = 1.5 + 1.3 + 1.3
answer = common_stock_purchases |
from 2009 to 2012 , what percentage return did advance auto parts beat the overall market? | 62.6300010681 | CodeFinQA | stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on january 3 , 2009 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p retail index company/index january 3 , january 2 , january 1 , december 31 , december 29 , december 28 .
| Company/Index | January 3, 2009 | January 2, 2010 | January 1, 2011 | December 31, 2011 | December 29, 2012 | December 28, 2013 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Advance Auto Parts | $100.00 | $119.28 | $195.80 | $206.86 | $213.14 | $327.63 |
| S&P 500 Index | 100.00 | 119.67 | 134.97 | 134.96 | 150.51 | 197.62 |
| S&P Retail Index | 100.00 | 141.28 | 174.70 | 179.79 | 219.77 | 321.02 |
.
| string | null | a = 213.14 - 100
b = 150.51 - 100
c = a - b |
what was the percent of growth in gross profit from 2004 to 2005\\n | 42.5 | CodeFinQA | year ended december 31 , 2005 compared to year ended december 31 , 2004 net revenues increased $ 75.9 million , or 37.0% ( 37.0 % ) , to $ 281.1 million in 2005 from $ 205.2 million in 2004 . this increase was the result of increases in both our net sales and license revenues as noted in the product category table below. .
| | Year Ended December 31, |
| :--- | :--- |
| <i>(In thousands)</i> | 2005 | 2004 | $ Change | % Change |
| Mens | $189,596 | $151,962 | $37,634 | 24.8% |
| Womens | 53,500 | 28,659 | 24,841 | 86.7% |
| Youth | 18,784 | 12,705 | 6,079 | 47.8% |
| Accessories | 9,409 | 7,548 | 1,861 | 24.7% |
| Total net sales | 271,289 | 200,874 | 70,415 | 35.1% |
| License revenues | 9,764 | 4,307 | 5,457 | 126.7% |
| Total net revenues | $281,053 | $205,181 | $75,872 | 37.0% |
net sales increased $ 70.4 million , or 35.1% ( 35.1 % ) , to $ 271.3 million in 2005 from $ 200.9 million in 2004 as noted in the table above . the increases in the mens , womens and youth product categories noted above primarily reflect : 2022 continued unit volume growth of our existing products sold to retail customers , while pricing of existing products remained relatively unchanged ; and 2022 new products introduced in 2005 accounted for $ 29.0 million of the increase in net sales which included the metal series , under armour tech-t line and our performance hooded sweatshirt for mens , womens and youth , and our new women 2019s duplicity sports bra . license revenues increased $ 5.5 million to $ 9.8 million in 2005 from $ 4.3 million in 2004 . this increase in license revenues was a result of increased sales by our licensees due to increased distribution , continued unit volume growth and new product offerings . gross profit increased $ 40.5 million to $ 135.9 million in 2005 from $ 95.4 million in 2004 . gross profit as a percentage of net revenues , or gross margin , increased 180 basis points to 48.3% ( 48.3 % ) in 2005 from 46.5% ( 46.5 % ) in 2004 . this net increase in gross margin was primarily driven by the following : 2022 a 70 basis point increase due to the $ 5.5 million increase in license revenues ; 2022 a 240 basis point increase due to lower product costs as a result of greater supplier discounts for increased volume and lower cost sourcing arrangements ; 2022 a 50 basis point decrease driven by larger customer incentives , partially offset by more accurate demand forecasting and better inventory management ; and 2022 a 70 basis point decrease due to higher handling costs to make products to customer specifications for immediate display in their stores and higher overhead costs associated with our quick-turn , special make-up shop , which was instituted in june 2004 . selling , general and administrative expenses increased $ 29.9 million , or 42.7% ( 42.7 % ) , to $ 100.0 million in 2005 from $ 70.1 million in 2004 . as a percentage of net revenues , selling , general and administrative expenses increased to 35.6% ( 35.6 % ) in 2005 from 34.1% ( 34.1 % ) in 2004 . this net increase was primarily driven by the following : 2022 marketing costs increased $ 8.7 million to $ 30.5 million in 2005 from $ 21.8 million in 2004 . the increase in these costs was due to increased advertising costs from our women 2019s media campaign , marketing salaries , and depreciation expense related to our in-store fixture program . as a percentage of net revenues , marketing costs increased slightly to 10.9% ( 10.9 % ) in 2005 from 10.6% ( 10.6 % ) in 2004 due to the increased costs described above. .
| string | null | gross_profit_percent = 40.5 / 95.4
answer = gross_profit_percent * 100 |
what is the lowest return rate for the initial year of the investment? | 13.5200004578 | CodeFinQA | the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the nasdaq transportation index , and the nasdaq industrial transportation index ( nqusb2770t ) as a replacement for the nasdaq transportation index . the company is making the modification to reference a specific transportation index and to source that data directly from nasdaq . the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2012 and tracks it through 12/31/2017 . total return assumes reinvestment of dividends in each of the indices indicated . comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index , the nasdaq industrial transportation index and the nasdaq transportation index. .
| | 12/12 | 12/13 | 12/14 | 12/15 | 12/16 | 12/17 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Expeditors International of Washington, Inc. | $100.00 | $113.52 | $116.07 | $119.12 | $142.10 | $176.08 |
| Standard and Poor's 500 Index | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 |
| NASDAQ Transportation | 100.00 | 133.76 | 187.65 | 162.30 | 193.79 | 248.92 |
| NASDAQ Industrial Transportation (NQUSB2770T) | 100.00 | 141.60 | 171.91 | 132.47 | 171.17 | 218.34 |
the stock price performance included in this graph is not necessarily indicative of future stock price performance . item 6 2014 selected financial data financial highlights in thousands , except per share data 2017 2016 2015 2014 2013 revenues ..................................................................... . $ 6920948 6098037 6616632 6564721 6080257 net revenues1 ............................................................... . $ 2319189 2164036 2187777 1981427 1882853 net earnings attributable to shareholders ..................... . $ 489345 430807 457223 376888 348526 diluted earnings attributable to shareholders per share $ 2.69 2.36 2.40 1.92 1.68 basic earnings attributable to shareholders per share.. . $ 2.73 2.38 2.42 1.92 1.69 dividends declared and paid per common share.......... . $ 0.84 0.80 0.72 0.64 0.60 cash used for dividends ............................................... . $ 150495 145123 135673 124634 123292 cash used for share repurchases ................................. . $ 478258 337658 629991 550781 261936 working capital ............................................................. . $ 1448333 1288648 1115136 1285188 1526673 total assets .................................................................. . $ 3117008 2790871 2565577 2870626 2996416 shareholders 2019 equity ..................................................... . $ 1991858 1844638 1691993 1868408 2084783 weighted average diluted shares outstanding .............. . 181666 182704 190223 196768 206895 weighted average basic shares outstanding ................ . 179247 181282 188941 196147 205995 _______________________ 1non-gaap measure calculated as revenues less directly related operating expenses attributable to our principal services . see management's discussion and analysis for a reconciliation of net revenues to revenues . safe harbor for forward-looking statements under private securities litigation reform act of 1995 ; certain cautionary statements this annual report on form 10-k for the fiscal year ended december 31 , 2017 contains 201cforward-looking statements , 201d as defined in section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended . from time to time , expeditors or its representatives have made or may make forward-looking statements , orally or in writing . such forward-looking statements may be included in , but not limited to , press releases , presentations , oral statements made with the approval of an authorized executive officer or in various filings made by expeditors with the securities and exchange commission . statements including those preceded by , followed by or that include the words or phrases 201cwill likely result 201d , 201care expected to 201d , "would expect" , "would not expect" , 201cwill continue 201d , 201cis anticipated 201d , 201cestimate 201d , 201cproject 201d , "provisional" , "plan" , "believe" , "probable" , "reasonably possible" , "may" , "could" , "should" , "intends" , "foreseeable future" or similar expressions are intended to identify 201cforward-looking statements 201d within the meaning of the private securities litigation reform act of 1995 . such statements are qualified in their entirety by reference to and are accompanied by the discussion in item 1a of certain important factors that could cause actual results to differ materially from such forward-looking statements . the risks included in item 1a are not exhaustive . furthermore , reference is also made to other sections of this report , which include additional factors that could adversely impact expeditors' business and financial performance . moreover , expeditors operates in a very competitive , complex and rapidly changing global environment . new risk factors emerge from time to time and it is not possible for management to predict all of such risk factors , nor can it assess the impact of all of such risk factors on expeditors' business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements . accordingly , forward-looking statements cannot be relied upon as a guarantee of actual results . shareholders should be aware that while expeditors does , from time to time , communicate with securities analysts , it is against expeditors' policy to disclose to such analysts any material non-public information or other confidential commercial information . accordingly , shareholders should not assume that expeditors agrees with any statement or report issued by any analyst irrespective of the content of such statement or report . furthermore , expeditors has a policy against issuing financial forecasts or projections or confirming the accuracy of forecasts or projections issued by others . accordingly , to the extent that reports issued by securities analysts contain any projections , forecasts or opinions , such reports are not the responsibility of expeditors. .
| string | null | initial_investment = 100
initial_value = 100
final_value = 113.52
percent_return = (final_value - initial_value) / initial_value
answer = percent_return * 100 |
what as the leverage of the debt to assets of elder trust at the time of the to the purchase | 0.4359999895 | CodeFinQA | note 6 2014mergers and acquisitions eldertrust merger on february 5 , 2004 , the company consummated a merger transaction in an all cash transaction valued at $ 184 million ( the 201celdertrust transaction 201d ) . the eldertrust transaction adds nine assisted living facilities , one independent living facility , five skilled nursing facilities , two med- ical office buildings and a financial office building ( the 201celdertrust properties 201d ) to the company 2019s portfolio.the eldertrust properties are leased by the company to various operators under leases providing for aggregated , annual cash base rent of approxi- mately $ 16.2 million , subject to escalation as provided in the leases.the leases have remaining terms primarily ranging from four to 11 years.at the closing of the eldertrust transaction , the company also acquired all of the limited partnership units in eldertrust operating limited partnership ( 201cetop 201d ) directly from their owners at $ 12.50 per unit , excluding 31455 class c units in etop ( which will remain outstanding ) . etop owns directly or indirectly all of the eldertrust properties . the company funded the $ 101 million equity portion of the purchase price with cash on eldertrust 2019s balance sheet , a portion of the $ 85 million in proceeds from its december 2003 sale of ten facilities to kindred and draws on the company 2019s revolving credit facility ( the 201crevolving credit facility 201d ) under its second amended and restated security and guaranty agreement , dated as of april 17 , 2002 ( the 201c2002 credit agreement 201d ) .the company 2019s ownership of the eldertrust properties is subject to approximately $ 83 million of property level debt and other liabilities.at the close of the eldertrust transaction , eldertrust had approximately $ 33.5 million in unrestricted and restricted cash on hand . the acquisition was accounted for under the purchase method . the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition . such estimates are subject to refinement as additional valuation information is received . operations from this merger will be reflected in the company 2019s consolidated financial state- ments for periods subsequent to the acquisition date of february 5 , 2004.the company is in the process of computing fair values , thus , the allocation of the purchase price is subject to refinement. .
| | (in millions) |
| :--- | :--- |
| Real estate investments | $162 |
| Cash and cash equivalents | 28 |
| Other assets | 5 |
| Total assets acquired | $195 |
| Notes payable and other debt | 83 |
| Accounts payable and other accrued liabilities | 2 |
| Total liabilities assumed | 85 |
| Net assets acquired | $110 |
transaction with brookdale on january 29 , 2004 , the company entered into 14 definitive purchase agreements ( each , a 201cbrookdale purchase agreement 201d ) with certain affiliates of brookdale living communities , inc . ( 201cbrookdale 201d ) to purchase ( each such purchase , a 201cbrookdale acquisition 201d ) a total of 14 independent living or assisted living facilities ( each , a 201cbrookdale facility 201d ) for an aggregate purchase price of $ 115 million.affiliates of brookdale have agreed to lease and operate the brookdale facilities pursuant to one or more triple-net leases.all of the brookdale leases , which have an initial term of 15 years , will be guaranteed by brookdale and provide for aggregated annual base rent of approximately $ 10 million , escalating each year by the greater of ( i ) 1.5% ( 1.5 % ) or ( ii ) 75% ( 75 % ) of the consumer price index . the company expects to fund the brookdale acquisitions by assuming an aggregate of approximately $ 41 million of non- recourse property level debt on certain of the brookdale facilities , with the balance to be paid from cash on hand and/or draws on the revolving credit facility.the property level debt encumbers seven of the brookdale facilities . on january 29 , 2004 , the company completed the acquisitions of four brookdale facilities for an aggregate purchase price of $ 37 million.the company 2019s acquisition of the remaining ten brookdale facilities is expected to be completed shortly , subject to customary closing conditions . however , the consummation of each such brookdale acquisition is not conditioned upon the consummation of any other such brookdale acquisition and there can be no assurance which , if any , of such remaining brookdale acquisitions will be consummated or when they will be consummated . transactions with trans healthcare , inc . on november 4 , 2002 , the company , through its wholly owned subsidiary ventas realty , completed a $ 120.0 million transaction ( the 201cthi transaction 201d ) with trans healthcare , inc. , a privately owned long-term care and hospital company ( 201cthi 201d ) .the thi transaction was structured as a $ 53.0 million sale leaseback trans- action ( the 201cthi sale leaseback 201d ) and a $ 67.0 million loan ( the 201cthi loan 201d ) , comprised of a first mortgage loan ( the 201cthi senior loan 201d ) and a mezzanine loan ( the 201cthi mezzanine loan 201d ) . following a sale of the thi senior loan in december 2002 ( see below ) , the company 2019s investment in thi was $ 70.0 million . as part of the thi sale leasebackventas realty purchased 5 properties and is leasing them back to thi under a 201ctriple-net 201d master lease ( the 201cthi master lease 201d ) .the properties subject to the sale leaseback are four skilled nursing facilities and one con- tinuing care retirement community.the thi master lease , which has an initial term of ten years , provides for annual base rent of $ 5.9 million.the thi master lease provides that if thi meets specified revenue parameters , annual base rent will escalate each year by the greater of ( i ) three percent or ( ii ) 50% ( 50 % ) of the consumer price index . ventas , inc . page 37 annual report 2003 .
| string | null | total_assets = 195
liabilities_assumed = 85
net_assets_acquired = 110
percent_leverage = liabilities_assumed / total_assets
answer = percent_leverage |
what is the highest value of reductions for tax positions of prior years? | 33 | CodeFinQA | ( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively . deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes . there was a decrease in deferred income tax assets principally relating to the utilization of u.s . federal alternative minimum tax credits as permitted under tax reform . deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company . of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
| In millions | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Balance at January 1 | $(188) | $(98) | $(150) |
| (Additions) reductions based on tax positions related to current year | (7) | (54) | (4) |
| (Additions) for tax positions of prior years | (37) | (40) | (3) |
| Reductions for tax positions of prior years | 5 | 4 | 33 |
| Settlements | 2 | 6 | 19 |
| Expiration of statutes oflimitations | 2 | 1 | 5 |
| Currency translation adjustment | 3 | (7) | 2 |
| Balance at December 31 | $(220) | $(188) | $(98) |
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate . the company accrues interest on unrecognized tax benefits as a component of interest expense . penalties , if incurred , are recognized as a component of income tax expense . the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities . the company frequently faces challenges regarding the amount of taxes due . these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions . pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months . the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company . the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) . after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals . the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve . the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained . the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 . international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures . under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis . the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .
| string | null | table_row = [5, 4, 33] # row labeled reductions for tax positions of prior years
highest_reduction = max(table_row)
answer = highest_reduction |
what was the effect in difference of average borrowing rate due to the use of swaps in 2012? | 2.0999999046 | CodeFinQA | morgan stanley notes to consolidated financial statements 2014 ( continued ) consumer price index ) . senior debt also may be structured to be callable by the company or extendible at the option of holders of the senior debt securities . debt containing provisions that effectively allow the holders to put or extend the notes aggregated $ 1175 million at december 31 , 2013 and $ 1131 million at december 31 , 2012 . in addition , separate agreements are entered into by the company 2019s subsidiaries that effectively allow the holders to put the notes aggregated $ 353 million at december 31 , 2013 and $ 1895 million at december 31 , 2012 . subordinated debt and junior subordinated debentures generally are issued to meet the capital requirements of the company or its regulated subsidiaries and primarily are u.s . dollar denominated . senior debt 2014structured borrowings . the company 2019s index-linked , equity-linked or credit-linked borrowings include various structured instruments whose payments and redemption values are linked to the performance of a specific index ( e.g. , standard & poor 2019s 500 ) , a basket of stocks , a specific equity security , a credit exposure or basket of credit exposures . to minimize the exposure resulting from movements in the underlying index , equity , credit or other position , the company has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates based upon libor . these instruments are included in the preceding table at their redemption values based on the performance of the underlying indices , baskets of stocks , or specific equity securities , credit or other position or index . the company carries either the entire structured borrowing at fair value or bifurcates the embedded derivative and carries it at fair value . the swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value . changes in fair value related to the notes and economic hedges are reported in trading revenues . see note 4 for further information on structured borrowings . subordinated debt and junior subordinated debentures . included in the company 2019s long-term borrowings are subordinated notes of $ 9275 million having a contractual weighted average coupon of 4.69% ( 4.69 % ) at december 31 , 2013 and $ 5845 million having a weighted average coupon of 4.81% ( 4.81 % ) at december 31 , 2012 . junior subordinated debentures outstanding by the company were $ 4849 million at december 31 , 2013 and $ 4827 million at december 31 , 2012 having a contractual weighted average coupon of 6.37% ( 6.37 % ) at both december 31 , 2013 and december 31 , 2012 . maturities of the subordinated and junior subordinated notes range from 2014 to 2067 . maturities of certain junior subordinated debentures can be extended to 2052 at the company 2019s option . asset and liability management . in general , securities inventories that are not financed by secured funding sources and the majority of the company 2019s assets are financed with a combination of deposits , short-term funding , floating rate long-term debt or fixed rate long-term debt swapped to a floating rate . fixed assets are generally financed with fixed rate long-term debt . the company uses interest rate swaps to more closely match these borrowings to the duration , holding period and interest rate characteristics of the assets being funded and to manage interest rate risk . these swaps effectively convert certain of the company 2019s fixed rate borrowings into floating rate obligations . in addition , for non-u.s . dollar currency borrowings that are not used to fund assets in the same currency , the company has entered into currency swaps that effectively convert the borrowings into u.s . dollar obligations . the company 2019s use of swaps for asset and liability management affected its effective average borrowing rate as follows: .
| | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Weighted average coupon of long-term borrowings at period-end(1) | 4.4% | 4.4% | 4.0% |
| Effective average borrowing rate for long-term borrowings after swaps at period-end(1) | 2.2% | 2.3% | 1.9% |
( 1 ) included in the weighted average and effective average calculations are non-u.s . dollar interest rates . other . the company , through several of its subsidiaries , maintains funded and unfunded committed credit facilities to support various businesses , including the collateralized commercial and residential mortgage whole loan , derivative contracts , warehouse lending , emerging market loan , structured product , corporate loan , investment banking and prime brokerage businesses. .
| string | null | average_coupon_2013 = 4.4
average_coupon_2012 = 4.4
average_coupon_2011 = 4.0
effective_rate_2013 = average_coupon_2013 - 2.3
effective_rate_2012 = average_coupon_2012 - 2.3
effective_rate_2011 = average_coupon_2011 - 2.3
answer_2013 = effective_rate_2013
answer_2012 = effective_rate_2012
answer_2011 = effective_rate_2011
answer = answer_2013 |
net revenues in equity securities were what in billions for 2017 when including net gains from private equities? | 8.3999996185 | CodeFinQA | the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . some of these investments are made indirectly through funds that we manage . we also make unsecured and secured loans to retail clients through our digital platforms , marcus and goldman sachs private bank select ( gs select ) , respectively . the table below presents the operating results of our investing & lending segment. .
| | Year Ended December |
| :--- | :--- |
| <i>$ in millions</i> | 2017 | 2016 | 2015 |
| Equity securities | $4,578 | $2,573 | $3,781 |
| Debt securities and loans | 2,003 | 1,507 | 1,655 |
| Total net revenues | 6,581 | 4,080 | 5,436 |
| Operating expenses | 2,796 | 2,386 | 2,402 |
| Pre-taxearnings | $3,785 | $1,694 | $3,034 |
operating environment . during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments . results also reflected net gains from company- specific events , including sales , and corporate performance . this environment contrasts with 2016 , where , in the first quarter of 2016 , market conditions were difficult and corporate performance , particularly in the energy sector , was impacted by a challenging macroeconomic environment . however , market conditions improved during the rest of 2016 as macroeconomic concerns moderated . if macroeconomic concerns negatively affect company-specific events or corporate performance , or if global equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted . 2017 versus 2016 . net revenues in investing & lending were $ 6.58 billion for 2017 , 61% ( 61 % ) higher than 2016 . net revenues in equity securities were $ 4.58 billion , including $ 3.82 billion of net gains from private equities and $ 762 million in net gains from public equities . net revenues in equity securities were 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities , which were positively impacted by company- specific events and corporate performance . in addition , net gains from public equities were significantly higher , as global equity prices increased during the year . of the $ 4.58 billion of net revenues in equity securities , approximately 60% ( 60 % ) was driven by net gains from company-specific events , such as sales , and public equities . net revenues in debt securities and loans were $ 2.00 billion , 33% ( 33 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) . net revenues in debt securities and loans for 2017 also included an impairment of approximately $ 130 million on a secured operating expenses were $ 2.80 billion for 2017 , 17% ( 17 % ) higher than 2016 , due to increased compensation and benefits expenses , reflecting higher net revenues , increased expenses related to consolidated investments , and increased expenses related to marcus . pre-tax earnings were $ 3.79 billion in 2017 compared with $ 1.69 billion in 2016 . 2016 versus 2015 . net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 . net revenues in equity securities were $ 2.57 billion , including $ 2.17 billion of net gains from private equities and $ 402 million in net gains from public equities . net revenues in equity securities were 32% ( 32 % ) lower than 2015 , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance . net revenues in debt securities and loans were $ 1.51 billion , 9% ( 9 % ) lower than 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges . losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 . this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income . see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities . operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 . pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 . goldman sachs 2017 form 10-k 61 .
| string | null | net_revenue_2017 = 4.58 + 3.82 |
in fiscal 2005 debt repurchase costs what was the of noncash interest rate swap losses reclassified from accumulated other comprehen- sive income involved in the transaction | 53.2999992371 | CodeFinQA | during fiscal 2006 , we repurchased 19 million shares of common stock for an aggregate purchase price of $ 892 million , of which $ 7 million settled after the end of our fiscal year . in fiscal 2005 , we repurchased 17 million shares of common stock for an aggregate purchase price of $ 771 million . a total of 146 million shares were held in treasury at may 28 , 2006 . we also used cash from operations to repay $ 189 million in outstanding debt in fiscal 2006 . in fiscal 2005 , we repaid nearly $ 2.2 billion of debt , including the purchase of $ 760 million principal amount of our 6 percent notes due in 2012 . fiscal 2005 debt repurchase costs were $ 137 million , consisting of $ 73 million of noncash interest rate swap losses reclassified from accumulated other comprehen- sive income , $ 59 million of purchase premium and $ 5 million of noncash unamortized cost of issuance expense . capital structure in millions may 28 , may 29 .
| In Millions | May 28,2006 | May 29,2005 |
| :--- | :--- | :--- |
| Notes payable | $1,503 | $299 |
| Current portion of long-term debt | 2,131 | 1,638 |
| Long-term debt | 2,415 | 4,255 |
| Total debt | 6,049 | 6,192 |
| Minority interests | 1,136 | 1,133 |
| Stockholders’ equity | 5,772 | 5,676 |
| Total Capital | $12,957 | $13,001 |
we have $ 2.1 billion of long-term debt maturing in the next 12 months and classified as current , including $ 131 million that may mature in fiscal 2007 based on the put rights of those note holders . we believe that cash flows from operations , together with available short- and long- term debt financing , will be adequate to meet our liquidity and capital needs for at least the next 12 months . on october 28 , 2005 , we repurchased a significant portion of our zero coupon convertible debentures pursuant to put rights of the holders for an aggregate purchase price of $ 1.33 billion , including $ 77 million of accreted original issue discount . these debentures had an aggregate prin- cipal amount at maturity of $ 1.86 billion . we incurred no gain or loss from this repurchase . as of may 28 , 2006 , there were $ 371 million in aggregate principal amount at matu- rity of the debentures outstanding , or $ 268 million of accreted value . we used proceeds from the issuance of commercial paper to fund the purchase price of the deben- tures . we also have reclassified the remaining zero coupon convertible debentures to long-term debt based on the october 2008 put rights of the holders . on march 23 , 2005 , we commenced a cash tender offer for our outstanding 6 percent notes due in 2012 . the tender offer resulted in the purchase of $ 500 million principal amount of the notes . subsequent to the expiration of the tender offer , we purchased an additional $ 260 million prin- cipal amount of the notes in the open market . the aggregate purchases resulted in the debt repurchase costs as discussed above . our minority interests consist of interests in certain of our subsidiaries that are held by third parties . general mills cereals , llc ( gmc ) , our subsidiary , holds the manufac- turing assets and intellectual property associated with the production and retail sale of big g ready-to-eat cereals , progresso soups and old el paso products . in may 2002 , one of our wholly owned subsidiaries sold 150000 class a preferred membership interests in gmc to an unrelated third-party investor in exchange for $ 150 million , and in october 2004 , another of our wholly owned subsidiaries sold 835000 series b-1 preferred membership interests in gmc in exchange for $ 835 million . all interests in gmc , other than the 150000 class a interests and 835000 series b-1 interests , but including all managing member inter- ests , are held by our wholly owned subsidiaries . in fiscal 2003 , general mills capital , inc . ( gm capital ) , a subsidiary formed for the purpose of purchasing and collecting our receivables , sold $ 150 million of its series a preferred stock to an unrelated third-party investor . the class a interests of gmc receive quarterly preferred distributions at a floating rate equal to ( i ) the sum of three- month libor plus 90 basis points , divided by ( ii ) 0.965 . this rate will be adjusted by agreement between the third- party investor holding the class a interests and gmc every five years , beginning in june 2007 . under certain circum- stances , gmc also may be required to be dissolved and liquidated , including , without limitation , the bankruptcy of gmc or its subsidiaries , failure to deliver the preferred distributions , failure to comply with portfolio requirements , breaches of certain covenants , lowering of our senior debt rating below either baa3 by moody 2019s or bbb by standard & poor 2019s , and a failed attempt to remarket the class a inter- ests as a result of a breach of gmc 2019s obligations to assist in such remarketing . in the event of a liquidation of gmc , each member of gmc would receive the amount of its then current capital account balance . the managing member may avoid liquidation in most circumstances by exercising an option to purchase the class a interests . the series b-1 interests of gmc are entitled to receive quarterly preferred distributions at a fixed rate of 4.5 percent per year , which is scheduled to be reset to a new fixed rate through a remarketing in october 2007 . beginning in october 2007 , the managing member of gmc may elect to repurchase the series b-1 interests for an amount equal to the holder 2019s then current capital account balance plus any applicable make-whole amount . gmc is not required to purchase the series b-1 interests nor may these investors put these interests to us . the series b-1 interests will be exchanged for shares of our perpetual preferred stock upon the occurrence of any of the following events : our senior unsecured debt rating falling below either ba3 as rated by moody 2019s or bb- as rated by standard & poor 2019s or fitch , inc. .
| string | null | noncash_interest_rate_swap_losses = 73
purchase_premium = 137
noncash_interest_rate_swap_losses_reclassified_from_accumulated_other_comprehensive_income = noncash_interest_rate_swap_losses / purchase_premium
answer = noncash_interest_rate_swap_losses_reclassified_from_accumulated_other_comprehensive_income * 100 |
what is the $ 500.0 million in principal paid in 2015 as a percentage of the $ 2.5 billion in outstanding borrowings? | 20 | CodeFinQA | zimmer biomet holdings , inc . 2015 form 10-k annual report through february 25 , 2016 , we repurchased approximately $ 415.0 million of shares of our common stock , which includes the $ 250.0 million of shares that we repurchased from certain selling stockholders on february 10 , 2016 . in order to achieve operational synergies , we expect cash outlays related to our integration plans to be approximately $ 290.0 million in 2016 . these cash outlays are necessary to achieve our integration goals of net annual pre-tax operating profit synergies of $ 350.0 million by the end of the third year post-closing date . also as discussed in note 20 to our consolidated financial statements , as of december 31 , 2015 , a short-term liability of $ 50.0 million and long-term liability of $ 264.6 million related to durom cup product liability claims was recorded on our consolidated balance sheet . we expect to continue paying these claims over the next few years . we expect to be reimbursed a portion of these payments for product liability claims from insurance carriers . as of december 31 , 2015 , we have received a portion of the insurance proceeds we estimate we will recover . we have a long-term receivable of $ 95.3 million remaining for future expected reimbursements from our insurance carriers . we also had a short-term liability of $ 33.4 million related to biomet metal-on-metal hip implant claims . at december 31 , 2015 , we had ten tranches of senior notes outstanding as follows ( dollars in millions ) : principal interest rate maturity date .
| Principal | Interest Rate | Maturity Date |
| :--- | :--- | :--- |
| $500.0 | 1.450% | April 1, 2017 |
| 1,150.0 | 2.000 | April 1, 2018 |
| 500.0 | 4.625 | November 30, 2019 |
| 1,500.0 | 2.700 | April 1, 2020 |
| 300.0 | 3.375 | November 30, 2021 |
| 750.0 | 3.150 | April 1, 2022 |
| 2,000.0 | 3.550 | April 1, 2025 |
| 500.0 | 4.250 | August 15, 2035 |
| 500.0 | 5.750 | November 30, 2039 |
| 1,250.0 | 4.450 | August 15, 2045 |
we issued $ 7.65 billion of senior notes in march 2015 ( the 201cmerger notes 201d ) , the proceeds of which were used to finance a portion of the cash consideration payable in the biomet merger , pay merger related fees and expenses and pay a portion of biomet 2019s funded debt . on june 24 , 2015 , we also borrowed $ 3.0 billion on a u.s . term loan ( 201cu.s . term loan 201d ) to fund the biomet merger . we may , at our option , redeem our senior notes , in whole or in part , at any time upon payment of the principal , any applicable make-whole premium , and accrued and unpaid interest to the date of redemption . in addition , the merger notes and the 3.375% ( 3.375 % ) senior notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date . we have a $ 4.35 billion credit agreement ( 201ccredit agreement 201d ) that contains : ( i ) a 5-year unsecured u.s . term loan facility ( 201cu.s . term loan facility 201d ) in the principal amount of $ 3.0 billion , and ( ii ) a 5-year unsecured multicurrency revolving facility ( 201cmulticurrency revolving facility 201d ) in the principal amount of $ 1.35 billion . the multicurrency revolving facility will mature in may 2019 , with two one-year extensions available at our option . borrowings under the multicurrency revolving facility may be used for general corporate purposes . there were no borrowings outstanding under the multicurrency revolving facility as of december 31 , 2015 . the u.s . term loan facility will mature in june 2020 , with principal payments due beginning september 30 , 2015 , as follows : $ 75.0 million on a quarterly basis during the first three years , $ 112.5 million on a quarterly basis during the fourth year , and $ 412.5 million on a quarterly basis during the fifth year . in 2015 , we paid $ 500.0 million in principal under the u.s . term loan facility , resulting in $ 2.5 billion in outstanding borrowings as of december 31 , we and certain of our wholly owned foreign subsidiaries are the borrowers under the credit agreement . borrowings under the credit agreement bear interest at floating rates based upon indices determined by the currency of the borrowings plus an applicable margin determined by reference to our senior unsecured long-term credit rating , or at an alternate base rate , or , in the case of borrowings under the multicurrency revolving facility only , at a fixed rate determined through a competitive bid process . the credit agreement contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement , including , among other things , limitations on consolidations , mergers and sales of assets . financial covenants include a consolidated indebtedness to consolidated ebitda ratio of no greater than 5.0 to 1.0 through june 24 , 2016 and no greater than 4.5 to 1.0 thereafter . if our credit rating falls below investment grade , additional restrictions would result , including restrictions on investments and payment of dividends . we were in compliance with all covenants under the credit agreement as of december 31 , 2015 . commitments under the credit agreement are subject to certain fees . on the multicurrency revolving facility , we pay a facility fee at a rate determined by reference to our senior unsecured long-term credit rating . we have a japan term loan agreement with one of the lenders under the credit agreement for 11.7 billion japanese yen that will mature on may 31 , 2018 . borrowings under the japan term loan bear interest at a fixed rate of 0.61 percent per annum until maturity . we also have other available uncommitted credit facilities totaling $ 35.8 million . we place our cash and cash equivalents in highly-rated financial institutions and limit the amount of credit exposure to any one entity . we invest only in high-quality financial instruments in accordance with our internal investment policy . as of december 31 , 2015 , we had short-term and long-term investments in debt securities with a fair value of $ 273.1 million . these investments are in debt securities of many different issuers and , therefore , we believe we have no significant concentration of risk with a single issuer . all of these debt securities remain highly rated and we believe the risk of default by the issuers is low. .
| string | null | outstanding_borrowings = 2.5 * 1000
principal_paid = 500.0
percent_principal_paid = principal_paid / outstanding_borrowings
answer = percent_principal_paid * 100 |
what is the percentage decrease for average common shares outstanding from 2008-2009? | 1.5700000525 | 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 | common_shares_outstanding_change = 244323 - 240479
percent_change = common_shares_outstanding_change / 244323
answer = percent_change * 100 |
what was the change in weighted average common shares outstanding for diluted computations from 2013 to 2014 , in millions? | 4.0999999046 | CodeFinQA | 2015 and 2014 was $ 1.5 billion and $ 1.3 billion . the aggregate notional amount of our outstanding foreign currency hedges at december 31 , 2015 and 2014 was $ 4.1 billion and $ 804 million . derivative instruments did not have a material impact on net earnings and comprehensive income during 2015 , 2014 and 2013 . substantially all of our derivatives are designated for hedge accounting . see note 16 for more information on the fair value measurements related to our derivative instruments . recent accounting pronouncements 2013 in may 2014 , the fasb issued a new standard that will change the way we recognize revenue and significantly expand the disclosure requirements for revenue arrangements . on july 9 , 2015 , the fasb approved a one-year deferral of the effective date of the standard to 2018 for public companies , with an option that would permit companies to adopt the standard in 2017 . early adoption prior to 2017 is not permitted . the new standard may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new contracts and existing contracts with remaining performance obligations as of the effective date , with a cumulative catch-up adjustment recorded to beginning retained earnings at the effective date for existing contracts with remaining performance obligations . in addition , the fasb is contemplating making additional changes to certain elements of the new standard . we are currently evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our consolidated financial statements and related disclosures . as the new standard will supersede substantially all existing revenue guidance affecting us under gaap , it could impact revenue and cost recognition on thousands of contracts across all our business segments , in addition to our business processes and our information technology systems . as a result , our evaluation of the effect of the new standard will extend over future periods . in september 2015 , the fasb issued a new standard that simplifies the accounting for adjustments made to preliminary amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments . instead , adjustments will be recognized in the period in which the adjustments are determined , including the effect on earnings of any amounts that would have been recorded in previous periods if the accounting had been completed at the acquisition date . we adopted the standard on january 1 , 2016 and will prospectively apply the standard to business combination adjustments identified after the date of adoption . in november 2015 , the fasb issued a new standard that simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities , as well as any related valuation allowance , be classified as noncurrent in our consolidated balance sheets . the standard is effective january 1 , 2017 , with early adoption permitted . the standard may be applied either prospectively from the date of adoption or retrospectively to all prior periods presented . we are currently evaluating when we will adopt the standard and the method of adoption . note 2 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .
| | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Weighted average common shares outstanding for basic computations | 310.3 | 316.8 | 320.9 |
| Weighted average dilutive effect of equity awards | 4.4 | 5.6 | 5.6 |
| Weighted average common shares outstanding for diluted computations | 314.7 | 322.4 | 326.5 |
we compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented . our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units and exercise of outstanding stock options based on the treasury stock method . the computation of diluted earnings per common share excluded 2.4 million stock options for the year ended december 31 , 2013 because their inclusion would have been anti-dilutive , primarily due to their exercise prices exceeding the average market prices of our common stock during the respective periods . there were no anti-dilutive equity awards for the years ended december 31 , 2015 and 2014. .
| string | null | shares_outstanding_2014 = 322.4
shares_outstanding_2013 = 326.5
change_in_shares_outstanding = shares_outstanding_2014 - shares_outstanding_2013
answer = change_in_shares_outstanding |
what portion of consolidated cashflow for the twelve months ended december 31 , 2007 is related to tower cash flow twelve months? | 102.3000030518 | CodeFinQA | the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : .
| Tower Cash Flow, for the three months ended December 31, 2007 | $177,724 |
| :--- | :--- |
| Consolidated Cash Flow, for the twelve months ended December 31, 2007 | $668,123 |
| Less: Tower Cash Flow, for the twelve months ended December 31, 2007 | (683,200) |
| Plus: four times Tower Cash Flow, for the three months ended December 31, 2007 | 710,896 |
| Adjusted Consolidated Cash Flow, for the twelve months ended December 31, 2007 | $695,819 |
| Non-Tower Cash Flow, for the twelve months ended December 31, 2007 | $(48,012) |
.
| string | null | tower_cash_flow = 683200
consolidated_cash_flow = 668123
tower_cash_flow_percent = tower_cash_flow / consolidated_cash_flow
answer = tower_cash_flow_percent * 100 |
what is the asset allocation and balanced as a percentage of the total component changes in multi-asset aum in 2015? | 49.4000015259 | 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 . although many 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 , or may use a combination of index strategies to target active returns . 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 2016 equity aum totaled $ 2.657 trillion , reflecting net inflows of $ 51.4 billion . net inflows included $ 74.9 billion into ishares , driven by net inflows into the core ranges and broad developed and emerging market equities . ishares net inflows were partially offset by active and non-etf index net outflows of $ 20.2 billion and $ 3.3 billion , respectively . blackrock 2019s effective fee rates fluctuate due to changes in aum mix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s . markets , have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2016 at $ 1.572 trillion , reflecting net inflows of $ 120.0 billion . in 2016 , active net inflows of $ 16.6 billion were diversified across fixed income offerings , and included strong inflows from insurance clients . fixed income ishares net inflows of $ 59.9 billion were led by flows into the core ranges , emerging market , high yield and corporate bond funds . non-etf index net inflows of $ 43.4 billion were driven by demand for liability-driven investment solutions . multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset aum for 2016 are presented below . ( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
| (in millions) | December 31,2015 | Net inflows (outflows) | Marketchange | FX impact | December 31,2016 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Asset allocation and balanced | $185,836 | $(10,332) | $6,705 | $(5,534) | $176,675 |
| Target date/risk | 125,664 | 13,500 | 10,189 | 79 | 149,432 |
| Fiduciary | 64,433 | 998 | 5,585 | (2,621) | 68,395 |
| FutureAdvisor<sup>(1)</sup> | 403 | 61 | 41 | — | 505 |
| Total | $376,336 | $4,227 | $22,520 | $(8,076) | $395,007 |
( 1 ) the futureadvisor amount does not include aum that was held in ishares holdings . multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 13.2 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 11.3 billion to institutional multi-asset net inflows in 2016 , primarily into target date and target risk product offerings . retail net outflows of $ 9.4 billion were primarily due to outflows from world allocation strategies . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 45% ( 45 % ) of multi-asset aum at year-end . 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 and multi-asset income fund families . 2022 target date and target risk products grew 11% ( 11 % ) organically in 2016 , with net inflows of $ 13.5 billion . institutional investors represented 94% ( 94 % ) of target date and target risk aum , with defined contribution plans accounting for 88% ( 88 % ) of aum . 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 plan management . 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 | asset_allocation_and_balanced_percentage = 185836 / 376336
answer = asset_allocation_and_balanced_percentage * 100 |
how many share were outstanding in 2013 based on the amount paid for dividends? | 58227848 | CodeFinQA | net cash used by investing activities in 2013 also included $ 38.2 million for the may 13 , 2013 acquisition of challenger . see note 2 to the consolidated financial statements for information on the challenger acquisition . capital expenditures in 2013 , 2012 and 2011 totaled $ 70.6 million , $ 79.4 million and $ 61.2 million , respectively . capital expenditures in 2013 included continued investments related to the company 2019s execution of its strategic value creation processes around safety , quality , customer connection , innovation and rci initiatives . capital expenditures in all three years included spending to support the company 2019s strategic growth initiatives . in 2013 , the company continued to invest in new product , efficiency , safety and cost reduction initiatives to expand and improve its manufacturing capabilities worldwide . in 2012 , the company completed the construction of a fourth factory in kunshan , china , following the 2011 construction of a new engineering and research and development facility in kunshan . capital expenditures in all three years also included investments , particularly in the united states , in new product , efficiency , safety and cost reduction initiatives , as well as investments in new production and machine tooling to enhance manufacturing operations , and ongoing replacements of manufacturing and distribution equipment . capital spending in all three years also included spending for the replacement and enhancement of the company 2019s global enterprise resource planning ( erp ) management information systems , as well as spending to enhance the company 2019s corporate headquarters and research and development facilities in kenosha , wisconsin . snap-on believes that its cash generated from operations , as well as its available cash on hand and funds available from its credit facilities will be sufficient to fund the company 2019s capital expenditure requirements in 2014 . financing activities net cash used by financing activities was $ 137.8 million in 2013 , $ 127.0 million in 2012 and $ 293.7 million in 2011 . net cash used by financing activities in 2011 reflects the august 2011 repayment of $ 200 million of unsecured 6.25% ( 6.25 % ) notes upon maturity with available cash . proceeds from stock purchase and option plan exercises totaled $ 29.2 million in 2013 , $ 46.8 million in 2012 and $ 25.7 million in 2011 . snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans , stock options and other corporate purposes . in 2013 , snap-on repurchased 926000 shares of its common stock for $ 82.6 million under its previously announced share repurchase programs . as of 2013 year end , snap-on had remaining availability to repurchase up to an additional $ 191.7 million in common stock pursuant to its board of directors 2019 ( the 201cboard 201d ) authorizations . the purchase of snap-on common stock is at the company 2019s discretion , subject to prevailing financial and market conditions . snap-on repurchased 1180000 shares of its common stock for $ 78.1 million in 2012 ; snap-on repurchased 628000 shares of its common stock for $ 37.4 million in 2011 . snap-on believes that its cash generated from operations , available cash on hand , and funds available from its credit facilities , will be sufficient to fund the company 2019s share repurchases , if any , in 2014 . snap-on has paid consecutive quarterly cash dividends , without interruption or reduction , since 1939 . cash dividends paid in 2013 , 2012 and 2011 totaled $ 92.0 million , $ 81.5 million and $ 76.7 million , respectively . on november 8 , 2013 , the company announced that its board increased the quarterly cash dividend by 15.8% ( 15.8 % ) to $ 0.44 per share ( $ 1.76 per share per year ) . quarterly dividends declared in 2013 were $ 0.44 per share in the fourth quarter and $ 0.38 per share in the first three quarters ( $ 1.58 per share for the year ) . quarterly dividends declared in 2012 were $ 0.38 per share in the fourth quarter and $ 0.34 per share in the first three quarters ( $ 1.40 per share for the year ) . quarterly dividends in 2011 were $ 0.34 per share in the fourth quarter and $ 0.32 per share in the first three quarters ( $ 1.30 per share for the year ) . .
| | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Cash dividends paid per common share | $1.58 | $1.40 | $1.30 |
| Cash dividends paid as a percent of prior-year retained earnings | 4.5% | 4.4% | 4.7% |
cash dividends paid as a percent of prior-year retained earnings 4.5% ( 4.5 % ) 4.4% ( 4.4 % ) snap-on believes that its cash generated from operations , available cash on hand and funds available from its credit facilities will be sufficient to pay dividends in 2014 . off-balance-sheet arrangements except as included below in the section labeled 201ccontractual obligations and commitments 201d and note 15 to the consolidated financial statements , the company had no off-balance-sheet arrangements as of 2013 year end . 2013 annual report 49 .
| string | null | dividends_paid = 92.0 * 1000000
dividends_per_share = dividends_paid / 1.58
answer = dividends_per_share |
what was the highest three year accretable yield percentage? | 5.8099999428 | CodeFinQA | notes to consolidated financial statements 236 jpmorgan chase & co./2010 annual report the table below sets forth the accretable yield activity for the firm 2019s pci consumer loans for the years ended december 31 , 2010 , 2009 and .
| Year ended December 31, | Total PCI |
| :--- | :--- |
| (in millions, except ratios) | 2010 | 2009 | 2008 |
| Balance, January 1 | $25,544 | $32,619 | $— |
| Washington Mutual acquisition | — | — | 39,454 |
| Accretion into interest income | (3,232) | (4,363) | (1,292) |
| Changes in interest rates on variable rate loans | (819) | (4,849) | (5,543) |
| Other changes in expected cash flows<sup>(a)</sup> | (2,396) | 2,137 | — |
| Balance, December 31 | $19,097 | $25,544 | $32,619 |
| Accretable yield percentage | 4.35% | 5.14% | 5.81% |
( a ) other changes in expected cash flows may vary from period to period as the firm continues to refine its cash flow model and periodically updates model assumptions . for the years ended december 31 , 2010 and 2009 , other changes in expected cash flows were principally driven by changes in prepayment assumptions , as well as reclassification to the nonaccretable difference . such changes are expected to have an insignificant impact on the accretable yield percentage . the factors that most significantly affect estimates of gross cash flows expected to be collected , and accordingly the accretable yield balance , include : ( i ) changes in the benchmark interest rate indices for variable rate products such as option arm and home equity loans ; and ( ii ) changes in prepayment assump- tions . to date , the decrease in the accretable yield percentage has been primarily related to a decrease in interest rates on vari- able-rate loans and , to a lesser extent , extended loan liquida- tion periods . certain events , such as extended loan liquidation periods , affect the timing of expected cash flows but not the amount of cash expected to be received ( i.e. , the accretable yield balance ) . extended loan liquidation periods reduce the accretable yield percentage because the same accretable yield balance is recognized against a higher-than-expected loan balance over a longer-than-expected period of time. .
| string | null | table_row = [4.35, 5.14, 5.81] # row labeled accretable yield percentage
a = max(table_row) |
in 2010 , what was the cumulative total return of the s&p 500? | 30.6900005341 | CodeFinQA | 18 2015 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2015 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .
| | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| JKHY | 100.00 | 127.44 | 148.62 | 205.60 | 263.21 | 290.88 |
| Peer Group | 100.00 | 136.78 | 148.10 | 174.79 | 239.10 | 301.34 |
| S&P 500 | 100.00 | 130.69 | 137.81 | 166.20 | 207.10 | 222.47 |
this comparison assumes $ 100 was invested on june 30 , 2010 , and assumes reinvestments of dividends . total returns are calculated according to market capitalization of peer group members at the beginning of each period . peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses . companies in the peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. . micros systems , inc . was removed from the peer group as it was acquired in september 2014. .
| string | null | jkhy_return = 130.69
snp_return = 100.00
answer = jkhy_return - snp_return |
what percent did the realized and unrealized losses effect the assets as of 2008? | 33.4700012207 | CodeFinQA | a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities . at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively . the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) . the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income . level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers . fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques . direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors . see note 2 for further detail on the fair value policies by the underlying funds . changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .
| | Investments | Other Assets |
| :--- | :--- | :--- |
| December 31, 2007 | $1,240 | $— |
| Realized and unrealized gains / (losses), net | (409) | (16) |
| Purchases, sales, other settlements and issuances, net | 11 | 2 |
| Net transfers in and/or out of Level 3 | (29) | 78 |
| December 31, 2008 | $813 | $64 |
| Total net (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets stillheld at the reporting date | $(366) | $(17) |
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income . non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company . the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable . 6 . variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies . the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests . the company engages in these variable interests principally to address client needs through the launch of such investment vehicles . the vies are primarily financed via capital contributed by equity and debt holders . the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds . the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests . in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios . assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes . vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) . creditors of the vies do not have recourse to the credit of the company . during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .
| string | null | a = 409 + 813
b = 409 / a * 100 |
what was the percentage change in accumulated other comprehensive income for 2004? | 83 | CodeFinQA | z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 4 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the components of accumulated other comprehensive income are as follows ( in millions ) : accumulated foreign foreign minimum unrealized other currency currency pension gains on comprehensive translation hedges liability securities income .
| | Foreign Currency Translation | Foreign Currency Hedges | Minimum Pension Liability | Unrealized Gains on Securities | Accumulated Other Comprehensive Income |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Beginning balance at January 1, 2004 | $179.7 | $(40.4) | $(0.6) | $– | $138.7 |
| Other comprehensive income (loss) | 145.5 | (33.0) | (0.3) | 2.4 | 114.6 |
| Balance at December 31, 2004 | $325.2 | $(73.4) | $(0.9) | $2.4 | $253.3 |
accounting pronouncements 2013 in november 2004 , the no . 123 ( r ) requires all share-based payments to employees , fasb issued fasb staff position ( 2018 2018fsp 2019 2019 ) 109-1 , 2018 2018application including stock options , to be expensed based on their fair of fasb statement no . 109 , accounting for income taxes , to values . the company has disclosed the effect on net earnings the tax deduction on qualified production activities and earnings per share if the company had applied the fair provided by the american jobs creation act of 2004 2019 2019 and value recognition provisions of sfas 123 . sfas 123 ( r ) fsp 109-2 , 2018 2018accounting and disclosure guidance for the contains three methodologies for adoption : 1 ) adopt foreign earnings repatriation provision within the american sfas 123 ( r ) on the effective date for interim periods jobs creation act of 2004 2019 2019 . fsp 109-1 states that a thereafter , 2 ) adopt sfas 123 ( r ) on the effective date for company 2019s deduction under the american jobs creation act interim periods thereafter and restate prior interim periods of 2004 ( the 2018 2018act 2019 2019 ) should be accounted for as a special included in the fiscal year of adoption under the provisions of deduction in accordance with sfas no . 109 and not as a tax sfas 123 , or 3 ) adopt sfas 123 ( r ) on the effective date for rate reduction . fsp 109-2 provides accounting and disclosure interim periods thereafter and restate all prior interim guidance for repatriation provisions included under the act . periods under the provisions of sfas 123 . the company has fsp 109-1 and fsp 109-2 were both effective upon issuance . not determined an adoption methodology . the company is in the adoption of these fsp 2019s did not have a material impact the process of assessing the impact that sfas 123 ( r ) will on the company 2019s financial position , results of operations or have on its financial position , results of operations and cash cash flows in 2004 . flows . sfas 123 ( r ) is effective for the company on july 1 , in november 2004 , the fasb issued sfas no . 151 , 2005 . 2018 2018inventory costs 2019 2019 to clarify the accounting for abnormal amounts of idle facility expense . sfas no . 151 requires that 3 . acquisitions fixed overhead production costs be applied to inventory at centerpulse ag and incentive capital ag 2018 2018normal capacity 2019 2019 and any excess fixed overhead production costs be charged to expense in the period in which they were on october 2 , 2003 ( the 2018 2018closing date 2019 2019 ) , the company incurred . sfas no . 151 is effective for fiscal years beginning closed its exchange offer for centerpulse , a global after june 15 , 2005 . the company does not expect sfas orthopaedic medical device company headquartered in no . 151 to have a material impact on its financial position , switzerland that services the reconstructive joint , spine and results of operations , or cash flows . dental implant markets . the company also closed its in december 2004 , the fasb issued sfas no . 153 , exchange offer for incentive , a company that , at the closing 2018 2018exchanges of nonmonetary assets 2019 2019 , which is effective for date , owned only cash and beneficially owned 18.3 percent of fiscal years beginning after june 15 , 2004 . the company does the issued centerpulse shares . the primary reason for not routinely engage in exchanges of nonmonetary assets ; as making the centerpulse and incentive exchange offers ( the such , sfas no . 153 is not expected to have a material impact 2018 2018exchange offers 2019 2019 ) was to create a global leader in the on the company 2019s financial position , results of operations or design , development , manufacture and marketing of cash flows . orthopaedic reconstructive implants , including joint and in may 2004 , the fasb issued fsp 106-2 2018 2018accounting dental , spine implants , and trauma products . the strategic and disclosure requirements related to the medicare compatibility of the products and technologies of the prescription drug , improvement and modernization act of company and centerpulse is expected to provide significant 2003 2019 2019 , which is effective for the first interim or annual period earnings power and a strong platform from which it can beginning after june 15 , 2004 . the company does not expect actively pursue growth opportunities in the industry . for the to be eligible for the federal subsidy available pursuant to the company , centerpulse provides a unique platform for growth medicare prescription drug improvement and modernization and diversification in europe as well as in the spine and act of 2003 ; therefore , this staff position did not have a dental areas of the medical device industry . as a result of the material impact on the company 2019s results of operations , exchange offers , the company beneficially owned financial position or cash flow . 98.7 percent of the issued centerpulse shares ( including the in december 2004 , the fasb issued sfas no . 123 ( r ) , centerpulse shares owned by incentive ) and 99.9 percent of 2018 2018share-based payment 2019 2019 , which is a revision to sfas no . 123 , the issued incentive shares on the closing date . 2018 2018accounting for stock based compensation 2019 2019 . sfas .
| string | null | accumulated_other_comprehensive_income_2004 = 114.6 / 138.7
answer = accumulated_other_comprehensive_income_2004 * 100 |
what is the percentage reduction in the spending on the share repurchase program in 2006 compared to 2005?\\n | 87.1999969482 | CodeFinQA | page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report . other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: .
| | Payments Due By Period(a) |
| :--- | :--- |
| ($ in millions) | Total | Less than1 Year | 1-3 Years | 3-5 Years | More than 5 Years |
| Long-term debt | $2,301.6 | $38.5 | $278.4 | $972.9 | $1,011.8 |
| Capital lease obligations | 7.6 | 2.7 | 2.4 | 0.4 | 2.1 |
| Interest payments on long-term debt(b) | 826.5 | 138.8 | 259.4 | 204.8 | 223.5 |
| Operating leases | 185.9 | 45.0 | 58.5 | 38.7 | 43.7 |
| Purchase obligations(c) | 7,450.4 | 2,682.5 | 3,169.4 | 1,524.6 | 73.9 |
| Total payments on contractual obligations | $10,772.0 | $2,907.5 | $3,768.1 | $2,741.4 | $1,355.0 |
total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 69.1 million in 2007 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 . payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter . we reduced our share repurchase program in 2006 to $ 45.7 million , net of issuances , compared to $ 358.1 million net repurchases in 2005 and $ 50 million in 2004 . the net repurchases in 2006 did not include a forward contract entered into in december 2006 for the repurchase of 1200000 shares . the contract was settled on january 5 , 2007 , for $ 51.9 million in cash . in 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million . annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 . total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004. .
| string | null | a = 358.1 - 45.7
b = a / 358.1
answer = b * 100 |
during the year ended december 31 , 2017 , what was the ratio of the units disposed to the units acquired | 2.9400000572 | CodeFinQA | 2022 secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% ( 1 % ) of the total public multifamily reit units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months . 2022 non-same store communities and other includes recent acquisitions , communities in development or lease-up , communities that have been identified for disposition , and communities that have undergone a significant casualty loss . also included in non-same store communities are non-multifamily activities . on the first day of each calendar year , we determine the composition of our same store operating segments for that year as well as adjust the previous year , which allows us to evaluate full period-over-period operating comparisons . an apartment community in development or lease-up is added to the same store portfolio on the first day of the calendar year after it has been owned and stabilized for at least a full 12 months . communities are considered stabilized after achieving 90% ( 90 % ) occupancy for 90 days . communities that have been identified for disposition are excluded from the same store portfolio . all properties acquired from post properties in the merger remained in the non-same store and other operating segment during 2017 , as the properties were recent acquisitions and had not been owned and stabilized for at least 12 months as of january 1 , 2017 . for additional information regarding our operating segments , see note 14 to the consolidated financial statements included elsewhere in this annual report on form 10-k . acquisitions one of our growth strategies is to acquire apartment communities that are located in various large or secondary markets primarily throughout the southeast and southwest regions of the united states . acquisitions , along with dispositions , help us achieve and maintain our desired product mix , geographic diversification and asset allocation . portfolio growth allows for maximizing the efficiency of the existing management and overhead structure . we have extensive experience in the acquisition of multifamily communities . we will continue to evaluate opportunities that arise , and we will utilize this strategy to increase our number of apartment communities in strong and growing markets . we acquired the following apartment communities during the year ended december 31 , 2017: .
| Community | Market | Units | Closing Date |
| :--- | :--- | :--- | :--- |
| Charlotte at Midtown | Nashville, TN | 279 | March 16, 2017 |
| Acklen West End | Nashville, TN | 320 | December 28, 2017 |
dispositions we sell apartment communities and other assets that no longer meet our long-term strategy or when market conditions are favorable , and we redeploy the proceeds from those sales to acquire , develop and redevelop additional apartment communities and rebalance our portfolio across or within geographic regions . dispositions also allow us to realize a portion of the value created through our investments and provide additional liquidity . we are then able to redeploy the net proceeds from our dispositions in lieu of raising additional capital . in deciding to sell an apartment community , we consider current market conditions and generally solicit competing bids from unrelated parties for these individual assets , considering the sales price and other key terms of each proposal . we also consider portfolio dispositions when such a structure is useful to maximize proceeds and efficiency of execution . during the year ended december 31 , 2017 , we disposed of five multifamily properties totaling 1760 units and four land parcels totaling approximately 23 acres . development as another part of our growth strategy , we invest in a limited number of development projects . development activities may be conducted through wholly-owned affiliated companies or through joint ventures with unaffiliated parties . fixed price construction contracts are signed with unrelated parties to minimize construction risk . we typically manage the leasing portion of the project as units become available for lease . we may also engage in limited expansion development opportunities on existing communities in which we typically serve as the developer . while we seek opportunistic new development investments offering attractive long-term investment returns , we intend to maintain a total development commitment that we consider modest in relation to our total balance sheet and investment portfolio . during the year ended december 31 , 2017 , we incurred $ 170.1 million in development costs and completed 7 development projects. .
| string | null | units_disposed = 1760
units_acquired = 279 + 320
ratio = units_disposed / units_acquired
answer = ratio |
Subsets and Splits