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assuming the same change in net interest expense in 2019 as occurred in 2018 , what would the 2019 expense be , in millions? | 105 | CodeFinQA | 30 2018 ppg annual report and 10-k foreign currency translation partially offset by : cost reclassifications associated with the adoption of the new revenue recognition standard . refer to note 2 , "revenue recognition" within part 2 of this form 10-k cost management including restructuring cost savings 2017 vs . 2016 selling , general and administrative expenses decreased $ 1 million primarily due to : lower net periodic pension and other postretirement benefit costs lower selling and advertising costs restructuring cost savings partially offset by : wage and other cost inflation selling , general and administrative expenses from acquired businesses foreign currency translation other charges and other income .
| | | % Change |
| :--- | :--- | :--- |
| ($ in millions, except percentages) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 |
| Interest expense, net of Interest income | $95 | $85 | $99 | 11.8% | (14.1)% |
| Business restructuring, net | $66 | $— | $191 | N/A | (100.0)% |
| Pension settlement charges | $— | $60 | $968 | (100.0)% | (93.8)% |
| Other charges | $122 | $74 | $242 | 64.9% | (69.4)% |
| Other income | ($114) | ($150) | ($127) | (24.0)% | 18.1% |
interest expense , net of interest income interest expense , net of interest income increased $ 10 million in 2018 versus 2017 primarily due to the issuance of long- term debt in early 2018 . interest expense , net of interest income decreased $ 14 million in 2017 versus 2016 due to lower interest rate debt outstanding in 2017 . business restructuring , net a pretax restructuring charge of $ 83 million was recorded in the second quarter of 2018 , offset by certain changes in estimates to complete previously recorded programs of $ 17 million . a pretax charge of $ 191 million was recorded in 2016 . refer to note 8 , "business restructuring" in item 8 of this form 10-k for additional information . pension settlement charges during 2017 , ppg made lump-sum payments to certain retirees who had participated in ppg's u.s . qualified and non- qualified pension plans totaling approximately $ 127 million . as the lump-sum payments were in excess of the expected 2017 service and interest costs for the affected plans , ppg remeasured the periodic benefit obligation of these plans in the period payments were made and recorded settlement charges totaling $ 60 million ( $ 38 million after-tax ) during 2017 . during 2016 , ppg permanently transferred approximately $ 1.8 billion of its u.s . and canadian pension obligations and assets to several highly rated insurance companies . these actions triggered remeasurement and partial settlement of certain of the company 2019s defined benefit pension plans . ppg recognized a $ 968 million pre-tax settlement charge in connection with these transactions . refer to note 13 , "employee benefit plans" in item 8 of this form 10-k for additional information . other charges other charges in 2018 and 2016 were higher than 2017 primarily due to environmental remediation charges . these charges were principally for environmental remediation at a former chromium manufacturing plant and associated sites in new jersey . refer to note 14 , "commitments and contingent liabilities" in item 8 of this form 10-k for additional information . other income other income was lower in 2018 and 2016 than in 2017 primarily due to the gain from the sale of the mexican plaka business of $ 25 million and income from a legal settlement of $ 18 million in 2017 . refer to note 3 , "acquisitions and divestitures" in item 8 of this form 10-k for additional information. .
| string | null | interest_expense_2018 = 95
interest_income_2018 = 85
interest_expense_2019 = interest_expense_2018 + 10
answer = interest_expense_2019 |
what was the highest gross margin percentage for the three year period? | 34 | CodeFinQA | capital asset purchases associated with the retail segment were $ 294 million in 2007 , bringing the total capital asset purchases since inception of the retail segment to $ 1.0 billion . as of september 29 , 2007 , the retail segment had approximately 7900 employees and had outstanding operating lease commitments associated with retail store space and related facilities of $ 1.1 billion . the company would incur substantial costs if it were to close multiple retail stores . such costs could adversely affect the company 2019s financial condition and operating results . other segments the company 2019s other segments , which consists of its asia pacific and filemaker operations , experienced an increase in net sales of $ 406 million , or 30% ( 30 % ) during 2007 compared to 2006 . this increase related primarily to a 58% ( 58 % ) increase in sales of mac portable products and strong ipod sales in the company 2019s asia pacific region . during 2006 , net sales in other segments increased 35% ( 35 % ) compared to 2005 primarily due to an increase in sales of ipod and mac portable products . strong sales growth was a result of the introduction of the updated ipods featuring video-playing capabilities and the new intel-based mac portable products that translated to a 16% ( 16 % ) increase in mac unit sales during 2006 compared to 2005 . gross margin gross margin for each of the last three fiscal years are as follows ( in millions , except gross margin percentages ) : september 29 , september 30 , september 24 , 2007 2006 2005 .
| | September 29, 2007 | September 30, 2006 | September 24, 2005 |
| :--- | :--- | :--- | :--- |
| Net sales | $24,006 | $19,315 | $13,931 |
| Cost of sales | 15,852 | 13,717 | 9,889 |
| Gross margin | $8,154 | $5,598 | $4,042 |
| Gross margin percentage | 34.0% | 29.0% | 29.0% |
gross margin percentage of 34.0% ( 34.0 % ) in 2007 increased significantly from 29.0% ( 29.0 % ) in 2006 . the primary drivers of this increase were more favorable costs on certain commodity components , including nand flash memory and dram memory , higher overall revenue that provided for more leverage on fixed production costs and a higher percentage of revenue from the company 2019s direct sales channels . the company anticipates that its gross margin and the gross margins of the personal computer , consumer electronics and mobile communication industries will be subject to pressure due to price competition . the company expects gross margin percentage to decline sequentially in the first quarter of 2008 primarily as a result of the full-quarter impact of product transitions and reduced pricing that were effected in the fourth quarter of 2007 , lower sales of ilife and iwork in their second quarter of availability , seasonally higher component costs , and a higher mix of indirect sales . these factors are expected to be partially offset by higher sales of the company 2019s mac os x operating system due to the introduction of mac os x version 10.5 leopard ( 2018 2018mac os x leopard 2019 2019 ) that became available in october 2007 . the foregoing statements regarding the company 2019s expected gross margin percentage are forward-looking . there can be no assurance that current gross margin percentage will be maintained or targeted gross margin percentage levels will be achieved . in general , gross margins and margins on individual products will remain under 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 a potential shift in the company 2019s sales mix towards products with lower gross margins . in response to these competitive 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 .
| string | null | table_row = [34.0, 29.0, 29.0] # row labeled gross margin percentage
a = max(table_row) |
what was the average operating profit from 2011 to 2013 in millions | 762.299987793 | 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 | mst_2019_profit = 905 + 737
mst_2018_profit = 645
total_profit = mst_2019_profit + mst_2018_profit
answer = total_profit / 3 |
as of dec 31 , 2015 , what percentage of total indebtedness was nonsecure? | 51.5 | CodeFinQA | table of contents ended december 31 , 2015 and 2014 , respectively . the increase in cash provided by accounts payable-inventory financing was primarily due to a new vendor added to our previously existing inventory financing agreement . for a description of the inventory financing transactions impacting each period , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements . for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements . net cash used in financing activities decreased $ 56.3 million in 2014 compared to 2013 . the decrease was primarily driven by several debt refinancing transactions during each period and our july 2013 ipo , which generated net proceeds of $ 424.7 million after deducting underwriting discounts , expenses and transaction costs . the net impact of our debt transactions resulted in cash outflows of $ 145.9 million and $ 518.3 million during 2014 and 2013 , respectively , as cash was used in each period to reduce our total long-term debt . for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements . long-term debt and financing arrangements as of december 31 , 2015 , we had total indebtedness of $ 3.3 billion , of which $ 1.6 billion was secured indebtedness . at december 31 , 2015 , we were in compliance with the covenants under our various credit agreements and indentures . the amount of cdw 2019s restricted payment capacity under the senior secured term loan facility was $ 679.7 million at december 31 , 2015 . for further details regarding our debt and each of the transactions described below , see note 8 ( long-term debt ) to the accompanying consolidated financial statements . during the year ended december 31 , 2015 , the following events occurred with respect to our debt structure : 2022 on august 1 , 2015 , we consolidated kelway 2019s term loan and kelway 2019s revolving credit facility . kelway 2019s term loan is denominated in british pounds . the kelway revolving credit facility is a multi-currency revolving credit facility under which kelway is permitted to borrow an aggregate amount of a350.0 million ( $ 73.7 million ) as of december 31 , 2015 . 2022 on march 3 , 2015 , we completed the issuance of $ 525.0 million principal amount of 5.0% ( 5.0 % ) senior notes due 2023 which will mature on september 1 , 2023 . 2022 on march 3 , 2015 , we redeemed the remaining $ 503.9 million aggregate principal amount of the 8.5% ( 8.5 % ) senior notes due 2019 , plus accrued and unpaid interest through the date of redemption , april 2 , 2015 . inventory financing agreements we have entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions . these amounts are classified separately as accounts payable-inventory financing on the consolidated balance sheets . we do not incur any interest expense associated with these agreements as balances are paid when they are due . for further details , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements . contractual obligations we have future obligations under various contracts relating to debt and interest payments , operating leases and asset retirement obligations . our estimated future payments , based on undiscounted amounts , under contractual obligations that existed as of december 31 , 2015 , are as follows: .
| | Payments Due by Period |
| :--- | :--- |
| (in millions) | Total | < 1 year | 1-3 years | 4-5 years | > 5 years |
| Term Loan<sup>(1)</sup> | $1,703.4 | $63.9 | $126.3 | $1,513.2 | $— |
| Kelway Term Loan<sup>(1)</sup> | 90.9 | 13.5 | 77.4 | — | — |
| Senior Notes due 2022<sup>(2)</sup> | 852.0 | 36.0 | 72.0 | 72.0 | 672.0 |
| Senior Notes due 2023<sup>(2)</sup> | 735.1 | 26.3 | 52.5 | 52.5 | 603.8 |
| Senior Notes due 2024<sup>(2)</sup> | 859.7 | 31.6 | 63.3 | 63.3 | 701.5 |
| Operating leases<sup>(3)</sup> | 143.2 | 22.5 | 41.7 | 37.1 | 41.9 |
| Asset retirement obligations<sup>(4)</sup> | 1.8 | 0.8 | 0.5 | 0.3 | 0.2 |
| Total | $4,386.1 | $194.6 | $433.7 | $1,738.4 | $2,019.4 |
.
| string | null | total_indebtedness_2015 = 3.3
secured_indebtedness_2015 = 1.6
percent_nonsecure_2015 = (total_indebtedness_2015 - secured_indebtedness_2015) / total_indebtedness_2015
answer = percent_nonsecure_2015 * 100 |
for ati what was the percent of the increase in the shares bought by employees from 2007 to 2008 | 14.1000003815 | CodeFinQA | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) from december 1 through may 31 of each year . during the 2008 , 2007 and 2006 offering periods employees purchased 55764 , 48886 and 53210 shares , respectively , at weighted average prices per share of $ 30.08 , $ 33.93 and $ 24.98 , respectively . the fair value of the espp offerings is estimated on the offering period commencement date using a black-scholes pricing model with the expense recognized over the expected life , which is the six month offering period over which employees accumulate payroll deductions to purchase the company 2019s common stock . the weighted average fair value for the espp shares purchased during 2008 , 2007 and 2006 were $ 7.89 , $ 9.09 and $ 6.79 , respectively . at december 31 , 2008 , 8.8 million shares remain reserved for future issuance under the plan . key assumptions used to apply this pricing model for the years ended december 31 , are as follows: .
| | 2008 | 2007 | 2006 |
| :--- | :--- | :--- | :--- |
| Range of risk free interest rates | 1.99%—3.28% | 4.98%—5.05% | 5.01%—5.17% |
| Weighted average risk-free interest rate | 2.58% | 5.02% | 5.08% |
| Expected life of the shares | 6 months | 6 months | 6 months |
| Range of expected volatility of underlying stock price | 27.85%—28.51% | 27.53%—28.74% | 29.60% |
| Weighted average expected volatility of underlying stock price | 28.51% | 28.22% | 29.60% |
| Expected annual dividends | N/A | N/A | N/A |
13 . stockholders 2019 equity warrants 2014in january 2003 , the company issued warrants to purchase approximately 11.4 million shares of its common stock in connection with an offering of 808000 units , each consisting of $ 1000 principal amount at maturity of ati 12.25% ( 12.25 % ) senior subordinated discount notes due 2008 and a warrant to purchase 14.0953 shares of the company 2019s common stock . these warrants became exercisable on january 29 , 2006 at an exercise price of $ 0.01 per share . as these warrants expired on august 1 , 2008 , none were outstanding as of december 31 , in august 2005 , the company completed its merger with spectrasite , inc . and assumed outstanding warrants to purchase shares of spectrasite , inc . common stock . as of the merger completion date , each warrant was exercisable for two shares of spectrasite , inc . common stock at an exercise price of $ 32 per warrant . upon completion of the merger , each warrant to purchase shares of spectrasite , inc . common stock automatically converted into a warrant to purchase shares of the company 2019s common stock , such that upon exercise of each warrant , the holder has a right to receive 3.575 shares of the company 2019s common stock in lieu of each share of spectrasite , inc . common stock that would have been receivable under each assumed warrant prior to the merger . upon completion of the company 2019s merger with spectrasite , inc. , these warrants were exercisable for approximately 6.8 million shares of common stock . of these warrants , warrants to purchase approximately 1.8 million and 2.0 million shares of common stock remained outstanding as of december 31 , 2008 and 2007 , respectively . these warrants will expire on february 10 , 2010 . stock repurchase programs 2014during the year ended december 31 , 2008 , the company repurchased an aggregate of approximately 18.3 million shares of its common stock for an aggregate of $ 697.1 million , including commissions and fees , pursuant to its publicly announced stock repurchase programs , as described below. .
| string | null | shares_2008 = 55764
shares_2007 = 48886
percent_increase = (shares_2008 - shares_2007) / shares_2007
answer = percent_increase * 100 |
what is the mathematical range for tedeemable noncontrolling interests and call options with affiliates from 2013-2017? | 36.7000007629 | 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 | deferred_payments = 46.4
interest_payments = 9.7
answer = deferred_payments - interest_payments |
what was the percentage of the impairment to the trademarks and trade names recog- nized | 7.8000001907 | CodeFinQA | notes to the consolidated financial statements competitive environment and general economic and business conditions , among other factors . pullmantur is a brand targeted primarily at the spanish , portu- guese and latin american markets and although pullmantur has diversified its passenger sourcing over the past few years , spain still represents pullmantur 2019s largest market . as previously disclosed , during 2012 european economies continued to demonstrate insta- bility in light of heightened concerns over sovereign debt issues as well as the impact of proposed auster- ity measures on certain markets . the spanish econ- omy was more severely impacted than many other economies and there is significant uncertainty as to when it will recover . in addition , the impact of the costa concordia incident has had a more lingering effect than expected and the impact in future years is uncertain . these factors were identified in the past as significant risks which could lead to the impairment of pullmantur 2019s goodwill . more recently , the spanish economy has progressively worsened and forecasts suggest the challenging operating environment will continue for an extended period of time . the unemployment rate in spain reached 26% ( 26 % ) during the fourth quarter of 2012 and is expected to rise further in 2013 . the international monetary fund , which had projected gdp growth of 1.8% ( 1.8 % ) a year ago , revised its 2013 gdp projections downward for spain to a contraction of 1.3% ( 1.3 % ) during the fourth quarter of 2012 and further reduced it to a contraction of 1.5% ( 1.5 % ) in january of 2013 . during the latter half of 2012 new austerity measures , such as increases to the value added tax , cuts to benefits , the phasing out of exemptions and the suspension of government bonuses , were implemented by the spanish government . we believe these austerity measures are having a larger impact on consumer confidence and discretionary spending than previously anticipated . as a result , there has been a significant deterioration in bookings from guests sourced from spain during the 2013 wave season . the combination of all of these factors has caused us to negatively adjust our cash flow projections , especially our closer-in net yield assumptions and the expectations regarding future capacity growth for the brand . based on our updated cash flow projections , we determined the implied fair value of goodwill for the pullmantur reporting unit was $ 145.5 million and rec- ognized an impairment charge of $ 319.2 million . this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) . there have been no goodwill impairment charges related to the pullmantur reporting unit in prior periods . see note 13 . fair value measurements and derivative instruments for further discussion . if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g . france , brazil , latin america ) perform worse than contemplated in our discounted cash flow model , or if there are material changes to the projected future cash flows used in the impair- ment analyses , especially in net yields , an additional impairment charge of the pullmantur reporting unit 2019s goodwill may be required . note 4 . intangible assets intangible assets are reported in other assets in our consolidated balance sheets and consist of the follow- ing ( in thousands ) : .
| | 2012 | 2011 |
| :--- | :--- | :--- |
| Indefinite-life intangible asset—Pullmantur trademarks and trade names | $218,883 | $225,679 |
| Impairment charge | (17,356) | — |
| Foreign currency translation adjustment | 3,339 | (6,796) |
| Total | $204,866 | $218,883 |
during the fourth quarter of 2012 , we performed the annual impairment review of our trademarks and trade names using a discounted cash flow model and the relief-from-royalty method . the royalty rate used is based on comparable royalty agreements in the tourism and hospitality industry . these trademarks and trade names relate to pullmantur and we have used a discount rate comparable to the rate used in valuing the pullmantur reporting unit in our goodwill impairment test . as described in note 3 . goodwill , the continued deterioration of the spanish economy caused us to negatively adjust our cash flow projections for the pullmantur reporting unit , especially our closer-in net yield assumptions and the timing of future capacity growth for the brand . based on our updated cash flow projections , we determined that the fair value of pullmantur 2019s trademarks and trade names no longer exceeded their carrying value . accordingly , we recog- nized an impairment charge of approximately $ 17.4 million to write down trademarks and trade names to their fair value of $ 204.9 million . this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) . see note 13 . fair value measurements and derivative instruments for further discussion . if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g . france , brazil , latin america ) 0494.indd 76 3/27/13 12:53 pm .
| string | null | a = 17.4 + 204.9
b = 17.4 / a
answer = b * 100 |
what percentage of total cable segment capital expenditures in 2004 where due to upgrading of cable systems? | 25 | CodeFinQA | management 2019s discussion and analysis of financial condition and results of operations comcast corporation and subsidiaries28 comcast corporation and subsidiaries the exchangeable notes varies based upon the fair market value of the security to which it is indexed . the exchangeable notes are collateralized by our investments in cablevision , microsoft and vodafone , respectively . the comcast exchangeable notes are collateralized by our class a special common stock held in treasury . we have settled and intend in the future to settle all of the comcast exchangeable notes using cash . during 2004 and 2003 , we settled an aggregate of $ 847 million face amount and $ 638 million face amount , respectively , of our obligations relating to our notes exchangeable into comcast stock by delivering cash to the counterparty upon maturity of the instruments , and the equity collar agreements related to the underlying shares expired or were settled . during 2004 and 2003 , we settled $ 2.359 billion face amount and $ 1.213 billion face amount , respectively , of our obligations relating to our exchangeable notes by delivering the underlying shares of common stock to the counterparty upon maturity of the investments . as of december 31 , 2004 , our debt includes an aggregate of $ 1.699 billion of exchangeable notes , including $ 1.645 billion within current portion of long-term debt . as of december 31 , 2004 , the securities we hold collateralizing the exchangeable notes were sufficient to substantially satisfy the debt obligations associated with the outstanding exchangeable notes . stock repurchases . during 2004 , under our board-authorized , $ 2 billion share repurchase program , we repurchased 46.9 million shares of our class a special common stock for $ 1.328 billion . we expect such repurchases to continue from time to time in the open market or in private transactions , subject to market conditions . refer to notes 8 and 10 to our consolidated financial statements for a discussion of our financing activities . investing activities net cash used in investing activities from continuing operations was $ 4.512 billion for the year ended december 31 , 2004 , and consists primarily of capital expenditures of $ 3.660 billion , additions to intangible and other noncurrent assets of $ 628 million and the acquisition of techtv for approximately $ 300 million . capital expenditures . our most significant recurring investing activity has been and is expected to continue to be capital expendi- tures . the following table illustrates the capital expenditures we incurred in our cable segment during 2004 and expect to incur in 2005 ( dollars in millions ) : .
| | 2004 | 2005 |
| :--- | :--- | :--- |
| Deployment of cable modems, digital converters, and new service offerings | $2,106 | $2,300 |
| Upgrading of cable systems | 902 | 200 |
| Recurring capital projects | 614 | 500 |
| Total cable segment capital expenditures | $3,622 | $3,000 |
the amount of our capital expenditures for 2005 and for subsequent years will depend on numerous factors , some of which are beyond our control , including competition , changes in technology and the timing and rate of deployment of new services . additions to intangibles . additions to intangibles during 2004 primarily relate to our investment in a $ 250 million long-term strategic license agreement with gemstar , multiple dwelling unit contracts of approximately $ 133 million and other licenses and software intangibles of approximately $ 168 million . investments . proceeds from sales , settlements and restructurings of investments totaled $ 228 million during 2004 , related to the sales of our non-strategic investments , including our 20% ( 20 % ) interest in dhc ventures , llc ( discovery health channel ) for approximately $ 149 million . we consider investments that we determine to be non-strategic , highly-valued , or both to be a source of liquidity . we consider our investment in $ 1.5 billion in time warner common-equivalent preferred stock to be an anticipated source of liquidity . we do not have any significant contractual funding commitments with respect to any of our investments . refer to notes 6 and 7 to our consolidated financial statements for a discussion of our investments and our intangible assets , respectively . off-balance sheet arrangements we do not have any significant off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources. .
| string | null | cable_segment_capital_expenditures_2004 = 902
total_cable_segment_capital_expenditures_2004 = 3622
percent_2004 = cable_segment_capital_expenditures_2004 / total_cable_segment_capital_expenditures_2004
answer = percent_2004 * 100 |
what was the growth rate of the schlumberger interest expense from 2010 to 2011 | 44 | CodeFinQA | equity in net earnings of affiliated companies equity income from the m-i swaco joint venture in 2010 represents eight months of equity income through the closing of the smith transaction . interest expense interest expense of $ 298 million in 2011 increased by $ 91 million compared to 2010 primarily due to the $ 4.6 billion of long-term debt that schlumberger issued during 2011 . interest expense of $ 207 million in 2010 decreased by $ 14 million compared to 2009 primarily due to a decline in the weighted average borrowing rates , from 3.9% ( 3.9 % ) to 3.2% ( 3.2 % ) . research & engineering and general & administrative expenses , as a percentage of revenue , were as follows: .
| | 2011 | 2010 | 2009 |
| :--- | :--- | :--- | :--- |
| Research & engineering | 2.7% | 3.3% | 3.5% |
| General & administrative | 1.1% | 1.1% | 1.1% |
although research & engineering decreased as a percentage of revenue in 2011 as compared to 2010 and in 2010 compared to 2009 , it has increased in absolute dollars by $ 154 million and $ 117 million , respectively . these increases in absolute dollars were driven in large part by the impact of the smith acquisition . income taxes the schlumberger effective tax rate was 24.4% ( 24.4 % ) in 2011 , 17.3% ( 17.3 % ) in 2010 , and 19.6% ( 19.6 % ) in 2009 . the schlumberger effective tax rate is sensitive to the geographic mix of earnings . when the percentage of pretax earnings generated outside of north america increases , the schlumberger effective tax rate will generally decrease . conversely , when the percentage of pretax earnings generated outside of north america decreases , the schlumberger effective tax rate will generally increase . the effective tax rate for both 2011 and 2010 was impacted by the charges and credits described in note 3 to the consolidated financial statements . excluding the impact of these charges and credits , the effective tax rate in 2011 was 24.0% ( 24.0 % ) compared to 20.6% ( 20.6 % ) in 2010 . this increase in the effective tax rate , excluding the impact of the charges and credits , was primarily attributable to the fact that schlumberger generated a larger proportion of its pretax earnings in north america in 2011 as compared to 2010 as a result of improved market conditions and the effect of a full year 2019s activity from the acquired smith businesses . the effective tax rate for 2009 was also impacted by the charges and credits described in note 3 to the consolidated financial statements , but to a much lesser extent . excluding charges and credits , the effective tax rate in 2010 was 20.6% ( 20.6 % ) compared to 19.2% ( 19.2 % ) in 2009 . this increase is largely attributable to the geographic mix of earnings as well as the inclusion of four months 2019 results from the acquisition of smith , which served to increase the schlumberger effective tax charges and credits schlumberger recorded significant charges and credits in continuing operations during 2011 , 2010 and 2009 . these charges and credits , which are summarized below , are more fully described in note 3 to the consolidated financial statements. .
| string | null | interest_expense_2011 = 298
interest_expense_2010 = 207
change = interest_expense_2011 - interest_expense_2010
percent_change = change / interest_expense_2010
answer = percent_change * 100 |
what percentage of printing paper sales where north american printing papers sales in 2011? | 45 | CodeFinQA | printing papers demand for printing papers products is closely corre- lated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . pr int ing papers net sales for 2012 were about flat with 2011 and increased 5% ( 5 % ) from 2010 . operat- ing profits in 2012 were 31% ( 31 % ) lower than in 2011 , but 25% ( 25 % ) higher than in 2010 . excluding facility closure costs and impairment costs , operating profits in 2012 were 30% ( 30 % ) lower than in 2011 and 25% ( 25 % ) lower than in 2010 . benefits from higher sales volumes ( $ 58 mil- lion ) were more than offset by lower sales price real- izations and an unfavorable product mix ( $ 233 million ) , higher operating costs ( $ 30 million ) , higher maintenance outage costs ( $ 17 million ) , higher input costs ( $ 32 million ) and other items ( $ 6 million ) . in addition , operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $6,230 | $6,215 | $5,940 |
| Operating Profit | 599 | 872 | 481 |
north american pr int ing papers net sales were $ 2.7 billion in 2012 , $ 2.8 billion in 2011 and $ 2.8 billion in 2010 . operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding a $ 24 million gain associated with the repurposing of our franklin , virginia mill ) in 2011 and $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010 . sales volumes in 2012 were flat with 2011 . average sales margins were lower primarily due to lower export sales prices and higher export sales volume . input costs were higher for wood and chemicals , but were partially offset by lower purchased pulp costs . freight costs increased due to higher oil prices . manufacturing operating costs were favorable reflecting strong mill performance . planned main- tenance downtime costs were slightly higher in 2012 . no market-related downtime was taken in either 2012 or 2011 . entering the first quarter of 2013 , sales volumes are expected to increase compared with the fourth quar- ter of 2012 reflecting seasonally stronger demand . average sales price realizations are expected to be relatively flat as sales price realizations for domestic and export uncoated freesheet roll and cutsize paper should be stable . input costs should increase for energy , chemicals and wood . planned maintenance downtime costs are expected to be about $ 19 million lower with an outage scheduled at our georgetown mill versus outages at our courtland and eastover mills in the fourth quarter of 2012 . braz i l ian papers net sales for 2012 were $ 1.1 bil- lion compared with $ 1.2 billion in 2011 and $ 1.1 bil- lion in 2010 . operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 and $ 159 million in 2010 . sales volumes in 2012 were higher than in 2011 as international paper improved its segment position in the brazilian market despite weaker year-over-year conditions in most markets . average sales price realizations improved for domestic uncoated freesheet paper , but the benefit was more than offset by declining prices for exported paper . margins were favorably affected by an increased proportion of sales to the higher- margin domestic market . raw material costs increased for wood and chemicals , but costs for purchased pulp decreased . operating costs and planned maintenance downtime costs were lower than in 2011 . looking ahead to 2013 , sales volumes in the first quarter are expected to be lower than in the fourth quarter of 2012 due to seasonally weaker customer demand for uncoated freesheet paper . average sales price realizations are expected to increase in the brazilian domestic market due to the realization of an announced sales price increase for uncoated free- sheet paper , but the benefit should be partially offset by pricing pressures in export markets . average sales margins are expected to be negatively impacted by a less favorable geographic mix . input costs are expected to be about flat due to lower energy costs being offset by higher costs for wood , purchased pulp , chemicals and utilities . planned maintenance outage costs should be $ 4 million lower with no outages scheduled in the first quarter . operating costs should be favorably impacted by the savings generated by the start-up of a new biomass boiler at the mogi guacu mill . european papers net sales in 2012 were $ 1.4 bil- lion compared with $ 1.4 billion in 2011 and $ 1.3 bil- lion in 2010 . operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related to our inverurie , scotland mill which was closed in 2009 ) in 2011 and $ 197 million ( $ 199 million excluding an asset impairment charge ) in 2010 . sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both europe and russia , while sales volumes for pulp were lower in both regions . average sales price realizations for uncoated .
| string | null | north_american_printing_papers_sales = 2.8 * 1000
total_net_sales_2011 = 6215
percent_2011 = north_american_printing_papers_sales / total_net_sales_2011
answer = percent_2011 * 100 |
what was total cash retuned to shareholders in 2012? | 724 | CodeFinQA | morgan stanley consolidated statements of changes in total equity 2014 ( continued ) ( dollars in millions ) preferred common paid-in capital retained earnings employee accumulated comprehensive income ( loss ) common held in treasury at cost common issued to employee redeemable controlling interests equity balance at december 31 , 2011 . . . . . . . . . . . . . . . . . . . . . . . . $ 1508 $ 20 $ 22836 $ 40341 $ 3166 $ ( 157 ) $ ( 2499 ) $ ( 3166 ) $ 8029 $ 70078 net income applicable to morgan stanley . . . . . . . . . . . . . . . . . . . . . . 2014 2014 2014 68 2014 2014 2014 2014 2014 68 net income applicable to nonredeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . 2014 2014 2014 2014 2014 2014 2014 2014 524 524 .
| | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Employee Stock Trust | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury at Cost | Common Stock Issued to Employee Trust | Non- redeemable Non- controlling Interests | Total Equity |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| BALANCE AT DECEMBER 31, 2011 | $1,508 | $20 | $22,836 | $40,341 | $3,166 | $(157) | $(2,499) | $(3,166) | $8,029 | $70,078 |
| Net income applicable to Morgan Stanley | — | — | — | 68 | — | — | — | — | — | 68 |
| Net income applicable to nonredeemable noncontrolling interests | — | — | — | — | — | — | — | — | 524 | 524 |
| Dividends | — | — | — | (497) | — | — | — | — | — | (497) |
| Shares issued under employee plans and related tax effects | — | — | 662 | — | (234) | — | 485 | 234 | — | 1,147 |
| Repurchases of common stock | — | — | — | — | — | — | (227) | — | — | (227) |
| Net change in cash flow hedges | — | — | — | — | — | 6 | — | — | — | 6 |
| Pension, postretirement and other related adjustments | — | — | — | — | — | (265) | — | — | 5 | (260) |
| Foreign currency translation adjustments | — | — | — | — | — | (128) | — | — | (125) | (253) |
| Change in net unrealized gains on securities available for sale | — | — | — | — | — | 28 | — | — | — | 28 |
| Purchase of additional stake in the Wealth Management Joint Venture | — | — | (107) | — | — | — | — | — | (1,718) | (1,825) |
| Reclassification to redeemable noncontrolling interests | — | — | — | — | — | — | — | — | (4,288) | (4,288) |
| Other net increases | — | — | 35 | — | — | — | — | — | 892 | 927 |
| BALANCE AT DECEMBER 31, 2012 | $1,508 | $20 | $23,426 | $39,912 | $2,932 | $(516) | $(2,241) | $(2,932) | $3,319 | $65,428 |
balance at december 31 , 2012 . . . . . . . . . . . . . . . . . . . . . . . . $ 1508 $ 20 $ 23426 $ 39912 $ 2932 $ ( 516 ) $ ( 2241 ) $ ( 2932 ) $ 3319 $ 65428 see notes to consolidated financial statements. .
| string | null | dividends_paid = 497
common_stock_repurchases = 227
total_cash_returned_to_shareholders = dividends_paid + common_stock_repurchases
answer = total_cash_returned_to_shareholders |
what percentage of total maturities makes up senior notes payable and other debt? | 99.5999984741 | CodeFinQA | ventas , inc . notes to consolidated financial statements 2014 ( continued ) applicable indenture . the issuers may also redeem the 2015 senior notes , in whole at any time or in part from time to time , on or after june 1 , 2010 at varying redemption prices set forth in the applicable indenture , plus accrued and unpaid interest thereon to the redemption date . in addition , at any time prior to june 1 , 2008 , the issuers may redeem up to 35% ( 35 % ) of the aggregate principal amount of either or both of the 2010 senior notes and 2015 senior notes with the net cash proceeds from certain equity offerings at redemption prices equal to 106.750% ( 106.750 % ) and 107.125% ( 107.125 % ) , respectively , of the principal amount thereof , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2014 senior notes , in whole at any time or in part from time to time , ( i ) prior to october 15 , 2009 at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus a make-whole premium as described in the applicable indenture and ( ii ) on or after october 15 , 2009 at varying redemption prices set forth in the applicable indenture , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2009 senior notes and the 2012 senior notes , in whole at any time or in part from time to time , at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus accrued and unpaid interest thereon to the redemption date and a make-whole premium as described in the applicable indenture . if we experience certain kinds of changes of control , the issuers must make an offer to repurchase the senior notes , in whole or in part , at a purchase price in cash equal to 101% ( 101 % ) of the principal amount of the senior notes , plus any accrued and unpaid interest to the date of purchase ; provided , however , that in the event moody 2019s and s&p have confirmed their ratings at ba3 or higher and bb- or higher on the senior notes and certain other conditions are met , this repurchase obligation will not apply . mortgages at december 31 , 2007 , we had outstanding 121 mortgage loans totaling $ 1.57 billion that are collateralized by the underlying assets of the properties . outstanding principal balances on these loans ranged from $ 0.4 million to $ 59.4 million as of december 31 , 2007 . the loans generally bear interest at fixed rates ranging from 5.4% ( 5.4 % ) to 8.5% ( 8.5 % ) per annum , except for 15 loans with outstanding principal balances ranging from $ 0.4 million to $ 32.0 million , which bear interest at the lender 2019s variable rates ranging from 3.4% ( 3.4 % ) to 7.3% ( 7.3 % ) per annum as of december 31 , 2007 . at december 31 , 2007 , the weighted average annual rate on fixed rate debt was 6.5% ( 6.5 % ) and the weighted average annual rate on the variable rate debt was 6.1% ( 6.1 % ) . the loans had a weighted average maturity of 7.0 years as of december 31 , 2007 . sunrise 2019s portion of total debt was $ 157.1 million as of december 31 , scheduled maturities of borrowing arrangements and other provisions as of december 31 , 2007 , our indebtedness had the following maturities ( in thousands ) : .
| 2008 | $193,101 |
| :--- | :--- |
| 2009 | 605,762 |
| 2010 | 282,138 |
| 2011 | 303,191 |
| 2012 | 527,221 |
| Thereafter | 1,436,263 |
| Total maturities | 3,347,676 |
| Unamortized fair value adjustment | 19,669 |
| Unamortized commission fees and discounts | (6,846) |
| Senior notes payable and other debt | $3,360,499 |
.
| string | null | total_maturities = 3347676
debt_total = 3360499
percent_senior_notes = total_maturities / debt_total
answer = percent_senior_notes * 100 |
north american printing papers net sales where what percent of total printing paper sales in 2008? | 50 | CodeFinQA | mill in the fourth quarter of 2008 . this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime . printing papers in millions 2009 2008 2007 .
| <i>In millions</i> | 2009 | 2008 | 2007 |
| :--- | :--- | :--- | :--- |
| Sales | $5,680 | $6,810 | $6,530 |
| Operating Profit | 1,091 | 474 | 839 |
north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 . operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 . sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 . average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets . margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets . input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs . freight costs were also lower . planned maintenance downtime costs in 2009 were comparable with 2008 . operating costs were favorable , reflecting cost control efforts and strong machine performance . lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 . operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill . looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels . average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets . however , input costs for wood , energy and chemicals are expected to continue to increase . planned maintenance downtime costs should be lower and operating costs should be favorable . brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 . operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 . sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments . average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates . margins were unfavorably affected by a higher proportion of lower margin export sales . input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs . planned maintenance downtime costs were lower , and operating costs were also favorable . earnings in 2009 were adversely impacted by unfavorable foreign exchange effects . entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 . profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs . european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 . operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 . sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 . average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations . input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs . planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower . operating profits in 2009 also reflect favorable foreign exchange impacts . looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand . average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases .
| string | null | north_american_printing_papers_sales = 3.4 * 1000
north_american_printing_papers_sales_2008 = 6810
percent_2008 = north_american_printing_papers_sales / north_american_printing_papers_sales_2008
answer = percent_2008 * 100 |
what is the difference between the weighted average useful lives of software and other intangible assets in the transportation and construction solutions segment , in years? | 11 | CodeFinQA | discounted cash flow model ( dcf ) to estimate the current fair value of its reporting units when testing for impairment , as management believes forecasted cash flows are the best indicator of such fair value . a number of significant assumptions and estimates are involved in the application of the dcf model to forecast operating cash flows , including sales growth ( volumes and pricing ) , production costs , capital spending , and discount rate . most of these assumptions vary significantly among the reporting units . cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years . the wacc rate for the individual reporting units is estimated with the assistance of valuation experts . arconic would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit 2019s fair value without exceeding the total amount of goodwill allocated to that reporting unit . in connection with the interim impairment evaluation of long-lived assets for the disks operations ( an asset group within the aen business unit ) in the second quarter of 2018 , which resulted from a decline in forecasted financial performance for the business in connection with its updated three-year strategic plan , the company also performed an interim impairment evaluation of goodwill for the aen reporting unit . the estimated fair value of the reporting unit was substantially in excess of the carrying value ; thus , there was no impairment of goodwill . goodwill impairment tests in 2017 and 2016 indicated that goodwill was not impaired for any of the company 2019s reporting units , except for the arconic forgings and extrusions ( afe ) business whose estimated fair value was lower than its carrying value . as such , arconic recorded an impairment for the full amount of goodwill in the afe reporting unit of $ 719 . the decrease in the afe fair value was primarily due to unfavorable performance that was impacting operating margins and a higher discount rate due to an increase in the risk-free rate of return , while the carrying value increased compared to prior year . other intangible assets . intangible assets with indefinite useful lives are not amortized while intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited . the following table details the weighted- average useful lives of software and other intangible assets by reporting segment ( numbers in years ) : .
| | Software | Other intangible assets |
| :--- | :--- | :--- |
| Engineered Products and Solutions | 5 | 33 |
| Global Rolled Products | 5 | 9 |
| Transportation and Construction Solutions | 5 | 16 |
revenue recognition . the company's contracts with customers are comprised of acknowledged purchase orders incorporating the company 2019s standard terms and conditions , or for larger customers , may also generally include terms under negotiated multi-year agreements . these contracts with customers typically consist of the manufacture of products which represent single performance obligations that are satisfied upon transfer of control of the product to the customer . the company produces fastening systems ; seamless rolled rings ; investment castings , including airfoils and forged jet engine components ; extruded , machined and formed aircraft parts ; aluminum sheet and plate ; integrated aluminum structural systems ; architectural extrusions ; and forged aluminum commercial vehicle wheels . transfer of control is assessed based on alternative use of the products we produce and our enforceable right to payment for performance to date under the contract terms . transfer of control and revenue recognition generally occur upon shipment or delivery of the product , which is when title , ownership and risk of loss pass to the customer and is based on the applicable shipping terms . the shipping terms vary across all businesses and depend on the product , the country of origin , and the type of transportation ( truck , train , or vessel ) . an invoice for payment is issued at time of shipment . the company 2019s objective is to have net 30-day terms . our business units set commercial terms on which arconic sells products to its customers . these terms are influenced by industry custom , market conditions , product line ( specialty versus commodity products ) , and other considerations . in certain circumstances , arconic receives advanced payments from its customers for product to be delivered in future periods . these advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed to the customer in accordance with the terms of the contract . deferred revenue is included in other current liabilities and other noncurrent liabilities and deferred credits on the accompanying consolidated balance sheet . environmental matters . expenditures for current operations are expensed or capitalized , as appropriate . expenditures relating to existing conditions caused by past operations , which will not contribute to future revenues , are expensed . liabilities are recorded when remediation costs are probable and can be reasonably estimated . the liability may include costs such as site investigations , consultant fees , feasibility studies , outside contractors , and monitoring expenses . estimates are generally not discounted or reduced by potential claims for recovery . claims for recovery are recognized when probable and as agreements are reached with third parties . the estimates also include costs related to other potentially responsible parties to the extent that arconic has reason to believe such parties will not fully pay their proportionate share . the liability is continuously reviewed and adjusted to reflect current remediation progress , prospective estimates of required activity , and other factors that may be relevant , including changes in technology or regulations . litigation matters . for asserted claims and assessments , liabilities are recorded when an unfavorable outcome of a matter is .
| string | null | software_useful_life = 16
other_intangible_assets_useful_life = 5
difference = software_useful_life - other_intangible_assets_useful_life
answer = difference |
what is the percentage change in net periodic pension expense between 2004 and 2005? | 119 | CodeFinQA | institutions . international paper continually monitors its positions with and the credit quality of these financial institutions and does not expect non- performance by the counterparties . note 14 capital stock the authorized capital stock at both december 31 , 2006 and 2005 , consisted of 990850000 shares of common stock , $ 1 par value ; 400000 shares of cumulative $ 4 preferred stock , without par value ( stated value $ 100 per share ) ; and 8750000 shares of serial preferred stock , $ 1 par value . the serial preferred stock is issuable in one or more series by the board of directors without further shareholder action . in july 2006 , in connection with the planned use of projected proceeds from the company 2019s trans- formation plan , international paper 2019s board of direc- tors authorized a share repurchase program to acquire up to $ 3.0 billion of the company 2019s stock . in a modified 201cdutch auction 201d tender offer completed in september 2006 , international paper purchased 38465260 shares of its common stock at a price of $ 36.00 per share , plus costs to acquire the shares , for a total cost of approximately $ 1.4 billion . in addition , in december 2006 , the company purchased an addi- tional 1220558 shares of its common stock in the open market at an average price of $ 33.84 per share , plus costs to acquire the shares , for a total cost of approximately $ 41 million . following the completion of these share repurchases , international paper had approximately 454 million shares of common stock issued and outstanding . note 15 retirement plans u.s . defined benefit plans international paper maintains pension plans that provide retirement benefits to substantially all domestic employees hired prior to july 1 , 2004 . these employees generally are eligible to participate in the plans upon completion of one year of service and attainment of age 21 . employees hired after june 30 , 2004 , who are not eligible for these pension plans receive an additional company contribution to their savings plan ( see 201cother plans 201d on page 83 ) . the plans provide defined benefits based on years of credited service and either final average earnings ( salaried employees ) , hourly job rates or specified benefit rates ( hourly and union employees ) . for its qualified defined benefit pension plan , interna- tional paper makes contributions that are sufficient to fully fund its actuarially determined costs , gen- erally equal to the minimum amounts required by the employee retirement income security act ( erisa ) . in addition , international paper made volun- tary contributions of $ 1.0 billion to the qualified defined benefit plan in 2006 , and does not expect to make any contributions in 2007 . the company also has two unfunded nonqualified defined benefit pension plans : a pension restoration plan available to employees hired prior to july 1 , 2004 that provides retirement benefits based on eligible compensation in excess of limits set by the internal revenue service , and a supplemental retirement plan for senior managers ( serp ) , which is an alternative retirement plan for senior vice presi- dents and above who are designated by the chief executive officer as participants . these nonqualified plans are only funded to the extent of benefits paid , which are expected to be $ 41 million in 2007 . net periodic pension expense service cost is the actuarial present value of benefits attributed by the plans 2019 benefit formula to services rendered by employees during the year . interest cost represents the increase in the projected benefit obli- gation , which is a discounted amount , due to the passage of time . the expected return on plan assets reflects the computed amount of current year earn- ings from the investment of plan assets using an estimated long-term rate of return . net periodic pension expense for qualified and nonqualified u.s . defined benefit plans comprised the following : in millions 2006 2005 2004 .
| <i>In millions</i> | 2006 | 2005 | 2004 |
| :--- | :--- | :--- | :--- |
| Service cost | $141 | $129 | $115 |
| Interest cost | 506 | 474 | 467 |
| Expected return on plan assets | (540) | (556) | (592) |
| Actuarial loss | 243 | 167 | 94 |
| Amortization of prior service cost | 27 | 29 | 27 |
| Net periodic pension expense (a) | $377 | $243 | $111 |
( a ) excludes $ 9.1 million , $ 6.5 million and $ 3.4 million in 2006 , 2005 and 2004 , respectively , in curtailment losses , and $ 8.7 million , $ 3.6 million and $ 1.4 million in 2006 , 2005 and 2004 , respectively , of termination benefits , in connection with cost reduction programs and facility rationalizations that were recorded in restructuring and other charges in the con- solidated statement of operations . also excludes $ 77.2 million and $ 14.3 million in 2006 and 2005 , respectively , in curtailment losses , and $ 18.6 million and $ 7.6 million of termination bene- fits in 2006 and 2005 , respectively , related to certain divest- itures recorded in net losses on sales and impairments of businesses held for sale in the consolidated statement of oper- ations. .
| string | null | net_pension_expense = 243 - 111
interest_cost = 506 - 474
expected_return_on_plan_assets = (540 - 556) - (592 - 556)
actuarial_loss = 243 - 167
amortization_of_prior_service_cost = 27 - 29
answer = net_pension_expense / 111 * 100 |
what was the cumulative total return for the peer group over the five years? | 197.4400024414 | CodeFinQA | 14 2018 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2018 , 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 . historic stock price performance is not necessarily indicative of future stock price performance . 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: .
| | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| JKHY | 100.00 | 128.02 | 141.48 | 193.46 | 233.19 | 296.19 |
| Peer Group | 100.00 | 137.07 | 171.80 | 198.44 | 231.11 | 297.44 |
| S&P 500 | 100.00 | 124.61 | 133.86 | 139.20 | 164.11 | 187.70 |
this comparison assumes $ 100 was invested on june 30 , 2013 , 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. ; euronet worldwide , inc. ; fair isaac corp. ; fidelity national information services , inc. ; fiserv , inc. ; global payments , inc. ; moneygram international , inc. ; ss&c technologies holdings , inc. ; total systems services , inc. ; tyler technologies , inc. ; verifone systems , inc. ; and wex , inc . dst systems , inc. , which had previously been part of the peer group , was acquired in 2018 and is no longer a public company . as a result , dst systems , inc . has been removed from the peer group and stock performance graph . the stock performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the exchange act , or incorporated by reference into any filing of the company under the securities act of 1933 , as amended , or the exchange act , except as shall be expressly set forth by specific reference in such filing. .
| string | null | peer_group_return = 297.44
jkhy_return = 100.00
answer = peer_group_return - jkhy_return |
what was the highest amount of inventory in the three year period , in millions? | 346 | CodeFinQA | no . 159 requires that unrealized gains and losses on items for which the fair value option has been elected be reported in earnings at each reporting date . sfas no . 159 is effective for fiscal years beginning after november 15 , 2007 and is required to be adopted by the company beginning in the first quarter of fiscal 2009 . although the company will continue to evaluate the application of sfas no . 159 , management does not currently believe adoption will have a material impact on the company 2019s financial condition or operating results . in september 2006 , the fasb issued sfas no . 157 , fair value measurements , which defines fair value , provides a framework for measuring fair value , and expands the disclosures required for fair value measurements . sfas no . 157 applies to other accounting pronouncements that require fair value measurements ; it does not require any new fair value measurements . sfas no . 157 is effective for fiscal years beginning after november 15 , 2007 and is required to be adopted by the company beginning in the first quarter of fiscal 2009 . although the company will continue to evaluate the application of sfas no . 157 , management does not currently believe adoption will have a material impact on the company 2019s financial condition or operating results . in june 2006 , the fasb issued fasb interpretation no . ( 2018 2018fin 2019 2019 ) 48 , accounting for uncertainty in income taxes-an interpretation of fasb statement no . 109 . fin 48 clarifies the accounting for uncertainty in income taxes by creating a framework for how companies should recognize , measure , present , and disclose in their financial statements uncertain tax positions that they have taken or expect to take in a tax return . fin 48 is effective for fiscal years beginning after december 15 , 2006 and is required to be adopted by the company beginning in the first quarter of fiscal 2008 . although the company will continue to evaluate the application of fin 48 , management does not currently believe adoption will have a material impact on the company 2019s financial condition or operating results . liquidity and capital resources the following table presents selected financial information and statistics for each of the last three fiscal years ( dollars in millions ) : september 29 , september 30 , september 24 , 2007 2006 2005 .
| | September 29, 2007 | September 30, 2006 | September 24, 2005 |
| :--- | :--- | :--- | :--- |
| Cash, cash equivalents, and short-term investments | $15,386 | $10,110 | $8,261 |
| Accounts receivable, net | $1,637 | $1,252 | $895 |
| Inventory | $346 | $270 | $165 |
| Working capital | $12,657 | $8,066 | $6,813 |
| Annual operating cash flow | $5,470 | $2,220 | $2,535 |
as of september 29 , 2007 , the company had $ 15.4 billion in cash , cash equivalents , and short-term investments , an increase of $ 5.3 billion over the same balance at the end of september 30 , 2006 . the principal components of this net increase were cash generated by operating activities of $ 5.5 billion , proceeds from the issuance of common stock under stock plans of $ 365 million and excess tax benefits from stock-based compensation of $ 377 million . these increases were partially offset by payments for acquisitions of property , plant , and equipment of $ 735 million and payments for acquisitions of intangible assets of $ 251 million . the company 2019s short-term investment portfolio is primarily invested in highly rated , liquid investments . as of september 29 , 2007 and september 30 , 2006 , $ 6.5 billion and $ 4.1 billion , respectively , of the company 2019s cash , cash equivalents , and short-term investments were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . the company believes its existing balances of cash , cash equivalents , and short-term investments will be sufficient to satisfy its working capital needs , capital expenditures , outstanding commitments , and other liquidity requirements associated with its existing operations over the next 12 months. .
| string | null | table_row = [346, 270, 165] # row labeled inventory
a = max(table_row) |
what is the working capital turnover in 2015? | 8.8000001907 | CodeFinQA | ( 2 ) in 2013 , our principal u.k subsidiary agreed with the trustees of one of the u.k . plans to contribute an average of $ 11 million per year to that pension plan for the next three years . the trustees of the plan have certain rights to request that our u.k . subsidiary advance an amount equal to an actuarially determined winding-up deficit . as of december 31 , 2015 , the estimated winding-up deficit was a3240 million ( $ 360 million at december 31 , 2015 exchange rates ) . the trustees of the plan have accepted in practice the agreed-upon schedule of contributions detailed above and have not requested the winding-up deficit be paid . ( 3 ) purchase obligations are defined as agreements to purchase goods and services that are enforceable and legally binding on us , and that specifies all significant terms , including what is to be purchased , at what price and the approximate timing of the transaction . most of our purchase obligations are related to purchases of information technology services or other service contracts . ( 4 ) excludes $ 12 million of unfunded commitments related to an investment in a limited partnership due to our inability to reasonably estimate the period ( s ) when the limited partnership will request funding . ( 5 ) excludes $ 218 million of liabilities for uncertain tax positions due to our inability to reasonably estimate the period ( s ) when potential cash settlements will be made . financial condition at december 31 , 2015 , our net assets were $ 6.2 billion , representing total assets minus total liabilities , a decrease from $ 6.6 billion at december 31 , 2014 . the decrease was due primarily to share repurchases of $ 1.6 billion , dividends of $ 323 million , and an increase in accumulated other comprehensive loss of $ 289 million related primarily to an increase in the post- retirement benefit obligation , partially offset by net income of $ 1.4 billion for the year ended december 31 , 2015 . working capital increased by $ 77 million from $ 809 million at december 31 , 2014 to $ 886 million at december 31 , 2015 . accumulated other comprehensive loss increased $ 289 million at december 31 , 2015 as compared to december 31 , 2014 , which was primarily driven by the following : 2022 negative net foreign currency translation adjustments of $ 436 million , which are attributable to the strengthening of the u.s . dollar against certain foreign currencies , 2022 a decrease of $ 155 million in net post-retirement benefit obligations , and 2022 net financial instrument losses of $ 8 million . review by segment general we serve clients through the following segments : 2022 risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through our global distribution network . 2022 hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies . risk solutions .
| Years ended December 31(millions, except percentage data) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Revenue | $7,426 | $7,834 | $7,789 |
| Operating income | 1,506 | 1,648 | 1,540 |
| Operating margin | 20.3% | 21.0% | 19.8% |
the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business . the economic activity that impacts property and casualty insurance is described as exposure units , and is most closely correlated .
| string | null | working_capital_turnover = 809 + 886
working_capital_2014 = 809
working_capital_2015 = 886
average_working_capital = (working_capital_2014 + working_capital_2015) / 2
revenue_per_working_capital = 7426 / average_working_capital
answer = revenue_per_working_capital |
in 2012 what percentage of printing papers sales where attributable to north american printing papers net sales? | 43 | CodeFinQA | million excluding a gain on a bargain purchase price adjustment on the acquisition of a majority share of our operations in turkey and restructuring costs ) compared with $ 53 million ( $ 72 million excluding restructuring costs ) in 2012 and $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our then joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 . sales volumes in 2013 were higher than in 2012 reflecting strong demand for packaging in the agricultural markets in morocco and turkey . in europe , sales volumes decreased slightly due to continuing weak demand for packaging in the industrial markets , and lower demand for packaging in the agricultural markets resulting from poor weather conditions . average sales margins were significantly lower due to input costs for containerboard rising ahead of box sales price increases . other input costs were also higher , primarily for energy . operating profits in 2013 and 2012 included net gains of $ 13 million and $ 10 million , respectively , for insurance settlements and italian government grants , partially offset by additional operating costs , related to the earthquakes in northern italy in may 2012 which affected our san felice box plant . entering the first quarter of 2014 , sales volumes are expected to increase slightly reflecting higher demand for packaging in the industrial markets . average sales margins are expected to gradually improve as a result of slight reductions in material costs and planned box price increases . other input costs should be about flat . brazilian industrial packaging includes the results of orsa international paper embalagens s.a. , a corrugated packaging producer in which international paper acquired a 75% ( 75 % ) share in january 2013 . net sales were $ 335 million in 2013 . operating profits in 2013 were a loss of $ 2 million ( a gain of $ 2 million excluding acquisition and integration costs ) . looking ahead to the first quarter of 2014 , sales volumes are expected to be seasonally lower than in the fourth quarter of 2013 . average sales margins should improve reflecting the partial implementation of an announced sales price increase and a more favorable product mix . operating costs and input costs are expected to be lower . asian industrial packaging net sales were $ 400 million in 2013 compared with $ 400 million in 2012 and $ 410 million in 2011 . operating profits for the packaging operations were a loss of $ 5 million in 2013 ( a loss of $ 1 million excluding restructuring costs ) compared with gains of $ 2 million in 2012 and $ 2 million in 2011 . operating profits were favorably impacted in 2013 by higher average sales margins and slightly higher sales volumes compared with 2012 , but these benefits were offset by higher operating costs . looking ahead to the first quarter of 2014 , sales volumes and average sales margins are expected to be seasonally soft . net sales for the distribution operations were $ 285 million in 2013 compared with $ 260 million in 2012 and $ 285 million in 2011 . operating profits were $ 3 million in 2013 , 2012 and 2011 . printing papers demand for printing papers products is closely correlated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2013 were about flat with both 2012 and 2011 . operating profits in 2013 were 55% ( 55 % ) lower than in 2012 and 69% ( 69 % ) lower than in 2011 . excluding facility closure costs and impairment costs , operating profits in 2013 were 15% ( 15 % ) lower than in 2012 and 40% ( 40 % ) lower than in 2011 . benefits from lower operating costs ( $ 81 million ) and lower maintenance outage costs ( $ 17 million ) were more than offset by lower average sales price realizations ( $ 38 million ) , lower sales volumes ( $ 14 million ) , higher input costs ( $ 99 million ) and higher other costs ( $ 34 million ) . in addition , operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and diligently 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 . during 2014 , we have continued our evaluation and expect to conclude as to any uses for these assets during the first quarter of 2014 . operating profits also included a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
| In millions | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Sales | $6,205 | $6,230 | $6,215 |
| Operating Profit | 271 | 599 | 872 |
north american printing papers net sales were $ 2.6 billion in 2013 , $ 2.7 billion in 2012 and $ 2.8 billion in 2011. .
| string | null | north_american_printing_papers_sales = 2.7 * 1000
north_american_printing_papers_sales_2012 = 6230
percent_2012 = north_american_printing_papers_sales / north_american_printing_papers_sales_2012
answer = percent_2012 * 100 |
what is the mathematical range of net income adjusted to reconcile net income to net cash provided by operating activities from 2012-2014? | 232.8000030518 | CodeFinQA | management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses increased slightly during 2013 by $ 3.5 to $ 140.8 compared to 2012 , primarily due to an increase in salaries and related expenses , mainly attributable to higher base salaries , benefits and temporary help , partially offset by lower severance expenses and a decrease in office and general expenses . liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .
| | Years ended December 31, |
| :--- | :--- |
| Cash Flow Data | 2014 | 2013 | 2012 |
| Net income, adjusted to reconcile net income to net cashprovided by operating activities<sup>1</sup> | $831.2 | $598.4 | $697.2 |
| Net cash used in working capital ² | (131.1) | (9.6) | (293.2) |
| Changes in other non-current assets and liabilities using cash | (30.6) | 4.1 | (46.8) |
| Net cash provided by operating activities | $669.5 | $592.9 | $357.2 |
| Net cash used in investing activities | (200.8) | (224.5) | (210.2) |
| Net cash (used in) provided by financing activities | (343.9) | (1,212.3) | 131.3 |
1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt , and deferred income taxes . 2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities . operating activities net cash provided by operating activities during 2014 was $ 669.5 , which was an improvement of $ 76.6 as compared to 2013 , primarily as a result of an increase in net income , offset by an increase in working capital usage of $ 121.5 . due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters . our net working capital usage in 2014 was impacted by our media businesses . net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income . the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies . the timing of media buying on behalf of our clients affects our working capital and operating cash flow . in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients . to the extent possible we pay production and media charges after we have received funds from our clients . the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities . our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers . our accrued liabilities are also affected by the timing of certain other payments . for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year . investing activities net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions . capital expenditures of $ 148.7 related primarily to computer hardware and software and leasehold improvements . we made payments of $ 67.8 related to acquisitions completed during 2014 , net of cash acquired. .
| string | null | net_income_change = 831.2 - 598.4
answer = net_income_change |
in 2006 what was the ratio of the increase in tax payments in 2005 and 2006 to the decrease in cash | 1.6399999857 | CodeFinQA | cash flows from operating activities can fluctuate significantly from period to period , as pension funding decisions , tax timing differences and other items can significantly impact cash flows . in both 2007 and 2006 , the company made discretionary contributions of $ 200 million to its u.s . qualified pension plan , and in 2005 made discretionary contributions totaling $ 500 million . in 2007 , cash flows provided by operating activities increased $ 436 million , including an increase in net income of $ 245 million . since the gain from sale of businesses is included in and increases net income , the pre-tax gain from the sale of the businesses must be subtracted , as shown above , to properly reflect operating cash flows . the cash proceeds from the sale of the pharmaceuticals business are shown as part of cash from investing activities ; however , when the related taxes are paid they are required to be shown as part of cash provided by operating activities . thus , operating cash flows for 2007 were penalized due to cash income tax payments of approximately $ 630 million in 2007 that related to the sale of the global branded pharmaceuticals business . non-pharmaceutical related cash income tax payments were approximately $ 475 million lower than 2006 due to normal timing differences in tax payments , which benefited cash flows . accounts receivable and inventory increases reduced cash flows in 2007 , but decreased cash flow less than in 2006 , resulting in a year-on-year benefit to cash flows of $ 323 million . the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including the impact of cash payments made in connection with 3m 2019s restructuring actions ( note 4 ) . in 2006 , cash flows provided by operating activities decreased $ 365 million . this decrease was due in large part to an increase of approximately $ 600 million in tax payments in 2006 compared with 2005 . the higher tax payments in 2006 primarily related to the company 2019s repatriation of $ 1.7 billion of foreign earnings in the united states pursuant to the provisions of the american jobs creation act of 2004 . the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including outstanding liabilities at december 31 , 2006 , related to 3m 2019s restructuring actions ( note 4 ) . cash flows from investing activities : years ended december 31 .
| (Millions) | 2007 | 2006 | 2005 |
| :--- | :--- | :--- | :--- |
| Purchases of property, plant and equipment (PP&E) | $(1,422) | $(1,168) | $(943) |
| Proceeds from sale of PP&E and other assets | 103 | 49 | 41 |
| Acquisitions, net of cash acquired | (539) | (888) | (1,293) |
| Proceeds from sale of businesses | 897 | 1,209 | — |
| Purchases and proceeds from sale or maturities of marketable securities and investments — net | (406) | (662) | (46) |
| Net cash used in investing activities | $(1,367) | $(1,460) | $(2,241) |
investments in property , plant and equipment enable growth in diverse markets , helping to meet product demand and increasing manufacturing efficiency . in 2007 , numerous plants were opened or expanded internationally . this included two facilities in korea ( respirator manufacturing facility and optical plant ) , an optical plant in poland , industrial adhesives/tapes facilities in both brazil and the philippines , a plant in russia ( corrosion protection , industrial adhesive and tapes , and respirators ) , a plant in china ( optical systems , industrial adhesives and tapes , and personal care ) , an expansion in canada ( construction and home improvement business ) , in addition to investments in india , mexico and other countries . in addition , 3m expanded manufacturing capabilities in the u.s. , including investments in industrial adhesives/tapes and optical . 3m also exited several high-cost underutilized manufacturing facilities and streamlined several supply chains by relocating equipment from one facility to another . the streamlining work has primarily occurred inside the u.s . and is in addition to the streamlining achieved through plant construction . as a result of this increased activity , capital expenditures were $ 1.422 billion in 2007 , an increase of $ 254 million when compared to 2006 . the company expects capital expenditures to total approximately $ 1.3 billion to $ 1.4 billion in 2008 . refer to the preceding 201ccapital spending/net property , plant and equipment 201d section for more detail . refer to note 2 for information on 2007 , 2006 and 2005 acquisitions . note 2 also provides information on the proceeds from the sale of businesses . the company is actively considering additional acquisitions , investments and strategic alliances , and from time to time may also divest certain businesses . purchases of marketable securities and investments and proceeds from sale ( or maturities ) of marketable securities and investments are primarily attributable to asset-backed securities , agency securities , corporate medium-term note securities , auction rate securities and other securities , which are classified as available-for-sale . refer to note 9 for more details about 3m 2019s diversified marketable securities portfolio , which totaled $ 1.059 billion as of december 31 , 2007 . purchases of marketable securities , net of sales and maturities , totaled $ 429 million for 2007 and $ 637 million for 2006 . purchases of investments in 2005 include the purchase of 19% ( 19 % ) of ti&m beteiligungsgesellschaft mbh for .
| string | null | tax_ratio = 600 / 365
answer = tax_ratio |
what percent of the cash used for investing activities was used for the purchase of businesses? | 73.6800003052 | CodeFinQA | credit facilities . as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations . at september 30 , 2019 , we had approximately $ 2.9 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 . this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases . certain restrictive covenants govern our maximum availability under the credit facilities . we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2019 . at september 30 , 2019 , we had $ 129.8 million of outstanding letters of credit not drawn cash and cash equivalents were $ 151.6 million at september 30 , 2019 and $ 636.8 million at september 30 , 2018 . we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition . primarily all of the cash and cash equivalents at september 30 , 2019 were held outside of the u.s . at september 30 , 2019 , total debt was $ 10063.4 million , $ 561.1 million of which was current . at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current . the increase in debt was primarily related to the kapstone acquisition . cash flow activity .
| | Year Ended September 30, |
| :--- | :--- |
| (In millions) | 2019 | 2018 |
| Net cash provided by operating activities | $2,310.2 | $1,931.2 |
| Net cash used for investing activities | $(4,579.6) | $(815.1) |
| Net cash provided by (used for) financing activities | $1,780.2 | $(755.1) |
net cash provided by operating activities during fiscal 2019 increased $ 379.0 million from fiscal 2018 primarily due to higher cash earnings and a $ 340.3 million net decrease in the use of working capital compared to the prior year . as a result of the retrospective adoption of asu 2016-15 and asu 2016-18 ( each as hereinafter defined ) as discussed in 201cnote 1 . description of business and summary of significant accounting policies 201d of the notes to consolidated financial statements , net cash provided by operating activities for fiscal 2018 was reduced by $ 489.7 million and cash provided by investing activities increased $ 483.8 million , primarily for the change in classification of proceeds received for beneficial interests obtained for transferring trade receivables in securitization transactions . net cash used for investing activities of $ 4579.6 million in fiscal 2019 consisted primarily of $ 3374.2 million for cash paid for the purchase of businesses , net of cash acquired ( excluding the assumption of debt ) , primarily related to the kapstone acquisition , and $ 1369.1 million for capital expenditures that were partially offset by $ 119.1 million of proceeds from the sale of property , plant and equipment primarily related to the sale of our atlanta beverage facility , $ 33.2 million of proceeds from corporate owned life insurance benefits and $ 25.5 million of proceeds from property , plant and equipment insurance proceeds related to the panama city , fl mill . net cash used for investing activities of $ 815.1 million in fiscal 2018 consisted primarily of $ 999.9 million for capital expenditures , $ 239.9 million for cash paid for the purchase of businesses , net of cash acquired primarily related to the plymouth acquisition and the schl fcter acquisition , and $ 108.0 million for an investment in grupo gondi . these investments were partially offset by $ 461.6 million of cash receipts on sold trade receivables as a result of the adoption of asu 2016-15 , $ 24.0 million of proceeds from the sale of certain affiliates as well as our solid waste management brokerage services business and $ 23.3 million of proceeds from the sale of property , plant and equipment . in fiscal 2019 , net cash provided by financing activities of $ 1780.2 million consisted primarily of a net increase in debt of $ 2314.6 million , primarily related to the kapstone acquisition and partially offset by cash dividends paid to stockholders of $ 467.9 million and purchases of common stock of $ 88.6 million . in fiscal 2018 , net cash used for financing activities of $ 755.1 million consisted primarily of cash dividends paid to stockholders of $ 440.9 million and purchases of common stock of $ 195.1 million and net repayments of debt of $ 120.1 million. .
| string | null | cash_used_for_investing_activities_2019 = 3374.2
cash_used_for_investing_activities_2018 = 4579.6
percent_cash_used_for_investing_activities = cash_used_for_investing_activities_2019 / cash_used_for_investing_activities_2018
answer = percent_cash_used_for_investing_activities * 100 |
how many total cases are pending as of 12/31/16? | 84 | CodeFinQA | altria group , inc . and subsidiaries notes to consolidated financial statements _________________________ may not be obtainable in all cases . this risk has been substantially reduced given that 47 states and puerto rico limit the dollar amount of bonds or require no bond at all . as discussed below , however , tobacco litigation plaintiffs have challenged the constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well . such challenges may include the applicability of state bond caps in federal court . states , including florida , may also seek to repeal or alter bond cap statutes through legislation . although altria group , inc . cannot predict the outcome of such challenges , it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges . altria group , inc . and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated . at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , except to the extent discussed elsewhere in this note 19 . contingencies : ( i ) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any . litigation defense costs are expensed as incurred . altria group , inc . and its subsidiaries have achieved substantial success in managing litigation . nevertheless , litigation is subject to uncertainty and significant challenges remain . it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation . altria group , inc . and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts . each of the companies has defended , and will continue to defend , vigorously against litigation challenges . however , altria group , inc . and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc . to do so . overview of altria group , inc . and/or pm usa tobacco- related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco-related litigation described below . plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below . the table below lists the number of certain tobacco-related cases pending in the united states against pm usa ( 1 ) and , in some instances , altria group , inc . as of december 31 , 2016 , 2015 and 2014: .
| | 2016 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Individual Smoking and Health Cases<sup>(2)</sup> | 70 | 65 | 67 |
| Smoking and Health Class Actions and Aggregated Claims Litigation<sup>(3)</sup> | 5 | 5 | 5 |
| Health Care Cost Recovery Actions<sup>(4)</sup> | 1 | 1 | 1 |
| “Lights/Ultra Lights” Class Actions | 8 | 11 | 12 |
( 1 ) does not include 25 cases filed on the asbestos docket in the circuit court for baltimore city , maryland , which seek to join pm usa and other cigarette- manufacturing defendants in complaints previously filed against asbestos companies . ( 2 ) does not include 2485 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) . the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) . the terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages , but prohibited them from seeking punitive damages . also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) . ( 3 ) includes as one case the 600 civil actions ( of which 344 were actions against pm usa ) that were to be tried in a single proceeding in west virginia ( in re : tobacco litigation ) . the west virginia supreme court of appeals ruled that the united states constitution did not preclude a trial in two phases in this case . issues related to defendants 2019 conduct and whether punitive damages are permissible were tried in the first phase . trial in the first phase of this case began in april 2013 . in may 2013 , the jury returned a verdict in favor of defendants on the claims for design defect , negligence , failure to warn , breach of warranty , and concealment and declined to find that the defendants 2019 conduct warranted punitive damages . plaintiffs prevailed on their claim that ventilated filter cigarettes should have included use instructions for the period 1964 - 1969 . the second phase will consist of trials to determine liability and compensatory damages . in november 2014 , the west virginia supreme court of appeals affirmed the final judgment . in july 2015 , the trial court entered an order that will result in the entry of final judgment in favor of defendants and against all but 30 plaintiffs who potentially have a claim against one or more defendants that may be pursued in a second phase of trial . the court intends to try the claims of these 30 plaintiffs in six consolidated trials , each with a group of five plaintiffs . the first trial is currently scheduled to begin may 1 , 2018 . dates for the five remaining consolidated trials have not been scheduled . ( 4 ) see health care cost recovery litigation - federal government 2019s lawsuit below. .
| string | null | individual_smoking_and_health_cases = 70
smoking_and_health_class_actions_and_aggregated_claims_litigation = 5
health_care_cost_recovery_actions = 1
lights_ultra_lights_class_actions = 8
answer = individual_smoking_and_health_cases + smoking_and_health_class_actions_and_aggregated_claims_litigation + health_care_cost_recovery_actions + lights_ultra_lights_class_actions |
what is the total leased property square footage? | 373000 | CodeFinQA | the following is a list of distribution locations including the approximate square footage and if the location is leased or owned: .
| Distribution Facility Location | Approximate Square Footage | Owned/Leased Facility |
| :--- | :--- | :--- |
| Frankfort, New York<sup>(a)</sup> | 924,000 | Owned |
| Franklin, Kentucky | 833,000 | Owned |
| Pendleton, Indiana | 764,000 | Owned |
| Macon, Georgia | 684,000 | Owned |
| Waco, Texas | 666,000 | Owned |
| Casa Grande, Arizona | 650,000 | Owned |
| Hagerstown, Maryland<sup>(b)</sup> | 482,000 | Owned |
| Hagerstown, Maryland<sup>(b)</sup> | 309,000 | Leased |
| Waverly, Nebraska | 592,000 | Owned |
| Seguin, Texas<sup>(c)</sup> | 71,000 | Owned |
| Lakewood, Washington | 64,000 | Leased |
| Longview, Texas<sup>(c)</sup> | 63,000 | Owned |
longview , texas ( c ) 63000 owned ( a ) the frankfort , new york , distribution center began receiving merchandise in fourth quarter of fiscal 2018 , and is expected to begin shipping merchandise to stores in the first quarter of fiscal 2019 . ( b ) the leased distribution center in hagerstown is treated as an extension of the existing owned hagerstown location and is not considered a separate distribution center . ( c ) this is a mixing center designed to process certain high-volume bulk products . the company 2019s store support center occupies approximately 260000 square feet of owned building space in brentwood , tennessee , and the company 2019s merchandising innovation center occupies approximately 32000 square feet of leased building space in nashville , tennessee . the company also leases approximately 8000 square feet of building space for the petsense corporate headquarters , located in scottsdale , arizona . item 3 . legal proceedings the company is involved in various litigation matters arising in the ordinary course of business . the company believes that any estimated loss related to such matters has been adequately provided for in accrued liabilities to the extent probable and reasonably estimable . accordingly , the company currently expects these matters will be resolved without material adverse effect on its consolidated financial position , results of operations or cash flows . item 4 . mine safety disclosures not applicable. .
| string | null | leased_total = 309000 + 64000
answer = leased_total |
what is the mathematical range for the range of rent obligations from 2008-2012? | 126 | CodeFinQA | future minimum lease commitments for office premises and equipment under non-cancelable leases , along with minimum sublease rental income to be received under non-cancelable subleases , are as follows : period rent obligations sublease rental income net rent .
| Period | Rent Obligations | Sublease Rental Income | Net Rent |
| :--- | :--- | :--- | :--- |
| 2008 | $323.9 | $(40.9) | $283.0 |
| 2009 | 300.9 | (37.5) | 263.4 |
| 2010 | 267.7 | (31.0) | 236.7 |
| 2011 | 233.7 | (25.7) | 208.0 |
| 2012 | 197.9 | (20.2) | 177.7 |
| 2013 and thereafter | 871.0 | (33.1) | 837.9 |
| Total | $2,195.1 | $(188.4) | $2,006.7 |
guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 327.1 and $ 327.9 as of december 31 , 2007 and 2006 , 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 , 2007 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options , in the event of exercise at the earliest exercise date . all payments are contingent upon achieving projected operating performance targets and satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) .
| string | null | rent_range = 323.9 - 197.9
answer = rent_range |
what was the greatest amount of total other income and expense , in millions? | 570 | CodeFinQA | other income and expense for the three fiscal years ended september 28 , 2002 are as follows ( in millions ) : gains and losses on non-current investments investments categorized as non-current debt and equity investments on the consolidated balance sheet are in equity and debt instruments of public companies . the company's non-current debt and equity investments , and certain investments in private companies carried in other assets , have been categorized as available-for-sale requiring that they be carried at fair value with unrealized gains and losses , net of taxes , reported in equity as a component of accumulated other comprehensive income . however , the company recognizes an impairment charge to earnings in the event a decline in fair value below the cost basis of one of these investments is determined to be other-than-temporary . the company includes recognized gains and losses resulting from the sale or from other-than-temporary declines in fair value associated with these investments in other income and expense . further information related to the company's non-current debt and equity investments may be found in part ii , item 8 of this form 10-k at note 2 of notes to consolidated financial statements . during 2002 , the company determined that declines in the fair value of certain of these investments were other-than-temporary . as a result , the company recognized a $ 44 million charge to earnings to write-down the basis of its investment in earthlink , inc . ( earthlink ) , a $ 6 million charge to earnings to write-down the basis of its investment in akamai technologies , inc . ( akamai ) , and a $ 15 million charge to earnings to write-down the basis of its investment in a private company investment . these losses in 2002 were partially offset by the sale of 117000 shares of earthlink stock for net proceeds of $ 2 million and a gain before taxes of $ 223000 , the sale of 250000 shares of akamai stock for net proceeds of $ 2 million and a gain before taxes of $ 710000 , and the sale of approximately 4.7 million shares of arm holdings plc ( arm ) stock for both net proceeds and a gain before taxes of $ 21 million . during 2001 , the company sold a total of approximately 1 million shares of akamai stock for net proceeds of $ 39 million and recorded a gain before taxes of $ 36 million , and sold a total of approximately 29.8 million shares of arm stock for net proceeds of $ 176 million and recorded a gain before taxes of $ 174 million . these gains during 2001 were partially offset by a $ 114 million charge to earnings that reflected an other- than-temporary decline in the fair value of the company's investment in earthlink and an $ 8 million charge that reflected an other-than- temporary decline in the fair value of certain private company investments . during 2000 , the company sold a total of approximately 45.2 million shares of arm stock for net proceeds of $ 372 million and a gain before taxes of $ 367 million . the combined carrying value of the company's investments in earthlink , akamai , and arm as of september 28 , 2002 , was $ 39 million . the company believes it is likely there will continue to be significant fluctuations in the fair value of these investments in the future . accounting for derivatives and cumulative effect of accounting change on october 1 , 2000 , the company adopted statement of financial accounting standard ( sfas ) no . 133 , accounting for derivative instruments and hedging activities . sfas no . 133 established accounting and reporting standards for derivative instruments , hedging activities , and exposure definition . net of the related income tax effect of approximately $ 5 million , adoption of sfas no . 133 resulted in a favorable cumulative-effect-type adjustment to net income of approximately $ 12 million for the first quarter of 2001 . the $ 17 million gross transition adjustment was comprised of a $ 23 million favorable adjustment for the restatement to fair value of the derivative component of the company's investment in samsung electronics co. , ltd . ( samsung ) , partially offset by the unfavorable adjustments to certain foreign currency and interest rate derivatives . sfas no . 133 also required the company to adjust the carrying value of the derivative component of its investment in samsung to earnings during the first quarter of 2001 , the before tax effect of which was an unrealized loss of approximately $ 13 million . interest and other income , net net interest and other income was $ 112 million in fiscal 2002 , compared to $ 217 million in fiscal 2001 . this $ 105 million or 48% ( 48 % ) decrease is .
| | 2002 | 2001 | 2000 |
| :--- | :--- | :--- | :--- |
| Gains (losses) on non-current investments, net | $(42) | $88 | $367 |
| Unrealized loss on convertible securities | $— | (13) | $— |
| Interest income | $118 | $218 | $210 |
| Interest expense | (11) | (16) | (21) |
| Miscellaneous other income and expense | 5 | 15 | 14 |
| Interest and other income, net | $112 | $217 | $203 |
| Total other income and expense | $70 | $292 | $570 |
total other income and expense .
| string | null | table_row = [70, 292, 570] # row labeled total other income and expense
a = max(table_row)
answer = a |
what percent higher would accumulated other comprehensive income be without unrecognized losses/costs? | 46.2900009155 | CodeFinQA | the years ended december 31 , 2008 , 2007 and 2006 , due to ineffectiveness and amounts excluded from the assessment of hedge effectiveness , was not significant . for contracts outstanding at december 31 , 2008 , we have an obligation to purchase u.s . dollars and sell euros , japanese yen , british pounds , canadian dollars , australian dollars and korean won and purchase swiss francs and sell u.s . dollars at set maturity dates ranging from january 2009 through june 2011 . the notional amounts of outstanding forward contracts entered into with third parties to purchase u.s . dollars at december 31 , 2008 were $ 1343.0 million . the notional amounts of outstanding forward contracts entered into with third parties to purchase swiss francs at december 31 , 2008 were $ 207.5 million . the fair value of outstanding derivative instruments recorded on the balance sheet at december 31 , 2008 , together with settled derivatives where the hedged item has not yet affected earnings , was a net unrealized gain of $ 32.7 million , or $ 33.0 million net of taxes , which is deferred in other comprehensive income , of which $ 16.4 million , or $ 17.9 million , net of taxes , is expected to be reclassified to earnings over the next twelve months . we also enter into foreign currency forward exchange contracts with terms of one month to manage currency exposures for assets and liabilities denominated in a currency other than an entity 2019s functional currency . as a result , any foreign currency remeasurement gains/losses recognized in earnings under sfas no . 52 , 201cforeign currency translation , 201d are generally offset with gains/losses on the foreign currency forward exchange contracts in the same reporting period . other comprehensive income 2013 other comprehensive income refers to revenues , expenses , gains and losses that under generally accepted accounting principles are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders 2019 equity . other comprehensive income is comprised of foreign currency translation adjustments , unrealized foreign currency hedge gains and losses , unrealized gains and losses on available-for-sale securities and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions . in 2006 we adopted sfas 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans 2013 an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) . 201d this statement required recognition of the funded status of our benefit plans in the statement of financial position and recognition of certain deferred gains or losses in other comprehensive income . we recorded an unrealized loss of $ 35.4 million in other comprehensive income during 2006 related to the adoption of sfas 158 . the components of accumulated other comprehensive income are as follows ( in millions ) : balance at december 31 , comprehensive income ( loss ) balance at december 31 .
| | Balance at December 31, 2007 | Other Comprehensive Income (Loss) | Balance at December 31, 2008 |
| :--- | :--- | :--- | :--- |
| Foreign currency translation | $368.8 | $(49.4) | $319.4 |
| Foreign currency hedges | (45.4) | 78.4 | 33.0 |
| Unrealized gain/(loss) on securities | (1.9) | 0.6 | (1.3) |
| Unrecognized prior service cost and unrecognized gain/(loss) in actuarial assumptions | (31.2) | (79.9) | (111.1) |
| Accumulated other comprehensive income | $290.3 | $(50.3) | $240.0 |
during 2008 , we reclassified an investment previously accounted for under the equity method to an available-for-sale investment as we no longer exercised significant influence over the third-party investee . the investment was marked-to- market in accordance with sfas 115 , 201caccounting for certain investments in debt and equity securities , 201d resulting in a net unrealized gain of $ 23.8 million recorded in other comprehensive income for 2008 . this unrealized gain was reclassified to the income statement when we sold this investment in 2008 for total proceeds of $ 54.9 million and a gross realized gain of $ 38.8 million included in interest and other income . the basis of these securities was determined based on the consideration paid at the time of acquisition . treasury stock 2013 we account for repurchases of common stock under the cost method and present treasury stock as a reduction of shareholders equity . we may reissue common stock held in treasury only for limited purposes . accounting pronouncements 2013 in september 2006 , the fasb issued sfas no . 157 , 201cfair value measurements , 201d which defines fair value , establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements . this statement does not require any new fair value measurements , but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information . sfas no . 157 is effective for financial statements issued for fiscal years beginning after november 15 , 2007 and interim periods within those fiscal years . in february 2008 , the fasb issued fasb staff position ( fsp ) no . sfas 157-2 , which delays the effective date of certain provisions of sfas no . 157 relating to non-financial assets and liabilities measured at fair value on a non-recurring basis until fiscal years beginning after november 15 , 2008 . the full adoption of sfas no . 157 is not expected to have a material impact on our consolidated financial statements or results of operations . 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 : 046000000 ***%%pcmsg|46 |00009|yes|no|02/24/2009 19:24|0|0|page is valid , no graphics -- color : d| .
| string | null | accumulated_other_comprehensive_income = 111.1 + 240.0
other_comprehensive_income_2008 = 240.0
percent_increase = (accumulated_other_comprehensive_income - other_comprehensive_income_2008) / other_comprehensive_income_2008
answer = percent_increase * 100 |
what was the differencet in percentage 5 year cumulative total return for comcast class a stock and the s&p 500 stock index for the year ended 2015? | 99 | CodeFinQA | stock performance graph comcast the graph below compares the yearly percentage change in the cumulative total shareholder return on comcast 2019s class a common stock during the five years ended december 31 , 2015 with the cumulative total returns on the standard & poor 2019s 500 stock index and with a select peer group consisting of us and other companies engaged in the cable , communications and media industries . this peer group consists of us , as well as cablevision systems corporation ( class a ) , dish network corporation ( class a ) , directv inc . ( included through july 24 , 2015 , the date of acquisition by at&t corp. ) and time warner cable inc . ( the 201ccable subgroup 201d ) , and time warner inc. , walt disney company , viacom inc . ( class b ) , twenty-first century fox , inc . ( class a ) , and cbs corporation ( class b ) ( the 201cmedia subgroup 201d ) . the peer group was constructed as a composite peer group in which the cable subgroup is weighted 63% ( 63 % ) and the media subgroup is weighted 37% ( 37 % ) based on the respective revenue of our cable communications and nbcuniversal segments . the graph assumes $ 100 was invested on december 31 , 2010 in our class a common stock and in each of the following indices and assumes the reinvestment of dividends . comparison of 5 year cumulative total return 12/1412/1312/1212/10 12/15 comcast class a s&p 500 peer group index .
| | 2011 | 2012 | 2013 | 2014 | 2015 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Comcast Class A | $110 | $177 | $250 | $282 | $279 |
| S&P 500 Stock Index | $102 | $118 | $156 | $177 | $180 |
| Peer Group Index | $110 | $157 | $231 | $267 | $265 |
nbcuniversal nbcuniversal is a wholly owned subsidiary of nbcuniversal holdings and there is no market for its equity securities . 39 comcast 2015 annual report on form 10-k .
| string | null | comcast_return = 279
comcast_investment = 100
comcast_return_percent = comcast_return / comcast_investment
s_and_p_return = 180
s_and_p_investment = 100
s_and_p_return_percent = s_and_p_return / s_and_p_investment
peer_group_return = 265
peer_group_investment = 100
peer_group_return_percent = peer_group_return / peer_group_investment
difference_in_returns = comcast_return_percent - s_and_p_return_percent
answer = difference_in_returns * 100 |
what percentage of printing paper sales where north american printing papers sales in 2012? | 43 | CodeFinQA | printing papers demand for printing papers products is closely corre- lated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . pr int ing papers net sales for 2012 were about flat with 2011 and increased 5% ( 5 % ) from 2010 . operat- ing profits in 2012 were 31% ( 31 % ) lower than in 2011 , but 25% ( 25 % ) higher than in 2010 . excluding facility closure costs and impairment costs , operating profits in 2012 were 30% ( 30 % ) lower than in 2011 and 25% ( 25 % ) lower than in 2010 . benefits from higher sales volumes ( $ 58 mil- lion ) were more than offset by lower sales price real- izations and an unfavorable product mix ( $ 233 million ) , higher operating costs ( $ 30 million ) , higher maintenance outage costs ( $ 17 million ) , higher input costs ( $ 32 million ) and other items ( $ 6 million ) . in addition , operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
| In millions | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Sales | $6,230 | $6,215 | $5,940 |
| Operating Profit | 599 | 872 | 481 |
north american pr int ing papers net sales were $ 2.7 billion in 2012 , $ 2.8 billion in 2011 and $ 2.8 billion in 2010 . operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding a $ 24 million gain associated with the repurposing of our franklin , virginia mill ) in 2011 and $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010 . sales volumes in 2012 were flat with 2011 . average sales margins were lower primarily due to lower export sales prices and higher export sales volume . input costs were higher for wood and chemicals , but were partially offset by lower purchased pulp costs . freight costs increased due to higher oil prices . manufacturing operating costs were favorable reflecting strong mill performance . planned main- tenance downtime costs were slightly higher in 2012 . no market-related downtime was taken in either 2012 or 2011 . entering the first quarter of 2013 , sales volumes are expected to increase compared with the fourth quar- ter of 2012 reflecting seasonally stronger demand . average sales price realizations are expected to be relatively flat as sales price realizations for domestic and export uncoated freesheet roll and cutsize paper should be stable . input costs should increase for energy , chemicals and wood . planned maintenance downtime costs are expected to be about $ 19 million lower with an outage scheduled at our georgetown mill versus outages at our courtland and eastover mills in the fourth quarter of 2012 . braz i l ian papers net sales for 2012 were $ 1.1 bil- lion compared with $ 1.2 billion in 2011 and $ 1.1 bil- lion in 2010 . operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 and $ 159 million in 2010 . sales volumes in 2012 were higher than in 2011 as international paper improved its segment position in the brazilian market despite weaker year-over-year conditions in most markets . average sales price realizations improved for domestic uncoated freesheet paper , but the benefit was more than offset by declining prices for exported paper . margins were favorably affected by an increased proportion of sales to the higher- margin domestic market . raw material costs increased for wood and chemicals , but costs for purchased pulp decreased . operating costs and planned maintenance downtime costs were lower than in 2011 . looking ahead to 2013 , sales volumes in the first quarter are expected to be lower than in the fourth quarter of 2012 due to seasonally weaker customer demand for uncoated freesheet paper . average sales price realizations are expected to increase in the brazilian domestic market due to the realization of an announced sales price increase for uncoated free- sheet paper , but the benefit should be partially offset by pricing pressures in export markets . average sales margins are expected to be negatively impacted by a less favorable geographic mix . input costs are expected to be about flat due to lower energy costs being offset by higher costs for wood , purchased pulp , chemicals and utilities . planned maintenance outage costs should be $ 4 million lower with no outages scheduled in the first quarter . operating costs should be favorably impacted by the savings generated by the start-up of a new biomass boiler at the mogi guacu mill . european papers net sales in 2012 were $ 1.4 bil- lion compared with $ 1.4 billion in 2011 and $ 1.3 bil- lion in 2010 . operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related to our inverurie , scotland mill which was closed in 2009 ) in 2011 and $ 197 million ( $ 199 million excluding an asset impairment charge ) in 2010 . sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both europe and russia , while sales volumes for pulp were lower in both regions . average sales price realizations for uncoated .
| string | null | sales_2012 = 2.7 * 1000
sales_2011 = 6230
percent_2012 = sales_2012 / sales_2011
answer = percent_2012 * 100 |
what was the greatest beginning allowance balance , in millions? | 49 | CodeFinQA | notes to consolidated financial statements ( continued ) note 3 2014financial instruments ( continued ) accounts receivable trade receivables the company distributes its products through third-party distributors and resellers and directly to certain education , consumer , and commercial customers . the company generally does not require collateral from its customers ; however , the company will require collateral in certain instances to limit credit risk . in addition , when possible , the company does attempt to limit credit risk on trade receivables with credit insurance for certain customers in latin america , europe , asia , and australia and by arranging with third- party financing companies to provide flooring arrangements and other loan and lease programs to the company 2019s direct customers . these credit-financing arrangements are directly between the third-party financing company and the end customer . as such , the company generally does not assume any recourse or credit risk sharing related to any of these arrangements . however , considerable trade receivables that are not covered by collateral , third-party flooring arrangements , or credit insurance are outstanding with the company 2019s distribution and retail channel partners . no customer accounted for more than 10% ( 10 % ) of trade receivables as of september 30 , 2006 or september 24 , 2005 . the following table summarizes the activity in the allowance for doubtful accounts ( in millions ) : september 30 , september 24 , september 25 .
| | September 30, 2006 | September 24, 2005 | September 25, 2004 |
| :--- | :--- | :--- | :--- |
| Beginning allowance balance | $46 | $47 | $49 |
| Charged to costs and expenses | 17 | 8 | 3 |
| Deductions(a) | (11) | (9) | (5) |
| Ending allowance balance | $52 | $46 | $47 |
( a ) represents amounts written off against the allowance , net of recoveries . vendor non-trade receivables the company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of raw material components to these manufacturing vendors who manufacture sub-assemblies or assemble final products for the company . the company purchases these raw material components directly from suppliers . these non-trade receivables , which are included in the consolidated balance sheets in other current assets , totaled $ 1.6 billion and $ 417 million as of september 30 , 2006 and september 24 , 2005 , respectively . the company does not reflect the sale of these components in net sales and does not recognize any profits on these sales until the products are sold through to the end customer at which time the profit is recognized as a reduction of cost of sales . derivative financial instruments the company uses derivatives to partially offset its business exposure to foreign exchange risk . foreign currency forward and option contracts are used to offset the foreign exchange risk on certain existing assets and liabilities and to hedge the foreign exchange risk on expected future cash flows on certain forecasted revenue and cost of sales . from time to time , the company enters into interest rate derivative agreements to modify the interest rate profile of certain investments and debt . the company 2019s accounting policies for these instruments are based on whether the instruments are designated as hedge or non-hedge instruments . the company records all derivatives on the balance sheet at fair value. .
| string | null | table_row = [46, 47, 49] # row labeled beginning allowance balance
a = max(table_row) |
what was the lowest inventory amount , in millions? | 11 | CodeFinQA | 30 of 93 liquidity and capital resources the following table presents selected financial information and statistics for each of the last three fiscal years ( dollars in millions ) : .
| | 2003 | 2002 | 2001 |
| :--- | :--- | :--- | :--- |
| Cash, cash equivalents, and short-term investments | $4,566 | $4,337 | $4,336 |
| Accounts receivable, net | $766 | $565 | $466 |
| Inventory | $56 | $45 | $11 |
| Working capital | $3,530 | $3,730 | $3,625 |
| Days sales in accounts receivable (DSO) (a) | 41 | 36 | 29 |
| Days of supply in inventory (b) | 4 | 4 | 1 |
| Days payables outstanding (DPO) (c) | 82 | 77 | 73 |
| Annual operating cash flow | $289 | $89 | $185 |
( a ) dso is based on ending net trade receivables and most recent quarterly net sales for each period . ( b ) days supply of inventory is based on ending inventory and most recent quarterly cost of sales for each period . ( c ) dpo is based on ending accounts payable and most recent quarterly cost of sales adjusted for the change in inventory . as of september 27 , 2003 , the company 2019s cash , cash equivalents , and short-term investments portfolio totaled $ 4.566 billion , an increase of $ 229 million from the end of fiscal 2002 . the company 2019s short-term investment portfolio consists primarily of investments in u.s . treasury and agency securities , u.s . corporate securities , and foreign securities . foreign securities consist primarily of foreign commercial paper , certificates of deposit and time deposits with foreign institutions , most of which are denominated in u.s . dollars . the company 2019s investments are generally liquid and investment grade . as a result of declining investment yields on the company 2019s cash equivalents and short-term investments resulting from substantially lower market interest rates during 2003 , the company has elected to reduce the average maturity of its portfolio to maintain liquidity for future investment opportunities when market interest rates increase . accordingly , during 2003 the company increased its holdings in short-term investment grade instruments , both in u.s . corporate and foreign securities , that are classified as cash equivalents and has reduced its holdings in longer-term u.s . corporate securities classified as short-term investments . although the company 2019s cash , cash equivalents , and short-term investments increased in 2003 , the company 2019s working capital at september 27 , 2003 decreased by $ 200 million as compared to the end of fiscal 2002 due primarily to the current year reclassification of the company 2019s long-term debt as a current obligation resulting from its scheduled maturity in february 2004 . the primary sources of total cash and cash equivalents in fiscal 2003 were $ 289 million in cash generated by operating activities and $ 53 million in proceeds from the issuance of common stock , partially offset by $ 164 million utilized for capital expenditures and $ 26 million for the repurchase of common stock . the company believes its existing balances of cash , cash equivalents , and short-term investments will be sufficient to satisfy its working capital needs , capital expenditures , debt obligations , stock repurchase activity , outstanding commitments , and other liquidity requirements associated with its existing operations over the next 12 months . the company currently has debt outstanding in the form of $ 300 million of aggregate principal amount 6.5% ( 6.5 % ) unsecured notes that were originally issued in 1994 . the notes , which pay interest semiannually , were sold at 99.925% ( 99.925 % ) of par , for an effective yield to maturity of 6.51% ( 6.51 % ) . the notes , along with approximately $ 4 million of unamortized deferred gains on closed interest rate swaps , are due in february 2004 and therefore have been classified as current debt as of september 27 , 2003 . the company currently anticipates utilizing its existing cash balances to settle these notes when due . capital expenditures the company 2019s total capital expenditures were $ 164 million during fiscal 2003 , $ 92 million of which were for retail store facilities and equipment related to the company 2019s retail segment and $ 72 million of which were primarily for corporate infrastructure , including information systems enhancements and operating facilities enhancements and expansions . the company currently anticipates it will utilize approximately $ 160 million for capital expenditures during 2004 , approximately $ 85 million of which is expected to be utilized for further expansion of the company 2019s retail segment and the remainder utilized to support normal replacement of existing capital assets and enhancements to general information technology infrastructure . stock repurchase plan in july 1999 , the company's board of directors authorized a plan for the company to repurchase up to $ 500 million of its common stock . this repurchase plan does not obligate the company to acquire any specific number of shares or acquire shares over any specified period of time. .
| string | null | table_row = [56, 45, 11] # row labeled inventory
a = min(table_row) |
what is the principal portion of total capital lease obligations , in millions? | 1848 | CodeFinQA | credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad collected approximately $ 20.1 billion and $ 18.8 billion of receivables during the years ended december 31 , 2012 and 2011 , respectively . upri used certain of these proceeds to purchase new receivables under the facility . the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability . the costs of the receivables securitization facility are included in interest expense and were $ 3 million , $ 4 million and $ 6 million for 2012 , 2011 and 2010 , respectively . the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims . creditors of the railroad do not have recourse to the assets of upri . in july 2012 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions . subsequent event 2013 on january 2 , 2013 , we transferred an additional $ 300 million in undivided interest to investors under the receivables securitization facility , increasing the value of the outstanding undivided interest held by investors from $ 100 million to $ 400 million . contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition . based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry . the following tables identify material obligations and commitments as of december 31 , 2012 : payments due by december 31 , contractual obligations after millions total 2013 2014 2015 2016 2017 2017 other .
| | | <i>Payments Due by December 31,</i> |
| :--- | :--- | :--- |
| <i>Contractual Obligations</i><i>Millions</i> | <i>Total</i> | <i>2013</i> | <i>2014</i> | <i>2015</i> | <i>2016</i> | <i>2017</i> | <i>After</i><i>2017</i> | <i>Other</i> |
| Debt [a] | $12,637 | $507 | $904 | $632 | $769 | $900 | $8,925 | $- |
| Operating leases [b] | 4,241 | 525 | 466 | 410 | 375 | 339 | 2,126 | - |
| Capital lease obligations [c] | 2,441 | 282 | 265 | 253 | 232 | 243 | 1,166 | - |
| Purchase obligations [d] | 5,877 | 3,004 | 1,238 | 372 | 334 | 213 | 684 | 32 |
| Other post retirement benefits [e] | 452 | 43 | 44 | 45 | 45 | 46 | 229 | - |
| Income tax contingencies [f] | 115 | - | - | - | - | - | - | 115 |
| Total contractualobligations | $25,763 | $4,361 | $2,917 | $1,712 | $1,755 | $1,741 | $13,130 | $147 |
[a] excludes capital lease obligations of $ 1848 million and unamortized discount of $ ( 365 ) million . includes an interest component of $ 5123 million . [b] includes leases for locomotives , freight cars , other equipment , and real estate . [c] represents total obligations , including interest component of $ 593 million . [d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services . for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column . [e] includes estimated other post retirement , medical , and life insurance payments , payments made under the unfunded pension plan for the next ten years . [f] future cash flows for income tax contingencies reflect the recorded liabilities and assets for unrecognized tax benefits , including interest and penalties , as of december 31 , 2012 . for amounts where the year of settlement is uncertain , they are reflected in the other column. .
| string | null | capital_lease_obligations_2014 = 2441 - 593
answer = capital_lease_obligations_2014 |
what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009? | 64 | CodeFinQA | administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 . this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year . at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years . over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year . we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results . the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation . after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 . occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 . we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands . other operating expenses were up $ 3.3 million from 2007 . we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services . reductions in travel and charitable contributions partially offset these increases . our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 . this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .
| | 2007 | 2008 | Change |
| :--- | :--- | :--- | :--- |
| Capital gain distributions received | $22.1 | $5.6 | $(16.5) |
| Other than temporary impairments recognized | (.3) | (91.3) | (91.0) |
| Net gains (losses) realized onfund dispositions | 5.5 | (4.5) | (10.0) |
| Net gain (loss) recognized on fund holdings | $27.3 | $(90.2) | $(117.5) |
we recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period . the significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions . in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 . lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s . treasury notes that we sold in december 2008 at a $ 2.6 million gain . the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion . we repurchased nearly 2.3 million common shares for $ 67 million in 2009 . tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million . we funded the acquisition from our cash holdings . in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 . we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows . 22 t . rowe price group annual report 2009 .
| string | null | tangible_book_value = 1.4
total_assets = 2.2
percent_tangible_book_value = tangible_book_value / total_assets
answer = percent_tangible_book_value * 100 |
according to the above listed weighted average grant date fair value , by what percentage did the value of unvested restricted stock awards decrease from 2008 to 2009? | 33.7999992371 | CodeFinQA | marathon oil corporation notes to consolidated financial statements restricted stock awards the following is a summary of restricted stock award activity . awards weighted-average grant date fair value .
| | Awards | Weighted-AverageGrant DateFair Value |
| :--- | :--- | :--- |
| Unvested at December 31, 2008 | 2,049,255 | $47.72 |
| Granted | 251,335 | 24.74 |
| Vested | (762,466) | 46.03 |
| Forfeited | (96,625) | 43.56 |
| Unvested at December 31, 2009 | 1,441,499 | 44.89 |
the vesting date fair value of restricted stock awards which vested during 2009 , 2008 and 2007 was $ 24 million , $ 38 million and $ 29 million . the weighted average grant date fair value of restricted stock awards was $ 44.89 , $ 47.72 , and $ 39.87 for awards unvested at december 31 , 2009 , 2008 and 2007 . as of december 31 , 2009 , there was $ 43 million of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of 1.6 years . stock-based performance awards all stock-based performance awards have either vested or been forfeited . the vesting date fair value of stock- based performance awards which vested during 2007 was $ 38 . 24 . stockholders 2019 equity in each year , 2009 and 2008 , we issued 2 million in common stock upon the redemption of the exchangeable shares described below in addition to treasury shares issued for employee stock-based awards . the board of directors has authorized the repurchase of up to $ 5 billion of marathon common stock . purchases under the program may be in either open market transactions , including block purchases , or in privately negotiated transactions . we will use cash on hand , cash generated from operations , proceeds from potential asset sales or cash from available borrowings to acquire shares . this program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion . the repurchase program does not include specific price targets or timetables . as of december 31 , 2009 , we have acquired 66 million common shares at a cost of $ 2922 million under the program . no shares have been acquired since august 2008 . securities exchangeable into marathon common stock 2013 as discussed in note 6 , we acquired all of the outstanding shares of western on october 18 , 2007 . the western shareholders who were canadian residents received , at their election , cash , marathon common stock , securities exchangeable into marathon common stock ( the 201cexchangeable shares 201d ) or a combination thereof . the western shareholders elected to receive 5 million exchangeable shares as part of the acquisition consideration . the exchangeable shares are shares of an indirect canadian subsidiary of marathon and , at the acquisition date , were exchangeable on a one-for-one basis into marathon common stock . subsequent to the acquisition , the exchange ratio is adjusted to reflect cash dividends , if any , paid on marathon common stock and cash dividends , if any , paid on the exchangeable shares . the exchange ratio at december 31 , 2009 , was 1.06109 common shares for each exchangeable share . the exchangeable shares are exchangeable at the option of the holder at any time and are automatically redeemable on october 18 , 2011 . holders of exchangeable shares are entitled to instruct a trustee to vote ( or obtain a proxy from the trustee to vote directly ) on all matters submitted to the holders of marathon common stock . the number of votes to which each holder is entitled is equal to the whole number of shares of marathon common stock into which such holder 2019s exchangeable shares would be exchangeable based on the exchange ratio in effect on the record date for the vote . the voting right is attached to voting preferred shares of marathon that were issued to a trustee in an amount .
| string | null | grant_date_fair_value_2008 = 2049255
grant_date_fair_value_2009 = 1441499
fair_value_at_december_31_2009 = 44.89
fair_value_at_december_31_2008 = 47.72
unvested_at_december_31_2008 = grant_date_fair_value_2008 * fair_value_at_december_31_2008
unvested_at_december_31_2009 = grant_date_fair_value_2009 * fair_value_at_december_31_2009
answer = (unvested_at_december_31_2009 - unvested_at_december_31_2008) / unvested_at_december_31_2008 * 100 |
what is the variation between the weighted- average useful lives of software and other intangible assets by primary metals segment , in years? | 31 | CodeFinQA | during the 2015 annual review of goodwill , management proceeded directly to the two-step quantitative impairment test for two reporting units as follows : global rolled products segment and the soft alloys extrusion business in brazil ( hereafter 201csae 201d ) , which is included in the transportation and construction solutions segment . the estimated fair value of the global rolled products segment was substantially in excess of its respective carrying value , resulting in no impairment . for sae , the estimated fair value as determined by the dcf model was lower than the associated carrying value . as a result , management performed the second step of the impairment analysis in order to determine the implied fair value of the sae reporting unit 2019s goodwill . the results of the second-step analysis showed that the implied fair value of the goodwill was zero . therefore , in the fourth quarter of 2015 , alcoa recorded a goodwill impairment of $ 25 . the impairment of the sae goodwill resulted from headwinds from the recent downturn in the brazilian economy and the continued erosion of gross margin despite the execution of cost reduction strategies . as a result of the goodwill impairment , there is no goodwill remaining for the sae reporting unit . goodwill impairment tests in prior years indicated that goodwill was not impaired for any of the company 2019s reporting units , except for the primary metals segment in 2013 ( see below ) , and there were no triggering events since that time that necessitated an impairment test . in 2013 , for primary metals , the estimated fair value as determined by the dcf model was lower than the associated carrying value . as a result , management performed the second step of the impairment analysis in order to determine the implied fair value of primary metals 2019 goodwill . the results of the second-step analysis showed that the implied fair value of goodwill was zero . therefore , in the fourth quarter of 2013 , alcoa recorded a goodwill impairment of $ 1731 ( $ 1719 after noncontrolling interest ) . as a result of the goodwill impairment , there is no goodwill remaining for the primary metals reporting unit . the impairment of primary metals 2019 goodwill resulted from several causes : the prolonged economic downturn ; a disconnect between industry fundamentals and pricing that has resulted in lower metal prices ; and the increased cost of alumina , a key raw material , resulting from expansion of the alumina price index throughout the industry . all of these factors , exacerbated by increases in discount rates , continue to place significant downward pressure on metal prices and operating margins , and the resulting estimated fair value , of the primary metals business . as a result , management decreased the near-term and long-term estimates of the operating results and cash flows utilized in assessing primary metals 2019 goodwill for impairment . the valuation of goodwill for the second step of the goodwill impairment analysis is considered a level 3 fair value measurement , which means that the valuation of the assets and liabilities reflect management 2019s own judgments regarding the assumptions market participants would use in determining the fair value of the assets and liabilities . intangible assets with indefinite useful lives are not amortized while intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited . the following table details the weighted- average useful lives of software and other intangible assets by reporting segment ( numbers in years ) : .
| Segment | Software | Other intangible assets |
| :--- | :--- | :--- |
| Alumina | 7 | 15 |
| Primary Metals | 6 | 37 |
| Global Rolled Products | 9 | 14 |
| Engineered Products and Solutions | 7 | 32 |
| Transportation and Construction Solutions | 8 | 23 |
equity investments . alcoa invests in a number of privately-held companies , primarily through joint ventures and consortia , which are accounted for using the equity method . the equity method is applied in situations where alcoa has the ability to exercise significant influence , but not control , over the investee . management reviews equity investments for impairment whenever certain indicators are present suggesting that the carrying value of an investment is not recoverable . this analysis requires a significant amount of judgment from management to identify events or circumstances indicating that an equity investment is impaired . the following items are examples of impairment indicators : significant , sustained declines in an investee 2019s revenue , earnings , and cash .
| string | null | software_useful_life = 37
other_intangible_assets_useful_life = 6
difference = software_useful_life - other_intangible_assets_useful_life
answer = difference |
what is the total revenue for the fiscal year of 2015? | 7020 | CodeFinQA | of exercise for stock options exercised or at period end for outstanding stock options , less the applicable exercise price . the company issued new shares to satisfy exercised stock options . compensation expense the company recorded $ 43 million , $ 34 million , and $ 44 million of expense related to stock awards for the years ended december 31 , 2015 , 2014 , and 2013 , respectively . the company recorded $ 17 million , $ 13 million , and $ 17 million as a tax benefit related to stock awards and stock options for the years ended december 31 , 2015 , 2014 , and 2013 , respectively . the company recognized tax benefits for the years ended december 31 , 2015 , 2014 , and 2013 , of $ 41 million , $ 53 million , and $ 32 million , respectively , from the issuance of stock in settlement of stock awards , and $ 4 million , $ 5 million , and $ 4 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively , from the exercise of stock options . unrecognized compensation expense as of december 31 , 2015 , the company had less than $ 1 million of unrecognized compensation expense associated with rsrs granted in 2015 and 2014 , which will be recognized over a weighted average period of 1.0 year , and $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014 , and 2013 , which will be recognized over a weighted average period of 0.6 years . as of december 31 , 2015 , the company had no unrecognized compensation expense related to stock options . compensation expense for stock options was fully recognized as of december 31 , 2013 . 20 . unaudited selected quarterly data unaudited quarterly financial results for the years ended december 31 , 2015 and 2014 , are set forth in the following tables: .
| | Year Ended December 31, 2015 |
| :--- | :--- |
| ($ in millions, except per share amounts) | 1st Qtr | 2nd Qtr<sup>(1)</sup> | 3rd Qtr | 4th Qtr<sup>(2)</sup> |
| Sales and service revenues | $1,570 | $1,745 | $1,800 | $1,905 |
| Operating income (loss) | 156 | 269 | 200 | 144 |
| Earnings (loss) before income taxes | 133 | 244 | 175 | 80 |
| Net earnings (loss) | 87 | 156 | 111 | 50 |
| Dividends declared per share | $0.40 | $0.40 | $0.40 | $0.50 |
| Basic earnings (loss) per share | $1.80 | $3.22 | $2.31 | $1.07 |
| Diluted earnings (loss) per share | $1.79 | $3.20 | $2.29 | $1.06 |
( 1 ) in the second quarter of 2015 , the company recorded a $ 59 million goodwill impairment charge . during the same period , the company recorded $ 136 million of operating income as a result of the aon settlement . ( 2 ) in the fourth quarter of 2015 , the company recorded $ 16 million goodwill impairment and $ 27 million intangible asset impairment charges. .
| string | null | total_revenue_2015 = 1570 + 1745 + 1800 + 1905
answer = total_revenue_2015 |
what was the change in derivative gains included in ig segment income from 2004 , compared to 2003 , in millions? | 2 | CodeFinQA | rm&t segment we do not attempt to qualify commodity derivative instruments used in our rm&t operations for hedge accounting . as a result , we recognize all changes in the fair value of derivatives used in our rm&t operations in income , although most of these derivatives have an underlying physical commodity transaction . generally , derivative losses occur when market prices increase , which are offset by gains on the underlying physical commodity transactions . conversely , derivative gains occur when market prices decrease , which are offset by losses on the underlying physical commodity transactions . derivative gains or losses included in rm&t segment income for each of the last three years are summarized in the following table : strategy ( in millions ) 2004 2003 2002 .
| <i>Strategy (In Millions)</i> | 2004 | 2003 | 2002 |
| :--- | :--- | :--- | :--- |
| Mitigate price risk | $(106) | $(112) | $(95) |
| Protect carrying values of excess inventories | (98) | (57) | (41) |
| Protect margin on fixed price sales | 8 | 5 | 11 |
| Protect crack spread values | (76) | 6 | 1 |
| Trading activities | 8 | (4) | – |
| Total net derivative losses | $(264) | $(162) | $(124) |
during 2004 , using derivative instruments map sold crack spreads forward through the fourth quarter 2005 at values higher than the company thought sustainable in the actual months these contracts expire . included in the $ 76 million derivative loss for 2004 noted in the above table for the 2018 2018protect crack spread values 2019 2019 strategy was approximately an $ 8 million gain due to changes in the fair value of crack-spread derivatives that will expire throughout 2005 . in addition , natural gas options are in place to manage the price risk associated with approximately 41 percent of the first quarter 2005 anticipated natural gas purchases for refinery use . ig segment we have used derivative instruments to convert the fixed price of a long-term gas sales contract to market prices . the underlying physical contract is for a specified annual quantity of gas and matures in 2008 . similarly , we will use derivative instruments to convert shorter term ( typically less than a year ) fixed price contracts to market prices in our ongoing purchase for resale activity ; and to hedge purchased gas injected into storage for subsequent resale . derivative gains included in ig segment income were $ 17 million in 2004 , compared to gains of $ 19 million in 2003 and losses of $ 8 million in 2002 . trading activity in the ig segment resulted in losses of $ 2 million in 2004 , compared to losses of $ 7 million in 2003 and gains of $ 4 million in 2002 and have been included in the aforementioned amounts . other commodity risk we are impacted by basis risk , caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity . natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets . for example , new york mercantile exchange ( 2018 2018nymex 2019 2019 ) contracts for natural gas are priced at louisiana 2019s henry hub , while the underlying quantities of natural gas may be produced and sold in the western united states at prices that do not move in strict correlation with nymex prices . if commodity price changes in one region are not reflected in other regions , derivative commodity instruments may no longer provide the expected hedge , resulting in increased exposure to basis risk . these regional price differences could yield favorable or unfavorable results . otc transactions are being used to manage exposure to a portion of basis risk . we are impacted by liquidity risk , caused by timing delays in liquidating contract positions due to a potential inability to identify a counterparty willing to accept an offsetting position . due to the large number of active participants , liquidity risk exposure is relatively low for exchange-traded transactions. .
| string | null | derivative_gains_2004 = 17
derivative_gains_2003 = 19
change = derivative_gains_2004 - derivative_gains_2003
answer = change |
what portion of the net change in net revenue is due to the retail electric price? | 38.4000015259 | CodeFinQA | entergy corporation and subsidiaries management's financial discussion and analysis refer to 201cselected financial data - five-year comparison of entergy corporation and subsidiaries 201d which accompanies entergy corporation 2019s financial statements in this report for further information with respect to operating statistics . in november 2007 the board approved a plan to pursue a separation of entergy 2019s non-utility nuclear business from entergy through a spin-off of the business to entergy shareholders . in april 2010 , entergy announced that it planned to unwind the business infrastructure associated with the proposed spin-off transaction . as a result of the plan to unwind the business infrastructure , entergy recorded expenses in 2010 for the write-off of certain capitalized costs incurred in connection with the planned spin-off transaction . these costs are discussed in more detail below and throughout this section . net revenue utility following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) .
| | Amount (In Millions) |
| :--- | :--- |
| 2009 net revenue | $4,694 |
| Volume/weather | 231 |
| Retail electric price | 137 |
| Provision for regulatory proceedings | 26 |
| Rough production cost equalization | 19 |
| ANO decommissioning trust | (24) |
| Fuel recovery | (44) |
| Other | 12 |
| 2010 net revenue | $5,051 |
the volume/weather variance is primarily due to an increase of 8362 gwh , or 8% ( 8 % ) , in billed electricity usage in all retail sectors , including the effect on the residential sector of colder weather in the first quarter 2010 compared to 2009 and warmer weather in the second and third quarters 2010 compared to 2009 . the industrial sector reflected strong sales growth on continuing signs of economic recovery . the improvement in this sector was primarily driven by inventory restocking and strong exports with the chemicals , refining , and miscellaneous manufacturing sectors leading the improvement . the retail electric price variance is primarily due to : increases in the formula rate plan riders at entergy gulf states louisiana effective november 2009 , january 2010 , and september 2010 , at entergy louisiana effective november 2009 , and at entergy mississippi effective july 2009 ; a base rate increase at entergy arkansas effective july 2010 ; rate actions at entergy texas , including base rate increases effective in may and august 2010 ; a formula rate plan provision of $ 16.6 million recorded in the third quarter 2009 for refunds that were made to customers in accordance with settlements approved by the lpsc ; and the recovery in 2009 by entergy arkansas of 2008 extraordinary storm costs , as approved by the apsc , which ceased in january 2010 . the recovery of storm costs is offset in other operation and maintenance expenses . see note 2 to the financial statements for further discussion of the proceedings referred to above. .
| string | null | net_revenue_change = 5051 - 4694
retail_electric_price = 137
answer = retail_electric_price / net_revenue_change * 100 |
what was the difference in percentage cumulative total shareholder return on pmi's common stock versus the s&p 500 index for the five years ended december 31 , 2015? | 5.4000000954 | CodeFinQA | performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's compensation survey group and the s&p 500 index . the graph assumes the investment of $ 100 as of december 31 , 2010 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis . date pmi pmi compensation survey group ( 12 ) s&p 500 index .
| Date | PMI | PMI Compensation Survey Group<sup>(1,2)</sup> | S&P 500 Index |
| :--- | :--- | :--- | :--- |
| December 31, 2010 | $100.00 | $100.00 | $100.00 |
| December 31, 2011 | $139.80 | $114.10 | $102.10 |
| December 31, 2012 | $154.60 | $128.00 | $118.50 |
| December 31, 2013 | $167.70 | $163.60 | $156.80 |
| December 31, 2014 | $164.20 | $170.10 | $178.30 |
| December 31, 2015 | $186.20 | $179.20 | $180.80 |
( 1 ) the pmi compensation survey group consists of the following companies with substantial global sales that are direct competitors ; or have similar market capitalization ; or are primarily focused on consumer products ( excluding high technology and financial services ) ; and are companies for which comparative executive compensation data are readily available : bayer ag , british american tobacco p.l.c. , the coca-cola company , diageo plc , glaxosmithkline , heineken n.v. , imperial brands plc ( formerly , imperial tobacco group plc ) , johnson & johnson , mcdonald's corp. , international , inc. , nestl e9 s.a. , novartis ag , pepsico , inc. , pfizer inc. , roche holding ag , unilever nv and plc and vodafone group plc . ( 2 ) on october 1 , 2012 , international , inc . ( nasdaq : mdlz ) , formerly kraft foods inc. , announced that it had completed the spin-off of its north american grocery business , kraft foods group , inc . ( nasdaq : krft ) . international , inc . was retained in the pmi compensation survey group index because of its global footprint . the pmi compensation survey group index total cumulative return calculation weights international , inc.'s total shareholder return at 65% ( 65 % ) of historical kraft foods inc.'s market capitalization on december 31 , 2010 , based on international , inc.'s initial market capitalization relative to the combined market capitalization of international , inc . and kraft foods group , inc . on october 2 , 2012 . note : figures are rounded to the nearest $ 0.10. .
| string | null | pmi_return = 186.20
pmi_investment = 100
pmi_return_percent = pmi_return / pmi_investment
s_and_p_return = 180.80
s_and_p_investment = 100
s_and_p_return_percent = s_and_p_return / s_and_p_investment
difference_in_returns = pmi_return_percent - s_and_p_return_percent
answer = difference_in_returns * 100 |
what portion of the net change in net revenue is due to retail electric price? | 82.5999984741 | CodeFinQA | entergy corporation and subsidiaries management 2019s financial discussion and analysis palisades plants and related assets to their fair values . see note 14 to the financial statements for further discussion of the impairment and related charges . as a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding . see note 2 to the financial statements for further discussion of the business combination and customer credits . results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery . see note 14 to the financial statements for further discussion of the rhode island state energy center sale . see note 2 to the financial statements for further discussion of the waterford 3 write-off . net revenue utility following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .
| | Amount (In Millions) |
| :--- | :--- |
| 2015 net revenue | $5,829 |
| Retail electric price | 289 |
| Louisiana business combination customer credits | 107 |
| Volume/weather | 14 |
| Louisiana Act 55 financing savings obligation | (17) |
| Other | (43) |
| 2016 net revenue | $6,179 |
the retail electric price variance is primarily due to : 2022 an increase in base rates at entergy arkansas , as approved by the apsc . the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 . the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 . a significant portion of the increase is related to the purchase of power block 2 of the union power station ; 2022 an increase in the purchased power and capacity acquisition cost recovery rider for entergy new orleans , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station ; 2022 an increase in formula rate plan revenues for entergy louisiana , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station ; and 2022 an increase in revenues at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider . see note 2 to the financial statements for further discussion of the rate proceedings . see note 14 to the financial statements for discussion of the union power station purchase . the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business .
| string | null | net_revenue_2016 = 6179
net_revenue_2015 = 5829
change = net_revenue_2016 - net_revenue_2015
retail_electric_price = 289
customer_credits = 107
volume_weather = 14
louisiana_act_55_financing_savings_obligation = 17
other = 43
answer = retail_electric_price / change * 100 |
2001 north american revenues were what in millions? | 3648 | CodeFinQA | of sales , competitive supply gross margin declined in south america , europe/africa and the caribbean and remained relatively flat in north america and asia . large utilities gross margin increased $ 201 million , or 37% ( 37 % ) , to $ 739 million in 2001 from $ 538 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , large utilities gross margin increased 10% ( 10 % ) to $ 396 million in 2001 . large utilities gross margin as a percentage of revenues increased to 30% ( 30 % ) in 2001 from 25% ( 25 % ) in 2000 . in the caribbean ( which includes venezuela ) , large utility gross margin increased $ 166 million and was due to a full year of contribution from edc which was acquired in june 2000 . also , in north america , the gross margin contributions from both ipalco and cilcorp increased . growth distribution gross margin increased $ 165 million , or 126% ( 126 % ) to $ 296 million in 2001 from $ 131 million in 2000 . excluding businesses acquired during 2001 and 2000 , growth distribution gross margin increased 93% ( 93 % ) to $ 268 million in 2001 . growth distribution gross margin as a percentage of revenue increased to 18% ( 18 % ) in 2001 from 10% ( 10 % ) in 2000 . growth distribution business gross margin , as well as gross margin as a percentage of sales , increased in south america and the caribbean , but decreased in europe/africa and asia . in south america , growth distribution margin increased $ 157 million and was 38% ( 38 % ) of revenues . the increase is due primarily to sul 2019s sales of excess energy into the southeast market where rationing was taking place . in the caribbean , growth distribution margin increased $ 39 million and was 5% ( 5 % ) of revenues . the increase is due mainly to lower losses at ede este and an increase in contribution from caess . in europe/africa , growth distribution margin decreased $ 10 million and was negative due to losses at sonel . in asia , growth distribution margin decreased $ 18 million and was negative due primarily to an increase in losses at telasi . the breakdown of aes 2019s gross margin for the years ended december 31 , 2001 and 2000 , based on the geographic region in which they were earned , is set forth below. .
| | 2001 | % of Revenue | 2000 | % of Revenue | % change |
| :--- | :--- | :--- | :--- | :--- | :--- |
| North America | $912 million | 25% | $844 million | 25% | 8% |
| South America | $522 million | 30% | $416 million | 36% | 25% |
| Caribbean* | $457 million | 25% | $226 million | 21% | 102% |
| Europe/Africa | $310 million | 22% | $371 million | 29% | (16%) |
| Asia | $101 million | 15% | $138 million | 22% | (27%) |
* includes venezuela and colombia . selling , general and administrative expenses selling , general and administrative expenses increased $ 38 million , or 46% ( 46 % ) , to $ 120 million in 2001 from $ 82 million in 2000 . selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in 2001 and 2000 . the overall increase in selling , general and administrative expenses is due to increased development activities . interest expense , net net interest expense increased $ 327 million , or 29% ( 29 % ) , to $ 1.5 billion in 2001 from $ 1.1 billion in 2000 . net interest expense as a percentage of revenues increased to 16% ( 16 % ) in 2001 from 15% ( 15 % ) in 2000 . net interest expense increased overall primarily due to interest expense at new businesses , additional corporate interest expense arising from senior debt issued during 2001 to finance new investments and mark-to-market losses on interest rate related derivative instruments. .
| string | null | revenue_na = 912
revenue_total = 0.25
percent_na = revenue_na / revenue_total
answer = percent_na |
without foreign operations in 2008 , what would the pre-tax income from continuing operations be? | 2094000000 | CodeFinQA | jpmorgan chase & co . / 2008 annual report 211 jpmorgan chase is subject to ongoing tax examinations by the tax authorities of the various jurisdictions in which it operates , including u.s . federal and state and non-u.s . jurisdictions . the firm 2019s consoli- dated federal income tax returns are presently under examination by the internal revenue service ( 201cirs 201d ) for the years 2003 , 2004 and 2005 . the consolidated federal income tax returns of bank one corporation , which merged with and into jpmorgan chase on july 1 , 2004 , are under examination for the years 2000 through 2003 , and for the period january 1 , 2004 , through july 1 , 2004 . the consolidat- ed federal income tax returns of bear stearns for the years ended november 30 , 2003 , 2004 and 2005 , are also under examination . all three examinations are expected to conclude in 2009 . the irs audits of the consolidated federal income tax returns of jpmorgan chase for the years 2006 and 2007 , and for bear stearns for the years ended november 30 , 2006 and 2007 , are expected to commence in 2009 . administrative appeals are pending with the irs relating to prior examination periods . for 2002 and prior years , refund claims relating to income and credit adjustments , and to tax attribute carry- backs , for jpmorgan chase and its predecessor entities , including bank one , have been filed . amended returns to reflect refund claims primarily attributable to net operating losses and tax credit carry- backs will be filed for the final bear stearns federal consolidated tax return for the period december 1 , 2007 , through may 30 , 2008 , and for prior years . the following table presents the u.s . and non-u.s . components of income from continuing operations before income tax expense ( benefit ) . .
| Year ended December 31, (in millions) | 2008 | 2007 | 2006 |
| :--- | :--- | :--- | :--- |
| U.S. | $(2,094) | $13,720 | $12,934 |
| Non-U.S.<sup>(a)</sup> | 4,867 | 9,085 | 6,952 |
| Income from continuing operationsbefore income taxexpense (benefit) | $2,773 | $22,805 | $19,886 |
non-u.s. ( a ) 4867 9085 6952 income from continuing operations before income tax expense ( benefit ) $ 2773 $ 22805 $ 19886 ( a ) for purposes of this table , non-u.s . income is defined as income generated from operations located outside the u.s . note 29 2013 restrictions on cash and intercom- pany funds transfers the business of jpmorgan chase bank , national association ( 201cjpmorgan chase bank , n.a . 201d ) is subject to examination and regula- tion by the office of the comptroller of the currency ( 201cocc 201d ) . the bank is a member of the u.s . federal reserve system , and its deposits are insured by the fdic as discussed in note 20 on page 202 of this annual report . the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) requires depository institutions to maintain cash reserves with a federal reserve bank . the average amount of reserve bal- ances deposited by the firm 2019s bank subsidiaries with various federal reserve banks was approximately $ 1.6 billion in 2008 and 2007 . restrictions imposed by u.s . federal law prohibit jpmorgan chase and certain of its affiliates from borrowing from banking subsidiaries unless the loans are secured in specified amounts . such secured loans to the firm or to other affiliates are generally limited to 10% ( 10 % ) of the banking subsidiary 2019s total capital , as determined by the risk- based capital guidelines ; the aggregate amount of all such loans is limited to 20% ( 20 % ) of the banking subsidiary 2019s total capital . the principal sources of jpmorgan chase 2019s income ( on a parent com- pany 2013only basis ) are dividends and interest from jpmorgan chase bank , n.a. , and the other banking and nonbanking subsidiaries of jpmorgan chase . in addition to dividend restrictions set forth in statutes and regulations , the federal reserve , the occ and the fdic have authority under the financial institutions supervisory act to pro- hibit or to limit the payment of dividends by the banking organizations they supervise , including jpmorgan chase and its subsidiaries that are banks or bank holding companies , if , in the banking regulator 2019s opin- ion , payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization . at january 1 , 2009 and 2008 , jpmorgan chase 2019s banking sub- sidiaries could pay , in the aggregate , $ 17.0 billion and $ 16.2 billion , respectively , in dividends to their respective bank holding companies without the prior approval of their relevant banking regulators . the capacity to pay dividends in 2009 will be supplemented by the bank- ing subsidiaries 2019 earnings during the year . in compliance with rules and regulations established by u.s . and non-u.s . regulators , as of december 31 , 2008 and 2007 , cash in the amount of $ 20.8 billion and $ 16.0 billion , respectively , and securities with a fair value of $ 12.1 billion and $ 3.4 billion , respectively , were segregated in special bank accounts for the benefit of securities and futures brokerage customers. .
| string | null | pre_tax_income_from_continuing_operations = 2773 - 4867
pre_tax_income_from_continuing_operations_millions = pre_tax_income_from_continuing_operations * 1000000
answer = pre_tax_income_from_continuing_operations_millions |
what was the average capital expenditures , in millions , for 2016 and 2015? | 77 | CodeFinQA | table of contents ( 4 ) the increase in cash flows was primarily due to the timing of inventory purchases and longer payment terms with certain vendors . in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average . components of our cash conversion cycle are as follows: .
| | December 31, |
| :--- | :--- |
| (in days) | 2017 | 2016 | 2015 |
| Days of sales outstanding (DSO)<sup>(1)</sup> | 52 | 51 | 48 |
| Days of supply in inventory (DIO)<sup>(2)</sup> | 12 | 12 | 13 |
| Days of purchases outstanding (DPO)<sup>(3)</sup> | (45) | (44) | (40) |
| Cash conversion cycle | 19 | 19 | 21 |
( 1 ) represents the rolling three-month average of the balance of accounts receivable , net at the end of the period , divided by average daily net sales for the same three-month period . also incorporates components of other miscellaneous receivables . ( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of sales for the same three-month period . ( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of sales for the same three-month period . the cash conversion cycle was 19 days at december 31 , 2017 and 2016 . the increase in dso was primarily driven by higher net sales and related accounts receivable for third-party services such as saas , software assurance and warranties . these services have an unfavorable impact on dso as the receivable is recognized on the consolidated balance sheet on a gross basis while the corresponding sales amount in the consolidated statement of operations is recorded on a net basis . this also results in a favorable impact on dpo as the payable is recognized on the consolidated balance sheet without a corresponding cost of sales in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales . in addition , dpo also increased due to the mix of payables with certain vendors that have longer payment terms . the cash conversion cycle was 19 and 21 days at december 31 , 2016 and 2015 , respectively . the increase in dso was primarily driven by higher net sales and related accounts receivable for third-party services such as saas , software assurance and warranties . these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis . these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales . in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms . investing activities net cash used in investing activities increased $ 15 million in 2017 compared to 2016 . capital expenditures increased $ 17 million to $ 81 million from $ 64 million for 2017 and 2016 , respectively , primarily related to improvements to our information technology systems . net cash used in investing activities decreased $ 289 million in 2016 compared to 2015 . the decrease in cash used was primarily due to the completion of the acquisition of cdw uk in 2015 . additionally , capital expenditures decreased $ 26 million to $ 64 million from $ 90 million for 2016 and 2015 , respectively , primarily due to spending for our new office location in 2015 . financing activities net cash used in financing activities increased $ 514 million in 2017 compared to 2016 . the increase was primarily driven by changes in accounts payable-inventory financing , which resulted in an increase in cash used for financing activities of $ 228 million and by share repurchases during 2017 , which resulted in an increase in cash used for financing activities of $ 167 million . for more information on our share repurchase program , see part ii , item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase in cash used for accounts payable-inventory financing was primarily driven by the termination of one of our inventory financing agreements in the fourth quarter of 2016 , with amounts .
| string | null | capital_expenditures_2016 = 90
capital_expenditures_2015 = 64
total_capital_expenditures = capital_expenditures_2016 + capital_expenditures_2015
answer = total_capital_expenditures / 2 |
what was the ratio of the estimated fair value of the company 2019s total long-term debt , including current portions , at december 31 for 2011 compared to 2010 | 14.5600004196 | CodeFinQA | performance of the company 2019s obligations under the senior notes , including any repurchase obligations resulting from a change of control , is unconditionally guaranteed , jointly and severally , on an unsecured basis , by each of hii 2019s existing and future domestic restricted subsidiaries that guarantees debt under the credit facility ( the 201csubsidiary guarantors 201d ) . the guarantees rank equally with all other unsecured and unsubordinated indebtedness of the guarantors . the subsidiary guarantors are each directly or indirectly 100% ( 100 % ) owned by hii . there are no significant restrictions on the ability of hii or any subsidiary guarantor to obtain funds from their respective subsidiaries by dividend or loan . mississippi economic development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 83.7 million outstanding from the issuance of industrial revenue bonds issued by the mississippi business finance corporation . these bonds accrue interest at a fixed rate of 7.81% ( 7.81 % ) per annum ( payable semi-annually ) and mature in 2024 . while repayment of principal and interest is guaranteed by northrop grumman systems corporation , hii has agreed to indemnify northrop grumman systems corporation for any losses related to the guaranty . in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi . gulf opportunity zone industrial development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 21.6 million outstanding from the issuance of gulf opportunity zone industrial development revenue bonds ( 201cgo zone irbs 201d ) issued by the mississippi business finance corporation . the go zone irbs were initially issued in a principal amount of $ 200 million , and in november 2010 , in connection with the anticipated spin-off , hii purchased $ 178 million of the bonds using the proceeds from a $ 178 million intercompany loan from northrop grumman . see note 20 : related party transactions and former parent company equity . the remaining bonds accrue interest at a fixed rate of 4.55% ( 4.55 % ) per annum ( payable semi-annually ) , and mature in 2028 . in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi . the estimated fair value of the company 2019s total long-term debt , including current portions , at december 31 , 2011 and 2010 , was $ 1864 million and $ 128 million , respectively . the fair value of the total long-term debt was calculated based on recent trades for most of the company 2019s debt instruments or based on interest rates prevailing on debt with substantially similar risks , terms and maturities . the aggregate amounts of principal payments due on long-term debt for each of the next five years and thereafter are : ( $ in millions ) .
| 2012 | $29 |
| :--- | :--- |
| 2013 | 50 |
| 2014 | 79 |
| 2015 | 108 |
| 2016 | 288 |
| Thereafter | 1,305 |
| Total long-term debt | $1,859 |
14 . investigations , claims , and litigation the company is involved in legal proceedings before various courts and administrative agencies , and is periodically subject to government examinations , inquiries and investigations . pursuant to fasb accounting standard codification 450 contingencies , the company has accrued for losses associated with investigations , claims and litigation when , and to the extent that , loss amounts related to the investigations , claims and litigation are probable and can be reasonably estimated . the actual losses that might be incurred to resolve such investigations , claims and litigation may be higher or lower than the amounts accrued . for matters where a material loss is probable or reasonably possible and the amount of loss cannot be reasonably estimated , but the company is able to reasonably estimate a range of possible losses , such estimated range is required to be disclosed in these notes . this estimated range would be based on information currently available to the company and would involve elements of judgment and significant uncertainties . this estimated range of possible loss would not represent the company 2019s maximum possible loss exposure . for matters as to which the company is not able to reasonably estimate a possible loss or range of loss , the company is required to indicate the reasons why it is unable to estimate the possible loss or range of loss . for matters not specifically described in these notes , the company does not believe , based on information currently available to it , that it is reasonably possible that the liabilities , if any , arising from .
| string | null | fair_value_2011 = 1864
fair_value_2010 = 128
ratio = fair_value_2011 / fair_value_2010
answer = ratio |
what is the average price per share for the repurchased shares during 2005? | 45.3499984741 | 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 | repurchased_shares = 17
repurchased_price = 771
answer = repurchased_price / repurchased_shares |
what was the percentage change in accumulated other comprehensive earnings ( loss ) between 2003 and 2004?\\n | 2471 | CodeFinQA | page 73 of 98 notes to consolidated financial statements ball corporation and subsidiaries 15 . shareholders 2019 equity at december 31 , 2006 , the company had 550 million shares of common stock and 15 million shares of preferred stock authorized , both without par value . preferred stock includes 120000 authorized but unissued shares designated as series a junior participating preferred stock . under the company 2019s shareholder rights agreement dated july 26 , 2006 , one preferred stock purchase right ( right ) is attached to each outstanding share of ball corporation common stock . subject to adjustment , each right entitles the registered holder to purchase from the company one one-thousandth of a share of series a junior participating preferred stock at an exercise price of $ 185 per right . if a person or group acquires 10 percent or more of the company 2019s outstanding common stock ( or upon occurrence of certain other events ) , the rights ( other than those held by the acquiring person ) become exercisable and generally entitle the holder to purchase shares of ball corporation common stock at a 50 percent discount . the rights , which expire in 2016 , are redeemable by the company at a redemption price of $ 0.001 per right and trade with the common stock . exercise of such rights would cause substantial dilution to a person or group attempting to acquire control of the company without the approval of ball 2019s board of directors . the rights would not interfere with any merger or other business combinations approved by the board of directors . the company reduced its 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 connection with the employee stock purchase plan , the company contributes 20 percent of up to $ 500 of each participating employee 2019s monthly payroll deduction toward the purchase of ball corporation common stock . company contributions for this plan were $ 3.2 million in 2006 , $ 3.2 million in 2005 and $ 2.7 million in 2004 . accumulated other comprehensive earnings ( loss ) the activity related to accumulated other comprehensive earnings ( loss ) was as follows : ( $ in millions ) foreign currency translation pension and postretirement items , net of tax effective financial derivatives , net of tax accumulated comprehensive earnings ( loss ) .
| ($ in millions) | Foreign Currency Translation | Pension and Other Postretirement Items, Net of Tax | Effective Financial Derivatives, Net of Tax | Accumulated Other Comprehensive Earnings (Loss) |
| :--- | :--- | :--- | :--- | :--- |
| December 31, 2003 | $80.7 | $(93.1) | $11.0 | $(1.4) |
| 2004 change | 68.2 | (33.2) | (0.4) | 34.6 |
| December 31, 2004 | 148.9 | (126.3) | 10.6 | 33.2 |
| 2005 change | (74.3) | (43.6) | (16.0) | (133.9) |
| December 31, 2005 | 74.6 | (169.9) | (5.4) | (100.7) |
| 2006 change | 57.2 | 8.0 | 6.0 | 71.2 |
| December 31, 2006 | $131.8 | $(161.9) | $0.6 | $(29.5) |
notwithstanding the 2005 distribution pursuant to the jobs act , management 2019s intention is to indefinitely reinvest foreign earnings . therefore , no taxes have been provided on the foreign currency translation component for any period . the change in the minimum pension liability is presented net of related tax expense of $ 2.9 million for 2006 and related tax benefits of $ 27.3 million and $ 20.8 million for 2005 and 2004 , respectively . the change in the effective financial derivatives is presented net of related tax expense of $ 5.7 million for 2006 , related tax benefit of $ 10.7 million for 2005 and related tax benefit of $ 0.2 million for 2004. .
| string | null | accumulated_other_comprehensive_earnings_change = 34.6
accumulated_other_comprehensive_earnings_percent_change = accumulated_other_comprehensive_earnings_change / 1.4
answer = accumulated_other_comprehensive_earnings_percent_change * 100 |
what percentage of total net revenues in the institutional client services segment was due to fixed income currency and commodities client execution in 2014? | 56 | CodeFinQA | the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .
| | Year Ended December |
| :--- | :--- |
| <i>$ in millions</i> | 2015 | 2014 | 2013 |
| Fixed Income, Currency and Commodities Client Execution | $ 7,322 | $ 8,461 | $ 8,651 |
| Equities client execution<sup>1</sup> | 3,028 | 2,079 | 2,594 |
| Commissions and fees | 3,156 | 3,153 | 3,103 |
| Securities services | 1,645 | 1,504 | 1,373 |
| Total Equities | 7,829 | 6,736 | 7,070 |
| Total net revenues | 15,151 | 15,197 | 15,721 |
| Operating expenses | 13,938 | 10,880 | 11,792 |
| Pre-tax earnings | $ 1,213 | $ 4,317 | $ 3,929 |
1 . net revenues related to the americas reinsurance business were $ 317 million for 2013 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . 2015 versus 2014 . net revenues in institutional client services were $ 15.15 billion for 2015 , essentially unchanged compared with 2014 . net revenues in fixed income , currency and commodities client execution were $ 7.32 billion for 2015 , 13% ( 13 % ) lower than 2014 . excluding a gain of $ 168 million in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in fixed income , currency and commodities client execution were 12% ( 12 % ) lower than 2014 , reflecting significantly lower net revenues in mortgages , credit products and commodities . the decreases in mortgages and credit products reflected challenging market-making conditions and generally low levels of activity during 2015 . the decline in commodities primarily reflected less favorable market-making conditions compared with 2014 , which included a strong first quarter of 2014 . these decreases were partially offset by significantly higher net revenues in interest rate products and currencies , reflecting higher volatility levels which contributed to higher client activity levels , particularly during the first quarter of 2015 . net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 . excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads . commissions and fees were essentially unchanged compared with 2014 . the firm elects the fair value option for certain unsecured borrowings . the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 . during 2015 , the operating environment for institutional client services was positively impacted by diverging central bank monetary policies in the united states and the euro area in the first quarter , as increased volatility levels contributed to strong client activity levels in currencies , interest rate products and equity products , and market- making conditions improved . however , during the remainder of the year , concerns about global growth and uncertainty about the u.s . federal reserve 2019s interest rate policy , along with lower global equity prices , widening high-yield credit spreads and declining commodity prices , contributed to lower levels of client activity , particularly in mortgages and credit , and more difficult market-making conditions . if macroeconomic concerns continue over the long term and activity levels decline , net revenues in institutional client services would likely be negatively impacted . operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses . pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 . 62 goldman sachs 2015 form 10-k .
| string | null | percent_2014 = 8461 / 15197
answer = percent_2014 * 100 |
3 net income ( loss ) $ 132.8 \\n5 income tax expense ( benefit ) 62.7 | 32.0999984741 | CodeFinQA | ( 2 ) for purposes of calculating the ratio of earnings to fixed charges , earnings consist of earnings before income taxes minus income from equity investees plus fixed charges . fixed charges consist of interest expense and the portion of rental expense we believe is representative of the interest component of rental expense . ( a ) for the years ended december 31 , 2010 and 2009 , earnings available for fixed charges were inadequate to cover fixed charges by $ 37.0 million and $ 461.2 million , respectively . ( 3 ) ebitda is defined as consolidated net income ( loss ) before interest expense , income tax expense ( benefit ) , depreciation , and amortization . adjusted ebitda , which is a measure defined in our credit agreements , is calculated by adjusting ebitda for certain items of income and expense including ( but not limited to ) the following : ( a ) non-cash equity-based compensation ; ( b ) goodwill impairment charges ; ( c ) sponsor fees ; ( d ) certain consulting fees ; ( e ) debt-related legal and accounting costs ; ( f ) equity investment income and losses ; ( g ) certain severance and retention costs ; ( h ) gains and losses from the early extinguishment of debt ; ( i ) gains and losses from asset dispositions outside the ordinary course of business ; and ( j ) non-recurring , extraordinary or unusual gains or losses or expenses . we have included a reconciliation of ebitda and adjusted ebitda in the table below . both ebitda and adjusted ebitda are considered non-gaap financial measures . generally , a non-gaap financial measure is a numerical measure of a company 2019s performance , financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with gaap . non-gaap measures used by the company may differ from similar measures used by other companies , even when similar terms are used to identify such measures . we believe that ebitda and adjusted ebitda provide helpful information with respect to our operating performance and cash flows including our ability to meet our future debt service , capital expenditures and working capital requirements . adjusted ebitda also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreements . the following unaudited table sets forth reconciliations of net income ( loss ) to ebitda and ebitda to adjusted ebitda for the periods presented: .
| | Years Ended December 31, |
| :--- | :--- |
| (in millions) | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net income (loss) | $132.8 | $119.0 | $17.1 | $(29.2) | $(373.4) |
| Depreciation and amortization | 208.2 | 210.2 | 204.9 | 209.4 | 218.2 |
| Income tax expense (benefit) | 62.7 | 67.1 | 11.2 | (7.8) | (87.8) |
| Interest expense, net | 250.1 | 307.4 | 324.2 | 391.9 | 431.7 |
| EBITDA | 653.8 | 703.7 | 557.4 | 564.3 | 188.7 |
| Non-cash equity-based compensation | 8.6 | 22.1 | 19.5 | 11.5 | 15.9 |
| Sponsor fees | 2.5 | 5.0 | 5.0 | 5.0 | 5.0 |
| Consulting and debt-related professional fees | 0.1 | 0.6 | 5.1 | 15.1 | 14.1 |
| Goodwill impairment | — | — | — | — | 241.8 |
| Net loss (gain) on extinguishments of long-term debt | 64.0 | 17.2 | 118.9 | (2.0) | — |
| Litigation, net<sup>(i)</sup> | (4.1) | 4.3 | — | — | — |
| IPO- and secondary-offering related expenses | 75.0 | — | — | — | — |
| Other adjustments<sup>(ii)</sup> | 8.6 | 13.7 | 11.4 | 7.9 | (0.1) |
| Adjusted EBITDA | $808.5 | $766.6 | $717.3 | $601.8 | $465.4 |
( i ) relates to unusual , non-recurring litigation matters . ( ii ) includes certain retention costs and equity investment income , certain severance costs in 2009 and a gain related to the sale of the informacast software and equipment in 2009. .
| string | null | income_tax_expense = 62.7 + 132.8
ebitda = 62.7 + 132.8
adjusted_ebitda = 62.7 / income_tax_expense
answer = adjusted_ebitda * 100 |
as of december 31 , 2017 what was the percent of the total non-cancelable lease terms in excess of one year due in 2019 | 13.8000001907 | CodeFinQA | 17 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2017 , and 2016 included $ 1635 million , net of $ 953 million of accumulated depreciation , and $ 1997 million , net of $ 1121 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2017 , were as follows : millions operating leases capital leases .
| Millions | OperatingLeases | CapitalLeases |
| :--- | :--- | :--- |
| 2018 | $398 | $173 |
| 2019 | 359 | 156 |
| 2020 | 297 | 164 |
| 2021 | 259 | 168 |
| 2022 | 221 | 147 |
| Later years | 1,115 | 271 |
| Total minimum lease payments | $2,649 | $1,079 |
| Amount representing interest | N/A | (187) |
| Present value of minimum lease payments | N/A | $892 |
approximately 97% ( 97 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 480 million in 2017 , $ 535 million in 2016 , and $ 590 million in 2015 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant . 18 . commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries . we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity . to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated . we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters . personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year . we use an actuarial analysis to measure the expense and liability , including unasserted claims . the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents . under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements . we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work . our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments . approximately 95% ( 95 % ) of the recorded liability is related to asserted claims and approximately 5% ( 5 % ) is related to unasserted claims at december 31 , 2017 . because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 285 million to $ 310 million . we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other . estimates can vary over time due to evolving trends in litigation. .
| string | null | capital_lease_payments_2019 = 359 + 156
capital_lease_payments_total = 2649 + 1079
percent_due = capital_lease_payments_2019 / capital_lease_payments_total
answer = percent_due * 100 |
by what amount is the total gains/ ( losses ) on financial assets and financial liabilities at fair value at 2018 different from 2017? | 7761 | CodeFinQA | notes to consolidated financial statements gains and losses on financial assets and financial liabilities accounted for at fair value under the fair value option the table below presents the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities . these gains and losses are included in 201cmarket making 201d and 201cother principal transactions . 201d the table below also includes gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings and unsecured long-term borrowings . these gains and losses would have been recognized under other u.s . gaap even if the firm had not elected to account for the entire hybrid instrument at fair value . the amounts in the table exclude contractual interest , which is included in 201cinterest income 201d and 201cinterest expense , 201d for all instruments other than hybrid financial instruments . see note 23 for further information about interest income and interest expense . gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december in millions 2012 2011 2010 receivables from customers and counterparties 1 $ 190 $ 97 $ ( 97 ) .
| | Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value Under the Fair Value Option Year Ended December |
| :--- | :--- |
| <i>in millions</i> | 2012 | 2011 | 2010 |
| Receivables from customers andcounterparties<sup>1</sup> | $ 190 | $ 97 | $ (97) |
| Other secured financings | (190) | (63) | (227) |
| Unsecured short-term borrowings<sup>2</sup> | (973) | 2,149 | (1,455) |
| Unsecured long-term borrowings<sup>3</sup> | (1,523) | 2,336 | (1,169) |
| Other liabilities and accrued expenses<sup>4</sup> | (1,486) | (911) | 50 |
| Other<sup>5</sup> | (81) | 90 | (10) |
| Total | $(4,063) | $3,698 | $(2,908) |
1 . primarily consists of gains/ ( losses ) on certain reinsurance contracts and certain transfers accounted for as receivables rather than purchases . 2 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 814 ) million , $ 2.01 billion , and $ ( 1.49 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 3 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 887 ) million , $ 1.80 billion and $ ( 1.32 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 4 . primarily consists of gains/ ( losses ) on certain insurance contracts . 5 . primarily consists of gains/ ( losses ) on resale and repurchase agreements , securities borrowed and loaned and deposits . excluding the gains and losses on the instruments accounted for under the fair value option described above , 201cmarket making 201d and 201cother principal transactions 201d primarily represent gains and losses on 201cfinancial instruments owned , at fair value 201d and 201cfinancial instruments sold , but not yet purchased , at fair value . 201d 150 goldman sachs 2012 annual report .
| string | null | gains_2012 = -4063
gains_2011 = 3698
gains_change = gains_2012 - gains_2011
answer = gains_change |
what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2007 for the year of 2009 are due to maturities of long-term debt? | 76 | 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 | long_term_debt_2009 = 1300
long_term_debt_total = 1710
percent_long_term_debt = long_term_debt_2009 / long_term_debt_total
answer = percent_long_term_debt * 100 |
as of december 31 , 2012 , how much room does the company have in its restrictive covenant regarding debt to total capitalization? | 18 | CodeFinQA | 2012 ppg annual report and form 10-k 45 costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes . in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the "2010 credit agreement" ) which was subsequently terminated in july 2012 . the 2010 credit agreement provided for a $ 1.2 billion unsecured revolving credit facility . in connection with entering into the 2010 credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 . there were no outstanding amounts due under either revolving facility at the times of their termination . the 2010 credit agreement was set to terminate on august 5 , 2013 . ppg 2019s non-u.s . operations have uncommitted lines of credit totaling $ 705 million of which $ 34 million was used as of december 31 , 2012 . these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees . short-term debt outstanding as of december 31 , 2012 and 2011 , was as follows: .
| (Millions) | 2012 | 2011 |
| :--- | :--- | :--- |
| Other, weighted average 2.27% as of Dec. 31, 2012 and 3.72% as of December 31, 2011 | $39 | $33 |
| Total | $39 | $33 |
ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures . the company 2019s revolving credit agreements include a financial ratio covenant . the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . as of december 31 , 2012 , total indebtedness was 42% ( 42 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions . those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements . none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates . interest payments in 2012 , 2011 and 2010 totaled $ 219 million , $ 212 million and $ 189 million , respectively . in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) . the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares . rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 and 2010 , respectively . the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa . minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2012 , are ( in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016 , $ 64 in 2017 and $ 135 thereafter . the company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012 . the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business . as of december 31 , 2012 and 2011 , guarantees outstanding were $ 96 million and $ 90 million , respectively . the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses . a portion of such debt is secured by the assets of the related entities . the carrying values of these guarantees were $ 11 million and $ 13 million as of december 31 , 2012 and 2011 , respectively , and the fair values were $ 11 million and $ 21 million , as of december 31 , 2012 and 2011 , respectively . the fair value of each guarantee was estimated by comparing the net present value of two hypothetical cash flow streams , one based on ppg 2019s incremental borrowing rate and the other based on the borrower 2019s incremental borrowing rate , as of the effective date of the guarantee . both streams were discounted at a risk free rate of return . the company does not believe any loss related to these letters of credit , surety bonds or guarantees is likely . 9 . fair value measurement the accounting guidance on fair value measurements establishes a hierarchy with three levels of inputs used to determine fair value . level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities , are considered to be the most reliable evidence of fair value , and should be used whenever available . level 2 inputs are observable prices that are not quoted on active exchanges . level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities . table of contents notes to the consolidated financial statements .
| string | null | fair_value_change = 0.6 - 0.42
answer = fair_value_change * 100 |
by what amount is the total gains/ ( losses ) on financial assets and financial liabilities at fair value at 2017 different from 2016? | 6606 | CodeFinQA | notes to consolidated financial statements gains and losses on financial assets and financial liabilities accounted for at fair value under the fair value option the table below presents the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities . these gains and losses are included in 201cmarket making 201d and 201cother principal transactions . 201d the table below also includes gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings and unsecured long-term borrowings . these gains and losses would have been recognized under other u.s . gaap even if the firm had not elected to account for the entire hybrid instrument at fair value . the amounts in the table exclude contractual interest , which is included in 201cinterest income 201d and 201cinterest expense , 201d for all instruments other than hybrid financial instruments . see note 23 for further information about interest income and interest expense . gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december in millions 2012 2011 2010 receivables from customers and counterparties 1 $ 190 $ 97 $ ( 97 ) .
| | Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value Under the Fair Value Option Year Ended December |
| :--- | :--- |
| <i>in millions</i> | 2012 | 2011 | 2010 |
| Receivables from customers andcounterparties<sup>1</sup> | $ 190 | $ 97 | $ (97) |
| Other secured financings | (190) | (63) | (227) |
| Unsecured short-term borrowings<sup>2</sup> | (973) | 2,149 | (1,455) |
| Unsecured long-term borrowings<sup>3</sup> | (1,523) | 2,336 | (1,169) |
| Other liabilities and accrued expenses<sup>4</sup> | (1,486) | (911) | 50 |
| Other<sup>5</sup> | (81) | 90 | (10) |
| Total | $(4,063) | $3,698 | $(2,908) |
1 . primarily consists of gains/ ( losses ) on certain reinsurance contracts and certain transfers accounted for as receivables rather than purchases . 2 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 814 ) million , $ 2.01 billion , and $ ( 1.49 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 3 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 887 ) million , $ 1.80 billion and $ ( 1.32 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 4 . primarily consists of gains/ ( losses ) on certain insurance contracts . 5 . primarily consists of gains/ ( losses ) on resale and repurchase agreements , securities borrowed and loaned and deposits . excluding the gains and losses on the instruments accounted for under the fair value option described above , 201cmarket making 201d and 201cother principal transactions 201d primarily represent gains and losses on 201cfinancial instruments owned , at fair value 201d and 201cfinancial instruments sold , but not yet purchased , at fair value . 201d 150 goldman sachs 2012 annual report .
| string | null | gains_losses_2017 = 3698
gains_losses_2016 = -2908
difference = gains_losses_2017 - gains_losses_2016
answer = difference |
what was the total gross amount of money that the company received from their favorable audit? | 32885 | CodeFinQA | a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: .
| (Dollars in thousands) | 2010 | 2009 | 2008 |
| :--- | :--- | :--- | :--- |
| Balance at January 1 | $29,010 | $34,366 | $29,132 |
| Additions based on tax positions related to the current year | 7,119 | 6,997 | 5,234 |
| Additions for tax positions of prior years | - | - | - |
| Reductions for tax positions of prior years | - | - | - |
| Settlements with taxing authorities | (12,356) | (12,353) | - |
| Lapses of applicable statutes of limitations | - | - | - |
| Balance at December 31 | $23,773 | $29,010 | $34,366 |
the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized . in 2010 , the company favorably settled a 2003 and 2004 irs audit . the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand . in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit . the company is no longer subject to u.s . federal , state and local or foreign income tax examinations by tax authorities for years before 2007 . the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes . during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties . included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit . the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date . for u.s . income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 . in addition , for u.s . income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire . management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented . tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
| string | null | unrecognized_tax_benefits = 12356 + 9938
accrued_interest = 10591
total_gross_amount = unrecognized_tax_benefits + accrued_interest
answer = total_gross_amount |
what percentage of total revisions were not related to prices? | 89.6600036621 | CodeFinQA | devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2013 ( in mmboe ) . .
| | U.S. | Canada | Total |
| :--- | :--- | :--- | :--- |
| Proved undeveloped reserves as of December 31, 2012 | 407 | 433 | 840 |
| Extensions and discoveries | 57 | 38 | 95 |
| Revisions due to prices | 1 | (10) | (9) |
| Revisions other than price | (91) | 13 | (78) |
| Conversion to proved developed reserves | (116) | (31) | (147) |
| Proved undeveloped reserves as of December 31, 2013 | 258 | 443 | 701 |
at december 31 , 2013 , devon had 701 mmboe of proved undeveloped reserves . this represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves . drilling and development activities increased devon 2019s proved undeveloped reserves 95 mmboe and resulted in the conversion of 147 mmboe , or 18 percent , of the 2012 proved undeveloped reserves to proved developed reserves . costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.9 billion for 2013 . additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe primarily due to evaluations of certain u.s . onshore dry-gas areas , which devon does not expect to develop in the next five years . the largest revisions relate to the dry-gas areas in the cana-woodford shale in western oklahoma , carthage in east texas and the barnett shale in north texas . a significant amount of devon 2019s proved undeveloped reserves at the end of 2013 related to its jackfish operations . at december 31 , 2013 and 2012 , devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe , respectively . development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity . processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits . as a result , these reserves are classified as proved undeveloped for more than five years . currently , the development schedule for these reserves extends though the year 2031 . price revisions 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices . of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area . 2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices . of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area . 2011 2013 reserves decreased 21 mmboe due to lower gas prices and higher oil prices . the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves . revisions other than price total revisions other than price for 2013 , 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions , with the largest revisions being made in the cana-woodford shale , barnett shale and carthage .
| string | null | total_revisions = 9 + 78
percent_revisions_not_related_to_prices = 78 / total_revisions
percent_revisions_not_related_to_prices = percent_revisions_not_related_to_prices * 100
answer = percent_revisions_not_related_to_prices |
what was the percentage increase of the expected return from 2007 to 2008 | 2.0999999046 | CodeFinQA | fair valuation the following table shows the expected versus actual rate of return on plan assets for the u.s . pension and postretirement plans: .
| | 2008 | 2007 | 2006 |
| :--- | :--- | :--- | :--- |
| Expected rate of return | 7.75% | 8.0% | 8.0% |
| Actual rate of return | (5.42)% | 13.2% | 14.7% |
for the foreign plans , pension expense for 2008 was reduced by the expected return of $ 487 million , compared with the actual return of $ ( 883 ) million . pension expense for 2007 and 2006 was reduced by expected returns of $ 477 million and $ 384 million , respectively . actual returns were higher in 2007 and 2006 than the expected returns in those years . discount rate the 2008 and 2007 discount rates for the u.s . pension and postretirement plans were selected by reference to a citigroup-specific analysis using each plan 2019s specific cash flows and compared with the moody 2019s aa long-term corporate bond yield for reasonableness . citigroup 2019s policy is to round to the nearest tenth of a percent . accordingly , at december 31 , 2008 , the discount rate was set at 6.1% ( 6.1 % ) for the pension plans and at 6.0% ( 6.0 % ) for the postretirement welfare plans . at december 31 , 2007 , the discount rate was set at 6.2% ( 6.2 % ) for the pension plans and 6.0% ( 6.0 % ) for the postretirement plans , referencing a citigroup-specific cash flow analysis . as of september 30 , 2006 , the u.s . pension plan was remeasured to reflect the freeze of benefits accruals for all non-grandfathered participants , effective january 1 , 2008 . under the september 30 , 2006 remeasurement and year-end analysis , the resulting plan-specific discount rate for the pension plan was 5.86% ( 5.86 % ) , which was rounded to 5.9% ( 5.9 % ) . the discount rates for the foreign pension and postretirement plans are selected by reference to high-quality corporate bond rates in countries that have developed corporate bond markets . however , where developed corporate bond markets do not exist , the discount rates are selected by reference to local government bond rates with a premium added to reflect the additional risk for corporate bonds . for additional information on the pension and postretirement plans , and on discount rates used in determining pension and postretirement benefit obligations and net benefit expense for the company 2019s plans , as well as the effects of a one percentage-point change in the expected rates of return and the discount rates , see note 9 to the company 2019s consolidated financial statements on page 144 . adoption of sfas 158 upon the adoption of sfas no . 158 , employer 2019s accounting for defined benefit pensions and other postretirement benefits ( sfas 158 ) , at december 31 , 2006 , the company recorded an after-tax charge to equity of $ 1.6 billion , which corresponds to the plans 2019 net pension and postretirement liabilities and the write-off of the existing prepaid asset , which relates to unamortized actuarial gains and losses , prior service costs/benefits and transition assets/liabilities . for a discussion of fair value of assets and liabilities , see 201csignificant accounting policies and significant estimates 201d on page 18 and notes 26 , 27 and 28 to the consolidated financial statements on pages 192 , 202 and 207. .
| string | null | increase = 487 - 477
decrease = 477 - 487
percent_increase = increase / 477
percent_decrease = decrease / 487
answer = percent_increase * 100 |
what percent of printing papers sales in 2006 was from north american printing papers net sales? | 66 | CodeFinQA | customer demand . this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders . printing papers in millions 2007 2006 2005 .
| <i>In millions</i> | 2007 | 2006 | 2005 |
| :--- | :--- | :--- | :--- |
| Sales | $6,530 | $6,700 | $6,980 |
| Operating Profit | $1,101 | $636 | $434 |
north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) . sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment . average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 . lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 . operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) . the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight . mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts . sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve . demand for printing papers in north america was steady as the quarter began . price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter . planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy . brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 . compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 . excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper . operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs . contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 . entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower . average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix . energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 . european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 . sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 . average sales price real- izations increased significantly in 2007 in both east- ern and western european markets . operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 . the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill . excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight . looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia . average price realizations are expected to remain about flat . wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher . asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 . operating earnings increased slightly in 2007 , but were close to breakeven in all periods . u.s . market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively . sales volumes in 2007 were up from 2006 levels , primarily for paper and .
| string | null | north_american_printing_papers_sales = 4.4 * 1000
north_american_printing_papers_sales_2006 = 6700
percent_2006 = north_american_printing_papers_sales / north_american_printing_papers_sales_2006
answer = percent_2006 * 100 |
by how much did the short-term debt and current portion of long-term debt portion of the capital structure decrease from 2016 to 2018? | 4.3000001907 | CodeFinQA | allows us to repurchase shares at times when we may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods . subject to applicable regulations , we may elect to amend or cancel this repurchase program or the share repurchase parameters at our discretion . as of december 31 , 2018 , we have repurchased an aggregate of 4510000 shares of common stock under this program . credit facilities and short-term debt we have an unsecured revolving credit facility of $ 2.25 billion that expires in june 2023 . in march 2018 , awcc and its lenders amended and restated the credit agreement with respect to awcc 2019s revolving credit facility to increase the maximum commitments under the facility from $ 1.75 billion to $ 2.25 billion , and to extend the expiration date of the facility from june 2020 to march 2023 . all other terms , conditions and covenants with respect to the existing facility remained unchanged . subject to satisfying certain conditions , the credit agreement also permits awcc to increase the maximum commitment under the facility by up to an aggregate of $ 500 million , and to request extensions of its expiration date for up to two , one-year periods . interest rates on advances under the facility are based on a credit spread to the libor rate or base rate in accordance with moody investors service 2019s and standard & poor 2019s financial services 2019 then applicable credit rating on awcc 2019s senior unsecured , non-credit enhanced debt . the facility is used principally to support awcc 2019s commercial paper program and to provide up to $ 150 million in letters of credit . indebtedness under the facility is considered 201cdebt 201d for purposes of a support agreement between the company and awcc , which serves as a functional equivalent of a guarantee by the company of awcc 2019s payment obligations under the credit facility . awcc also has an outstanding commercial paper program that is backed by the revolving credit facility , the maximum aggregate outstanding amount of which was increased in march 2018 , from $ 1.60 billion to $ 2.10 billion . the following table provides the aggregate credit facility commitments , letter of credit sub-limit under the revolving credit facility and commercial paper limit , as well as the available capacity for each as of december 31 , 2018 and 2017 : credit facility commitment available credit facility capacity letter of credit sublimit available letter of credit capacity commercial paper limit available commercial capacity ( in millions ) december 31 , 2018 . . . . . . . . $ 2262 $ 2177 $ 150 $ 69 $ 2100 $ 1146 december 31 , 2017 . . . . . . . . 1762 1673 150 66 1600 695 the weighted average interest rate on awcc short-term borrowings for the years ended december 31 , 2018 and 2017 was approximately 2.28% ( 2.28 % ) and 1.24% ( 1.24 % ) , respectively . capital structure the following table provides the percentage of our capitalization represented by the components of our capital structure as of december 31: .
| | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Total common shareholders' equity | 40.4% | 41.0% | 42.1% |
| Long-term debt and redeemable preferred stock at redemption value | 52.4% | 49.6% | 46.4% |
| Short-term debt and current portion of long-term debt | 7.2% | 9.4% | 11.5% |
| Total | 100% | 100% | 100% |
.
| string | null | short_term_debt_2018 = 0.07200000000000001
long_term_debt_2018 = 0.115
current_portion_2018 = 0.07200000000000001
change_short_term_debt = short_term_debt_2018 - current_portion_2018
change_long_term_debt = long_term_debt_2018 - current_portion_2018
answer = change_short_term_debt - change_long_term_debt * 100 |
what was the operating income return for 2005 in the performance and applied coatings segment? | 17.3999996185 | CodeFinQA | management 2019s discussion and analysis of increased volumes in our performance and applied coatings , optical and specialty materials and glass reportable business segments was offset by volume declines in the commodity chemicals reportable business segment . the volume decline in the commodity chemicals reportable business segment was due in part to lost sales resulting from the impact of hurricane rita , as discussed below . cost of sales as a percentage of sales increased to 63.5% ( 63.5 % ) as compared to 63.1% ( 63.1 % ) in 2004 . inflation , including higher coatings raw material costs and higher energy costs in our commodity chemicals and glass reportable business segments increased our cost of sales . selling , general and administrative expense declined slightly as a percentage of sales to 17.4% ( 17.4 % ) despite increasing by $ 56 million in 2005 . these costs increased primarily due to increased advertising in our optical products operating segment and higher expenses due to store expansions in our architectural coatings operating segment . interest expense declined $ 9 million in 2005 , reflecting the year over year reduction in the outstanding debt balance of $ 80 million . other charges increased $ 284 million in 2005 primarily due to pretax charges of $ 132 million related to the marvin legal settlement , net of $ 18 million in insurance recoveries , $ 61 million for the federal glass class action antitrust legal settlement , $ 34 million of direct costs related to the impact of hurricanes rita and katrina , $ 27 million for an asset impairment charge in our fine chemicals operating segment , $ 19 million for debt refinancing costs and an increase of $ 12 million for environmental remediation costs . net income and earnings per share 2013 assuming dilution for 2005 were $ 596 million and $ 3.49 respectively , compared to $ 683 million and $ 3.95 , respectively , for 2004 . net income in 2005 included aftertax charges of $ 117 million , or 68 cents a share , for legal settlements net of insurance ; $ 21 million , or 12 cents a share for direct costs related to the impact of hurricanes katrina and rita ; $ 17 million , or 10 cents a share related to an asset impairment charge related to our fine chemicals business ; and $ 12 million , or 7 cents a share , for debt refinancing costs . the legal settlements net of insurance include aftertax charges of $ 80 million for the marvin legal settlement , net of insurance recoveries , and $ 37 million for the impact of the federal glass class action antitrust legal settlement . net income for 2005 and 2004 included an aftertax charge of $ 13 million , or 8 cents a share , and $ 19 million , or 11 cents a share , respectively , to reflect the net increase in the current value of the company 2019s obligation relating to asbestos claims under the ppg settlement arrangement . results of reportable business segments net sales segment income ( millions ) 2005 2004 2005 2004 industrial coatings $ 2921 $ 2818 $ 284 $ 338 performance and applied coatings 2668 2478 464 451 optical and specialty materials 867 805 158 186 .
| | <i>Net sales</i> | <i>Segment income</i> |
| :--- | :--- | :--- |
| <i>(Millions)</i> | 2005 | 2004 | 2005 | 2004<sup></sup> |
| Industrial Coatings<sup></sup> | $2,921 | $2,818 | $284 | $338 |
| Performance and Applied Coatings | 2,668 | 2,478 | 464 | 451 |
| Optical and Specialty Materials | 867 | 805 | 158 | 186 |
| Commodity Chemicals | 1,531 | 1,229 | 313 | 113 |
| Glass | 2,214 | 2,183 | 123 | 166 |
sales of industrial coatings increased $ 103 million or 4% ( 4 % ) in 2005 . sales increased 2% ( 2 % ) due to higher selling prices in our industrial and packaging coatings businesses and 2% ( 2 % ) due to the positive effects of foreign currency translation . volume was flat year over year as increased volume in automotive coatings was offset by lower volume in industrial and packaging coatings . segment income decreased $ 54 million in 2005 . the decrease in segment income was due to the adverse impact of inflation , including raw materials costs increases of about $ 170 million , which more than offset the benefits of higher selling prices , improved sales margin mix , formula cost reductions , lower manufacturing costs and higher other income . performance and applied coatings sales increased $ 190 million or 8% ( 8 % ) in 2005 . sales increased 4% ( 4 % ) due to higher selling prices in all three operating segments , 3% ( 3 % ) due to increased volumes as increases in our aerospace and architectural coatings businesses exceeded volume declines in automotive refinish , and 1% ( 1 % ) due to the positive effects of foreign currency translation . performance and applied coatings segment income increased $ 13 million in 2005 . segment income increased due to the impact of increased sales volumes described above and higher other income , which combined to offset the negative impacts of higher overhead costs to support the growth in these businesses , particularly in the architectural coatings business , and higher manufacturing costs . the impact of higher selling prices fully offset the adverse impact of inflation , including raw materials cost increases of about $ 75 million . optical and specialty materials sales increased $ 62 million or 8% ( 8 % ) . sales increased 8% ( 8 % ) due to higher sales volumes in our optical products and silica businesses , which offset lower sales volumes in our fine chemicals business . sales increased 1% ( 1 % ) due to an acquisition in our optical products business and decreased 1% ( 1 % ) due to lower pricing . segment income decreased $ 28 million . the primary factor decreasing segment income was the $ 27 million impairment charge related to our fine chemicals business . the impact of higher sales volumes described above was offset by higher inflation , including increased energy costs ; lower selling prices ; increased overhead costs in our optical products business to support growth 24 2006 ppg annual report and form 10-k 4282_txt .
| string | null | sales = 464
revenue = 2668
answer = sales / revenue * 100 |
what was the percentage change in cash flows used in investing activities from 2016 to 2017? | 70 | CodeFinQA | zimmer biomet holdings , inc . 2018 form 10-k annual report ( 8 ) we have incurred other various expenses from specific events or projects that we consider highly variable or have a significant impact to our operating results that we have excluded from our non-gaap financial measures . this includes legal entity and operational restructuring as well as our costs of complying with our dpa with the u.s . government related to certain fcpa matters involving biomet and certain of its subsidiaries . under the dpa , which has a three-year term , we are subject to oversight by an independent compliance monitor , which monitorship commenced in july 2017 . the excluded costs include the fees paid to the independent compliance monitor and to external legal counsel assisting in the matter . ( 9 ) represents the tax effects on the previously specified items . the tax effect for the u.s . jurisdiction is calculated based on an effective rate considering federal and state taxes , as well as permanent items . for jurisdictions outside the u.s. , the tax effect is calculated based upon the statutory rates where the items were incurred . ( 10 ) the 2016 period includes negative effects from finalizing the tax accounts for the biomet merger . under the applicable u.s . gaap rules , these measurement period adjustments are recognized on a prospective basis in the period of change . ( 11 ) the 2017 tax act resulted in a net favorable provisional adjustment due to the reduction of deferred tax liabilities for unremitted earnings and revaluation of deferred tax liabilities to a 21 percent rate , which was partially offset by provisional tax charges related to the toll charge provision of the 2017 tax act . in 2018 , we finalized our estimates of the effects of the 2017 tax act based upon final guidance issued by u.s . tax authorities . ( 12 ) other certain tax adjustments in 2018 primarily related to changes in tax rates on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting and adjustments from internal restructuring transactions that provide us access to offshore funds in a tax efficient manner . in 2017 , other certain tax adjustments relate to tax benefits from lower tax rates unrelated to the impact of the 2017 tax act , net favorable resolutions of various tax matters and net favorable adjustments from internal restructuring transactions . the 2016 adjustment primarily related to a favorable adjustment to certain deferred tax liabilities recognized as part of acquisition-related accounting and favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide us access to offshore funds in a tax efficient manner . ( 13 ) diluted share count used in adjusted diluted eps : year ended december 31 , 2018 .
| | Year endedDecember 31, 2018 |
| :--- | :--- |
| Diluted shares | 203.5 |
| Dilutive shares assuming net earnings | 1.5 |
| Adjusted diluted shares | 205.0 |
liquidity and capital resources cash flows provided by operating activities were $ 1747.4 million in 2018 compared to $ 1582.3 million and $ 1632.2 million in 2017 and 2016 , respectively . the increase in operating cash flows in 2018 compared to 2017 was driven by additional cash flows from our sale of accounts receivable in certain countries , lower acquisition and integration expenses and lower quality remediation expenses , as well as certain significant payments made in the 2017 period . in the 2017 period , we made payments related to the u.s . durom cup settlement program , and we paid $ 30.5 million in settlement payments to resolve previously-disclosed fcpa matters involving biomet and certain of its subsidiaries as discussed in note 19 to our consolidated financial statements included in item 8 of this report . the decline in operating cash flows in 2017 compared to 2016 was driven by additional investments in inventory , additional expenses for quality remediation and the significant payments made in the 2017 period as discussed in the previous sentence . these unfavorable items were partially offset by $ 174.0 million of incremental cash flows in 2017 from our sale of accounts receivable in certain countries . cash flows used in investing activities were $ 416.6 million in 2018 compared to $ 510.8 million and $ 1691.5 million in 2017 and 2016 , respectively . instrument and property , plant and equipment additions reflected ongoing investments in our product portfolio and optimization of our manufacturing and logistics network . in 2018 , we entered into receive-fixed-rate , pay-fixed-rate cross-currency interest rate swaps . our investing cash flows reflect the net cash inflows from the fixed- rate interest rate receipts/payments , as well as the termination of certain of these swaps that were in a gain position in the year . the 2016 period included cash outflows for the acquisition of ldr holding corporation ( 201cldr 201d ) and other business acquisitions . additionally , the 2016 period reflects the maturity of available-for-sale debt securities . as these investments matured , we used the cash to pay off debt and have not reinvested in any additional debt securities . cash flows used in financing activities were $ 1302.2 million in 2018 . our primary use of available cash in 2018 was for debt repayment . we received net proceeds of $ 749.5 million from the issuance of additional senior notes and borrowed $ 400.0 million from our multicurrency revolving facility to repay $ 1150.0 million of senior notes that became due on april 2 , 2018 . we subsequently repaid the $ 400.0 million of multicurrency revolving facility borrowings . also in 2018 , we borrowed another $ 675.0 million under a new u.s . term loan c and used the cash proceeds along with cash generated from operations throughout the year to repay an aggregate of $ 835.0 million on u.s . term loan a , $ 450.0 million on u.s . term loan b , and we subsequently repaid $ 140.0 million on u.s . term loan c . overall , we had approximately $ 1150 million of net principal repayments on our senior notes and term loans in 2018 . in 2017 , our primary use of available cash was also for debt repayment compared to 2016 when we were not able to repay as much debt due to financing requirements to complete the ldr and other business acquisitions . additionally in 2017 , we had net cash inflows of $ 103.5 million on factoring programs that had not been remitted to the third party . in 2018 , we had net cash outflows related to these factoring programs as we remitted the $ 103.5 million and collected only $ 66.8 million which had not yet been remitted by the end of the year . since our factoring programs started at the end of 2016 , we did not have similar cash flows in that year . in january 2019 , we borrowed an additional $ 200.0 million under u.s . term loan c and used those proceeds , along with cash on hand , to repay the remaining $ 225.0 million outstanding under u.s . term loan b . in february , may , august and december 2018 , our board of directors declared cash dividends of $ 0.24 per share . we expect to continue paying cash dividends on a quarterly basis ; however , future dividends are subject to approval of the board of directors and may be adjusted as business needs or market conditions change . as further discussed in note 11 to our consolidated financial statements , our debt facilities restrict the payment of dividends in certain circumstances. .
| string | null | cash_flows_2017 = 510.8
cash_flows_2016 = 1691.5
change = cash_flows_2017 - cash_flows_2016
percent_change = change / cash_flows_2016
answer = percent_change * 100 |
for 2017 , what percentage of derivative receivables are rated junk? | 20 | CodeFinQA | jpmorgan chase & co./2017 annual report 115 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 peak , dre and avg metrics . the three measures generally show that exposure will decline after the first year , if no new trades are added to the portfolio . exposure profile of derivatives measures december 31 , 2017 ( in billions ) the following table summarizes the ratings profile by derivative counterparty of the firm 2019s derivative receivables , including credit derivatives , net of all collateral , at the dates indicated . the ratings scale is based on the firm 2019s internal ratings , which generally correspond to the ratings as assigned by s&p and moody 2019s . ratings profile of derivative receivables .
| Rating equivalent | 2017 | 2016 |
| :--- | :--- | :--- |
| December 31,(in millions, except ratios) | Exposure net of all collateral | % of exposure netof all collateral | Exposure net of all collateral | % of exposure netof all collateral |
| AAA/Aaa to AA-/Aa3 | $11,529 | 29% | $11,449 | 28% |
| A+/A1 to A-/A3 | 6,919 | 17 | 8,505 | 20 |
| BBB+/Baa1 to BBB-/Baa3 | 13,925 | 34 | 13,127 | 32 |
| BB+/Ba1 to B-/B3 | 7,397 | 18 | 7,308 | 18 |
| CCC+/Caa1 and below | 645 | 2 | 984 | 2 |
| Total | $40,415 | 100% | $41,373 | 100% |
as previously noted , the firm uses collateral agreements to mitigate counterparty credit risk . the percentage of the firm 2019s over-the-counter derivatives transactions subject to collateral agreements 2014 excluding foreign exchange spot trades , which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily 2014 was approximately 90% ( 90 % ) as of december 31 , 2017 , largely unchanged compared with december 31 , 2016 . credit derivatives the firm uses credit derivatives for two primary purposes : first , in its capacity as a market-maker , and second , as an end-user to manage the firm 2019s own credit risk associated with various exposures . for a detailed description of credit derivatives , see credit derivatives in note 5 . credit portfolio management activities included in the firm 2019s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities ( loans and unfunded commitments ) and derivatives counterparty exposure in the firm 2019s wholesale businesses ( collectively , 201ccredit portfolio management 201d activities ) . information on credit portfolio management activities is provided in the table below . for further information on derivatives used in credit portfolio management activities , see credit derivatives in note 5 . the firm also uses credit derivatives as an end-user to manage other exposures , including credit risk arising from certain securities held in the firm 2019s market-making businesses . these credit derivatives are not included in credit portfolio management activities ; for further information on these credit derivatives as well as credit derivatives used in the firm 2019s capacity as a market-maker in credit derivatives , see credit derivatives in note 5 . 10 years5 years2 years1 year .
| string | null | percent_junk = 18 + 2
answer = percent_junk |
what was the difference in millions of carrying amount reported on the consolidated balance sheet for trading assets between 2018 and the year prior? | 1257 | CodeFinQA | own debt valuation adjustments ( dva ) own debt valuation adjustments are recognized on citi 2019s liabilities for which the fair value option has been elected using citi 2019s credit spreads observed in the bond market . effective january 1 , 2016 , changes in fair value of fair value option liabilities related to changes in citigroup 2019s own credit spreads ( dva ) are reflected as a component of aoci . see note 1 to the consolidated financial statements for additional information . among other variables , the fair value of liabilities for which the fair value option has been elected ( other than non-recourse and similar liabilities ) is impacted by the narrowing or widening of the company 2019s credit spreads . the estimated changes in the fair value of these liabilities due to such changes in the company 2019s own credit spread ( or instrument-specific credit risk ) were a gain of $ 1415 million and a loss of $ 680 million for the years ended december 31 , 2018 and 2017 , respectively . changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the company 2019s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above . the fair value option for financial assets and financial liabilities selected portfolios of securities purchased under agreements to resell , securities borrowed , securities sold under agreements to repurchase , securities loaned and certain non-collateralized short-term borrowings the company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase , securities borrowed , securities loaned and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the united states , united kingdom and japan . in each case , the election was made because the related interest rate risk is managed on a portfolio basis , primarily with offsetting derivative instruments that are accounted for at fair value through earnings . changes in fair value for transactions in these portfolios are recorded in principal transactions . the related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as interest revenue and interest expense in the consolidated statement of income . certain loans and other credit products citigroup has also elected the fair value option for certain other originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s lending and trading businesses . none of these credit products are highly leveraged financing commitments . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments , such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company . the following table provides information about certain credit products carried at fair value: .
| | December 31, 2018 | December 31, 2017 |
| :--- | :--- | :--- |
| In millions of dollars | Trading assets | Loans | Trading assets | Loans |
| Carrying amount reported on the Consolidated Balance Sheet | $10,108 | $3,224 | $8,851 | $4,374 |
| Aggregate unpaid principal balance in excess of fair value | 435 | 741 | 623 | 682 |
| Balance of non-accrual loans or loans more than 90 days past due | — | 1 | — | 1 |
| Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | — | — | — | 1 |
in addition to the amounts reported above , $ 1137 million and $ 508 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of december 31 , 2018 and 2017 , respectively. .
| string | null | trading_assets_change = 10108 - 8851
answer = trading_assets_change |
what was the difference in percentage cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock versus the s&p 500 for the period ending 12/29/07? | 43.0499992371 | CodeFinQA | the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite index . the graph assumes that the value of the investment in our common stock , and in each index ( including reinvestment of dividends ) was $ 100 on december 28 , 2002 and tracks it through december 29 , 2007 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the s&p 500 index , the nasdaq composite index and the s&p information technology index 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including reinvestment of dividends . indexes calculated on month-end basis . copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc . all rights reserved . www.researchdatagroup.com/s&p.htm .
| | 12/28/02 | 1/3/04 | 1/1/05 | 12/31/05 | 12/30/06 | 12/29/07 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Cadence Design Systems, Inc. | 100.00 | 149.92 | 113.38 | 138.92 | 147.04 | 139.82 |
| S & P 500 | 100.00 | 128.68 | 142.69 | 149.70 | 173.34 | 182.87 |
| NASDAQ Composite | 100.00 | 149.75 | 164.64 | 168.60 | 187.83 | 205.22 |
| S & P Information Technology | 100.00 | 147.23 | 150.99 | 152.49 | 165.32 | 192.28 |
the stock price performance included in this graph is not necessarily indicative of future stock price performance .
| string | null | cadence_return = 139.82
cadence_investment = 100
cadence_return_percent = cadence_return / cadence_investment
s_and_p_500_return = 182.87
s_and_p_500_investment = 100
s_and_p_500_return_percent = s_and_p_500_return / s_and_p_500_investment
nasdaq_composite_return = 205.22
nasdaq_composite_investment = 100
nasdaq_composite_return_percent = nasdaq_composite_return / nasdaq_composite_investment
s_and_p_information_technology_return = 192.28
s_and_p_information_technology_investment = 100
s_and_p_information_technology_return_percent = s_and_p_information_technology_return / s_and_p_information_technology_investment
difference_in_returns = cadence_return_percent - s_and_p_500_return_percent
answer = difference_in_returns * 100 |
what would 2016 net revenue have been if it was impacted by the same higher other operation and maintenance expenses that impacted the prior year ( in millions ) ? | 1473.4000244141 | CodeFinQA | entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses . 2015 compared to 2014 net income decreased $ 47.1 million primarily due to higher other operation and maintenance expenses , partially offset by higher net revenue . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .
| | Amount (In Millions) |
| :--- | :--- |
| 2015 net revenue | $1,362.2 |
| Retail electric price | 161.5 |
| Other | (3.2) |
| 2016 net revenue | $1,520.5 |
the retail electric price variance is primarily due to an increase in base rates , as approved by the apsc . the new base rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 . the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 . a significant portion of the increase is related to the purchase of power block 2 of the union power station . see note 2 to the financial statements for further discussion of the rate case . see note 14 to the financial statements for further discussion of the union power station purchase. .
| string | null | net_revenue_2016 = 1520.5
other_expenses_2016 = 47.1
net_revenue_2016_with_other_expenses = net_revenue_2016 - other_expenses_2016
answer = net_revenue_2016_with_other_expenses |
what was the ratio of the average loan and lease receivables to the automobile origination volume | 1.5 | CodeFinQA | business-related metrics as of or for the year ended december 31 .
| (in billions, except ratios) | 2003 | 2002 | Change |
| :--- | :--- | :--- | :--- |
| Loan and lease receivables | $43.2 | $37.4 | 16% |
| Average loan and lease receivables | 41.7 | 31.7 | 32 |
| Automobile origination volume | 27.8 | 25.3 | 10 |
| Automobile market share | 6.1% | 5.7% | 40bp |
| 30+ day delinquency rate | 1.46 | 1.54 | (8) |
| Net charge-off ratio | 0.41 | 0.51 | (10) |
| Overhead ratio | 35 | 36 | (100) |
crb is the no . 1 bank in the new york tri-state area and a top five bank in texas ( both ranked by retail deposits ) , providing payment , liquidity , investment , insurance and credit products and services to three primary customer segments : small busi- ness , affluent and retail . within these segments , crb serves 326000 small businesses , 433000 affluent consumers and 2.6 million mass-market consumers . crb 2019s continued focus on expanding customer relationships resulted in a 14% ( 14 % ) increase in core deposits ( for this purpose , core deposits are total deposits less time deposits ) from december 31 , 2002 , and a 77% ( 77 % ) increase in the cross-sell of chase credit products over 2002 . in 2003 , mortgage and home equity originations through crb 2019s distribution channels were $ 3.4 billion and $ 4.7 billion , respectively . branch-originated credit cards totaled 77000 , contributing to 23% ( 23 % ) of crb customers holding chase credit cards . crb is compensated by cfs 2019s credit businesses for the home finance and credit card loans it origi- nates and does not retain these balances . chase regional banking while crb continues to position itself for growth , decreased deposit spreads related to the low-rate environment and increased credit costs resulted in an 80% ( 80 % ) decline in crb operating earnings from 2002 . this decrease was partly offset by an 8% ( 8 % ) increase in total average deposits . operating revenue of $ 2.6 billion decreased by 9% ( 9 % ) compared with 2002 . net interest income declined by 11% ( 11 % ) to $ 1.7 billion , primarily attributable to the lower interest rate environment . noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees , decreased debit card fees and one-time gains in 2002 . crb 2019s revenue does not include funding profits earned on its deposit base ; these amounts are included in the results of global treasury . operating expense of $ 2.4 billion increased by 7% ( 7 % ) from 2002 . the increase was primarily due to investments in technology within the branch network ; also contributing were higher compensation expenses related to increased staff levels and higher severance costs as a result of continued restructuring . this increase in operating caf is the largest u.s . bank originator of automobile loans and leases , with more than 2.9 million accounts . in 2003 , caf had a record number of automobile loan and lease originations , growing by 10% ( 10 % ) over 2002 to $ 27.8 billion . loan and lease receivables of $ 43.2 billion at december 31 , 2003 , were 16% ( 16 % ) higher than at the prior year-end . despite a challenging operating environment reflecting slightly declining new car sales in 2003 and increased competition , caf 2019s market share among automobile finance companies improved to 6.1% ( 6.1 % ) in 2003 from 5.7% ( 5.7 % ) in 2002 . the increase in market share was the result of strong organic growth and an origination strategy that allies the business with manufac- turers and dealers . caf 2019s relationships with several major car manufacturers contributed to 2003 growth , as did caf 2019s dealer relationships , which increased from approximately 12700 dealers in 2002 to approximately 13700 dealers in 2003 . in 2003 , operating earnings were $ 205 million , 23% ( 23 % ) higher compared with 2002 . the increase in earnings was driven by continued revenue growth and improved operating efficiency . in 2003 , caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million . net interest income grew by 33% ( 33 % ) compared with 2002 . the increase was driven by strong operating performance due to higher average loans and leases outstanding , reflecting continued strong origination volume and lower funding costs . operating expense of $ 292 million increased by 18% ( 18 % ) compared with 2002 . the increase in expenses was driven by higher average chase auto finance loans outstanding , higher origination volume and higher perform- ance-based incentives . caf 2019s overhead ratio improved from 36% ( 36 % ) in 2002 to 35% ( 35 % ) in 2003 , as a result of strong revenue growth , con- tinued productivity gains and disciplined expense management . credit costs increased 18% ( 18 % ) to $ 205 million , primarily reflecting a 32% ( 32 % ) increase in average loan and lease receivables . credit quality continued to be strong relative to 2002 , as evidenced by a lower net charge-off ratio and 30+ day delinquency rate . caf also comprises chase education finance , a top provider of government-guaranteed and private loans for higher education . loans are provided through a joint venture with sallie mae , a government-sponsored enterprise and the leader in funding and servicing education loans . chase education finance 2019s origination volume totaled $ 2.7 billion , an increase of 4% ( 4 % ) from last year . management 2019s discussion and analysis j.p . morgan chase & co . 42 j.p . morgan chase & co . / 2003 annual report .
| string | null | loan_and_lease_receivables = 41.7
automobile_origination_volume = 27.8
ratio = loan_and_lease_receivables / automobile_origination_volume
answer = ratio |
considering the contract terms of 15 years , what will be the total expense with the depreciation of the merchant gases segment?\\n | 360 | CodeFinQA | economic useful life is the duration of time an asset is expected to be productively employed by us , which may be less than its physical life . assumptions on the following factors , among others , affect the determination of estimated economic useful life : wear and tear , obsolescence , technical standards , contract life , market demand , competitive position , raw material availability , and geographic location . the estimated economic useful life of an asset is monitored to determine its appropriateness , especially in light of changed business circumstances . for example , changes in technology , changes in the estimated future demand for products , or excessive wear and tear may result in a shorter estimated useful life than originally anticipated . in these cases , we would depreciate the remaining net book value over the new estimated remaining life , thereby increasing depreciation expense per year on a prospective basis . likewise , if the estimated useful life is increased , the adjustment to the useful life decreases depreciation expense per year on a prospective basis . we have numerous long-term customer supply contracts , particularly in the gases on-site business within the tonnage gases segment . these contracts principally have initial contract terms of 15 to 20 years . there are also long-term customer supply contracts associated with the tonnage gases business within the electronics and performance materials segment . these contracts principally have initial terms of 10 to 15 years . additionally , we have several customer supply contracts within the equipment and energy segment with contract terms that are primarily five to 10 years . the depreciable lives of assets within this segment can be extended to 20 years for certain redeployable assets . depreciable lives of the production assets related to long-term contracts are matched to the contract lives . extensions to the contract term of supply frequently occur prior to the expiration of the initial term . as contract terms are extended , the depreciable life of the remaining net book value of the production assets is adjusted to match the new contract term , as long as it does not exceed the physical life of the asset . the depreciable lives of production facilities within the merchant gases segment are principally 15 years . customer contracts associated with products produced at these types of facilities typically have a much shorter term . the depreciable lives of production facilities within the electronics and performance materials segment , where there is not an associated long-term supply agreement , range from 10 to 15 years . these depreciable lives have been determined based on historical experience combined with judgment on future assumptions such as technological advances , potential obsolescence , competitors 2019 actions , etc . management monitors its assumptions and may potentially need to adjust depreciable life as circumstances change . a change in the depreciable life by one year for production facilities within the merchant gases and electronics and performance materials segments for which there is not an associated long-term customer supply agreement would impact annual depreciation expense as summarized below : decrease life by 1 year increase life by 1 year .
| | Decrease LifeBy 1 Year | Increase Life By 1 Year |
| :--- | :--- | :--- |
| Merchant Gases | $32 | $(24) |
| Electronics and Performance Materials | $12 | $(11) |
impairment of assets plant and equipment plant and equipment held for use is grouped for impairment testing at the lowest level for which there is identifiable cash flows . impairment testing of the asset group occurs whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable . such circumstances would include a significant decrease in the market value of a long-lived asset grouping , a significant adverse change in the manner in which the asset grouping is being used or in its physical condition , a history of operating or cash flow losses associated with the use of the asset grouping , or changes in the expected useful life of the long-lived assets . if such circumstances are determined to exist , an estimate of undiscounted future cash flows produced by that asset group is compared to the carrying value to determine whether impairment exists . if an asset group is determined to be impaired , the loss is measured based on the difference between the asset group 2019s fair value and its carrying value . an estimate of the asset group 2019s fair value is based on the discounted value of its estimated cash flows . assets to be disposed of by sale are reported at the lower of carrying amount or fair value less cost to sell . the assumptions underlying cash flow projections represent management 2019s best estimates at the time of the impairment review . factors that management must estimate include industry and market conditions , sales volume and prices , costs to produce , inflation , etc . changes in key assumptions or actual conditions that differ from estimates could result in an impairment charge . we use reasonable and supportable assumptions when performing .
| string | null | merchant_gases_depreciation_expense = 24 * 15
answer = merchant_gases_depreciation_expense |
what was the increase in gross margin percentage between 2012 compared to 2011? | 3.4000000954 | CodeFinQA | $ 43.3 million in 2011 compared to $ 34.1 million in 2010 . the retail segment represented 13% ( 13 % ) and 15% ( 15 % ) of the company 2019s total net sales in 2011 and 2010 , respectively . the retail segment 2019s operating income was $ 4.7 billion , $ 3.2 billion , and $ 2.3 billion during 2012 , 2011 , and 2010 respectively . these year-over-year increases in retail operating income were primarily attributable to higher overall net sales that resulted in significantly higher average revenue per store during the respective years . gross margin gross margin for 2012 , 2011 and 2010 are as follows ( in millions , except gross margin percentages ) : .
| | 2012 | 2011 | 2010 |
| :--- | :--- | :--- | :--- |
| Net sales | $156,508 | $108,249 | $65,225 |
| Cost of sales | 87,846 | 64,431 | 39,541 |
| Gross margin | $68,662 | $43,818 | $25,684 |
| Gross margin percentage | 43.9% | 40.5% | 39.4% |
the gross margin percentage in 2012 was 43.9% ( 43.9 % ) , compared to 40.5% ( 40.5 % ) in 2011 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs , a higher mix of iphone sales , and improved leverage on fixed costs from higher net sales . the increase in gross margin was partially offset by the impact of a stronger u.s . dollar . the gross margin percentage during the first half of 2012 was 45.9% ( 45.9 % ) compared to 41.4% ( 41.4 % ) during the second half of 2012 . the primary drivers of higher gross margin in the first half of 2012 compared to the second half are a higher mix of iphone sales and improved leverage on fixed costs from higher net sales . additionally , gross margin in the second half of 2012 was also affected by the introduction of new products with flat pricing that have higher cost structures and deliver greater value to customers , price reductions on certain existing products , higher transition costs associated with product launches , and continued strengthening of the u.s . dollar ; partially offset by lower commodity costs . the gross margin percentage in 2011 was 40.5% ( 40.5 % ) , compared to 39.4% ( 39.4 % ) in 2010 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs . the company expects to experience decreases in its gross margin percentage in future periods , as compared to levels achieved during 2012 , and the company anticipates gross margin of about 36% ( 36 % ) during the first quarter of 2013 . expected future declines in gross margin are largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to customers and anticipated component cost and other cost increases . future strengthening of the u.s . dollar could further negatively impact gross margin . the foregoing statements regarding the company 2019s expected gross margin percentage in future periods , including the first quarter of 2013 , are forward-looking and could differ from actual results because of several factors including , but not limited to those set forth above in part i , item 1a of this form 10-k under the heading 201crisk factors 201d and those described in this paragraph . in general , gross margins and margins on individual products will remain under downward pressure due to a variety of factors , including continued industry wide global product pricing pressures , increased competition , compressed product life cycles , product transitions and potential increases in the cost of components , as well as potential increases in the costs of outside manufacturing services and a potential shift in the company 2019s sales mix towards products with lower gross margins . in response to competitive pressures , the company expects it will continue to take product pricing actions , which would adversely affect gross margins . gross margins could also be affected by the company 2019s ability to manage product quality and warranty costs effectively 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 | gross_margin_2012 = 43.9
gross_margin_2011 = 40.5
difference = gross_margin_2012 - gross_margin_2011
answer = difference |
in 2008 what was the ratio of the reduction of the personal injury expense and asbestos-related costs to the environmental and toxic tort expenses | 11.6999998093 | CodeFinQA | compared to 2007 . we reduced personal injury expense by $ 80 million in 2007 as a result of fewer than expected claims and lower than expected average settlement costs . in 2008 , we reduced personal injury expense and asbestos-related costs $ 82 million based on the results of updated personal injury actuarial studies and a reassessment of our potential liability for resolution of current and future asbestos claims . in addition , environmental and toxic tort expenses were $ 7 million lower in 2008 compared to 2007 . other costs were lower in 2007 compared to 2006 driven primarily by a reduction in personal injury expense . actuarial studies completed during 2007 resulted in a reduction in personal injury expense of $ 80 million , which was partially offset by an adverse development with respect to one claim . settlement of insurance claims in 2007 related to hurricane rita , and higher equity income also drove expenses lower in 2007 versus 2006 . conversely , the year-over-year comparison was affected by the settlement of insurance claims totaling $ 23 million in 2006 related to the january 2005 west coast storm and a $ 9 million gain in 2006 from the sale of two company-owned airplanes . non-operating items millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .
| <i>Millions of Dollars</i> | 2008 | 2007 | 2006 | <i>% Change 2008 v 2007</i> | <i>% Change 2007 v 2006</i> |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Other income | $92 | $116 | $118 | (21)% | (2)% |
| Interest expense | (511) | (482) | (477) | 6 | 1 |
| Income taxes | (1,318) | (1,154) | (919) | 14 % | 26 % |
other income 2013 other income decreased in 2008 compared to 2007 due to lower gains from real estate sales and decreased returns on cash investments reflecting lower interest rates . higher rental and licensing income and lower interest expense on our sale of receivables program partially offset the decreases . lower net gains from non-operating asset sales ( primarily real estate ) drove the reduction in other income in 2007 . recognition of rental income in 2006 from the settlement of a rent dispute also contributed to the year-over-year decrease in other income . cash investment returns increased $ 21 million due to larger cash balances and higher interest rates . interest expense 2013 interest expense increased in 2008 versus 2007 due to a higher weighted-average debt level of $ 8.3 billion , compared to $ 7.3 billion in 2007 . a lower effective interest rate of 6.1% ( 6.1 % ) in 2008 , compared to 6.6% ( 6.6 % ) in 2007 , partially offset the effects of the higher weighted-average debt level . an increase in the weighted-average debt levels to $ 7.3 billion from $ 7.1 billion in 2006 generated higher interest expense in 2007 . a lower effective interest rate of 6.6% ( 6.6 % ) in 2007 , compared to 6.7% ( 6.7 % ) in 2006 , partially offset the effects of the higher debt level . income taxes 2013 income taxes were higher in 2008 compared to 2007 , driven by higher pre-tax income . our effective tax rates were 36.1% ( 36.1 % ) and 38.4% ( 38.4 % ) in 2008 and 2007 , respectively . the lower effective tax rate in 2008 resulted from several reductions in tax expense related to federal audits and state tax law changes . in addition , the effective tax rate in 2007 was increased by illinois legislation that increased deferred tax expense in the third quarter of 2007 . income taxes were $ 235 million higher in 2007 compared to 2006 , due primarily to higher pre-tax income and the effect of new tax legislation in the state of illinois that changed how we determine the amount of our income subject to illinois tax . the illinois legislation increased our deferred tax expense by $ 27 million in 2007 . our effective tax rates were 38.4% ( 38.4 % ) and 36.4% ( 36.4 % ) in 2007 and 2006 , respectively. .
| string | null | ratio = 82 / 7
answer = ratio |
what was the percentage change in the net earnings from 2005 to 2006 | 38.5999984741 | CodeFinQA | notes to five year summary ( a ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in management 2019s discussion and analysis of financial condition and results of operations ( md&a ) ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 214 million , $ 139 million after tax ( $ 0.31 per share ) . also includes a reduction in income tax expense of $ 62 million ( $ 0.14 per share ) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion ( eti ) tax benefits . these items increased earnings by $ 201 million after tax ( $ 0.45 per share ) . ( b ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0.25 per share ) . ( c ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0.34 per share ) . also includes a reduction in income tax expense resulting from the closure of an internal revenue service examination of $ 144 million ( $ 0.32 per share ) . these items reduced earnings by $ 10 million after tax ( $ 0.02 per share ) . ( d ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0.22 per share ) . ( e ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 1112 million , $ 632 million after tax ( $ 1.40 per share ) . ( f ) we define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) , after adjusting stockholders 2019 equity by adding back adjustments related to postretirement benefit plans . we believe that reporting roic provides investors with greater visibility into how effectively we use the capital invested in our operations . we use roic to evaluate multi-year investment decisions and as a long-term performance measure , and also use it as a factor in evaluating management performance under certain of our incentive compensation plans . roic is not a measure of financial performance under gaap , and may not be defined and calculated by other companies in the same manner . roic should not be considered in isolation or as an alternative to net earnings as an indicator of performance . we calculate roic as follows : ( in millions ) 2006 2005 2004 2003 2002 .
| <i>(In millions)</i> | 2006 | 2005 | 2004 | 2003 | 2002 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Net earnings | $2,529 | $1,825 | $1,266 | $1,053 | $500 |
| Interest expense (multiplied by 65%)<sup>1</sup> | 235 | 241 | 276 | 317 | 378 |
| Return | $2,764 | $2,066 | $1,542 | $1,370 | $878 |
| Average debt<sup>2, 5</sup> | $4,727 | $5,077 | $5,932 | $6,612 | $7,491 |
| Average equity<sup>3, 5</sup> | 7,686 | 7,590 | 7,015 | 6,170 | 6,853 |
| Average benefit plan adjustments<sup>3, 4,5</sup> | 2,006 | 1,545 | 1,296 | 1,504 | 341 |
| Average invested capital | $14,419 | $14,212 | $14,243 | $14,286 | $14,685 |
| Return on invested capital | 19.2% | 14.5% | 10.8% | 9.6% | 6.0% |
1 represents after-tax interest expense utilizing the federal statutory rate of 35% ( 35 % ) . 2 debt consists of long-term debt , including current maturities , and short-term borrowings ( if any ) . 3 equity includes non-cash adjustments , primarily for the additional minimum pension liability in all years and the adoption of fas 158 in 2006 . 4 average benefit plan adjustments reflect the cumulative value of entries identified in our statement of stockholders equity under the captions 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability . 201d the annual benefit plan adjustments to equity were : 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million ; 2003 = $ 331 million ; and 2002 = ( $ 1537 ) million . as these entries are recorded in the fourth quarter , the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% ( 20 % ) of the current year entry value . 5 yearly averages are calculated using balances at the start of the year and at the end of each quarter. .
| string | null | net_earnings_2006 = 2529
net_earnings_2005 = 1825
change = net_earnings_2006 - net_earnings_2005
percent_change = change / net_earnings_2005
answer = percent_change * 100 |
in 2006 what was the percent of the capital structure of total debt that was current portion of long-term debt | 35.2000007629 | 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 | current_portion_long_term_debt = 2131
total_debt = 6049
percent_current_portion_long_term_debt = current_portion_long_term_debt / total_debt
answer = percent_current_portion_long_term_debt * 100 |
in 2018 review of the net derivative receivable what was the ratio of the total net of cash collateral to the liquid securities and other cash collateral held against derivative receivables | 3.5399999619 | CodeFinQA | jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients . the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts . most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring . in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements . for further information on wholesale lending-related commitments , refer to note 27 . clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts . through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps . where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement . for further discussion of clearing services , refer to note 27 . derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities . the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables . the firm also uses derivative instruments to manage its own credit and other market risk exposure . the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed . for otc derivatives the firm is exposed to the credit risk of the derivative counterparty . for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp . where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements . for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 . the following table summarizes the net derivative receivables for the periods presented . derivative receivables .
| December 31, (in millions) | 2018 | 2017 |
| :--- | :--- | :--- |
| Total, net of cash collateral | $54,213 | $56,523 |
| Liquid securities and other cash collateral held against derivative receivables<sup>(a)</sup> | (15,322) | (16,108) |
| Total, net of all collateral | $38,891 | $40,415 |
( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements . the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively . derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm . however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s . government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor . in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date . although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor . the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit . for additional information on the firm 2019s use of collateral agreements , refer to note 5 . 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 represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction . peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management . dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .
| string | null | collateral_2018 = 54213
collateral_2017 = 15322
ratio = collateral_2018 / collateral_2017
answer = ratio |
in 2015 what was the ratio of the unrecognized prior service cost to the income | 0.1270000041 | CodeFinQA | loss on the contract may be recorded , if necessary , and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date . in connection with our long-term outsourcing service agreements , highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on our systems and operating processes . for outsourcing services sold separately or accounted for as a separate unit of accounting , specific , incremental and direct costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized . deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue . pensions we sponsor defined benefit pension plans throughout the world . our most significant plans are located in the u.s. , the u.k. , the netherlands and canada . our significant u.s. , u.k. , netherlands and canadian pension plans are closed to new entrants . we have ceased crediting future benefits relating to salary and service for our u.s. , u.k. , netherlands and canadian plans to the extent statutorily permitted . in 2016 , we estimate pension and post-retirement net periodic benefit cost for major plans to increase by $ 15 million to a benefit of approximately $ 54 million . the increase in the benefit is primarily due to a change in our approach to measuring service and interest cost . effective december 31 , 2015 and for 2016 expense , we have elected to utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension and post-retirement benefit cost for our major pension and other post-retirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows . in 2015 and prior years , we estimated these components of net periodic pension and post-retirement benefit cost by applying a single weighted-average discount rate , derived from the yield curve used to measure the benefit obligation at the beginning of the period . we have made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs . this change does not affect the measurement of the projected benefit obligation as the change in the service cost and interest cost is completely offset in the actuarial ( gain ) loss recorded in other comprehensive income . we accounted for this change as a change in estimate and , accordingly , will account for it prospectively . recognition of gains and losses and prior service certain changes in the value of the obligation and in the value of plan assets , which may occur due to various factors such as changes in the discount rate and actuarial assumptions , actual demographic experience and/or plan asset performance are not immediately recognized in net income . such changes are recognized in other comprehensive income and are amortized into net income as part of the net periodic benefit cost . unrecognized gains and losses that have been deferred in other comprehensive income , as previously described , are amortized into compensation and benefits expense as a component of periodic pension expense based on the average life expectancy of the u.s. , the netherlands , canada , and u.k . plan members . we amortize any prior service expense or credits that arise as a result of plan changes over a period consistent with the amortization of gains and losses . as of december 31 , 2015 , our pension plans have deferred losses that have not yet been recognized through income in the consolidated financial statements . we amortize unrecognized actuarial losses outside of a corridor , which is defined as 10% ( 10 % ) of the greater of market-related value of plan assets or projected benefit obligation . to the extent not offset by future gains , incremental amortization as calculated above will continue to affect future pension expense similarly until fully amortized . the following table discloses our unrecognized actuarial gains and losses , the number of years over which we are amortizing the experience loss , and the estimated 2016 amortization of loss by country ( amounts in millions ) : .
| | U.K. | U.S. | Other |
| :--- | :--- | :--- | :--- |
| Unrecognized actuarial gains and losses | $1,511 | $1,732 | $382 |
| Amortization period (in years) | 10 - 32 | 7 - 28 | 15 - 41 |
| Estimated 2016 amortization of loss | $37 | $52 | $10 |
the unrecognized prior service cost ( income ) at december 31 , 2015 was $ 9 million , $ 46 million , and $ ( 7 ) million in the u.s. , u.k . and other plans , respectively . for the u.s . pension plans we use a market-related valuation of assets approach to determine the expected return on assets , which is a component of net periodic benefit cost recognized in the consolidated statements of income . this approach .
| string | null | income_2015 = 9 + 46
ratio = 7 / income_2015
answer = ratio |
considering the years 2013 and 2012 , what is the variation observed in the expected return on plan assets , in millions? | 127 | CodeFinQA | 13 . pension and other postretirement benefit plans the company has defined benefit pension plans covering eligible employees in the united states and in certain of its international subsidiaries . as a result of plan design changes approved in 2011 , beginning on january 1 , 2013 , active participants in merck 2019s primary u.s . defined benefit pension plans are accruing pension benefits using new cash balance formulas based on age , service , pay and interest . however , during a transition period from january 1 , 2013 through december 31 , 2019 , participants will earn the greater of the benefit as calculated under the employee 2019s legacy final average pay formula or their new cash balance formula . for all years of service after december 31 , 2019 , participants will earn future benefits under only the cash balance formula . in addition , the company provides medical benefits , principally to its eligible u.s . retirees and their dependents , through its other postretirement benefit plans . the company uses december 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans . net periodic benefit cost the net periodic benefit cost for pension and other postretirement benefit plans consisted of the following components: .
| | Pension Benefits | Other Postretirement Benefits |
| :--- | :--- | :--- |
| Years Ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 |
| Service cost | $682 | $555 | $619 | $102 | $82 | $110 |
| Interest cost | 665 | 661 | 718 | 107 | 121 | 141 |
| Expected return on plan assets | (1,097) | (970) | (972) | (126) | (136) | (142) |
| Net amortization | 336 | 185 | 201 | (50) | (35) | (17) |
| Termination benefits | 58 | 27 | 59 | 50 | 18 | 29 |
| Curtailments | (23) | (10) | (86) | (11) | (7) | 1 |
| Settlements | 23 | 18 | 4 | — | — | — |
| Net periodic benefit cost | $644 | $466 | $543 | $72 | $43 | $122 |
the increase in net periodic benefit cost for pension and other postretirement benefit plans in 2013 as compared with 2012 is largely attributable to a change in the discount rate . the net periodic benefit cost attributable to u.s . pension plans included in the above table was $ 348 million in 2013 , $ 268 million in 2012 and $ 406 million in in connection with restructuring actions ( see note 3 ) , termination charges were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans related to expanded eligibility for certain employees exiting merck . also , in connection with these restructuring activities , curtailments were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans . in addition , settlements were recorded in 2013 , 2012 and 2011 on certain domestic and international pension plans . table of contents .
| string | null | expected_return_2013 = 1097
expected_return_2012 = 970
answer = expected_return_2013 - expected_return_2012 |
what were the average number of weighted average common shares outstanding for diluted computations in millions from 2014 to 2016? | 313.3999938965 | CodeFinQA | benefits as an increase to earnings of $ 152 million ( $ 0.50 per share ) during the year ended december 31 , 2016 . additionally , we recognized additional income tax benefits as an increase to operating cash flows of $ 152 million during the year ended december 31 , 2016 . the new accounting standard did not impact any periods prior to january 1 , 2016 , as we applied the changes in the asu on a prospective basis . in september 2015 , the fasb issued asu no . 2015-16 , business combinations ( topic 805 ) , which 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 asu on january 1 , 2016 and are prospectively applying the asu to business combination adjustments identified after the date of adoption . in november 2015 , the fasb issued asu no . 2015-17 , income taxes ( topic 740 ) , which 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 . we applied the provisions of the asu retrospectively and reclassified approximately $ 1.6 billion from current to noncurrent assets and approximately $ 140 million from current to noncurrent liabilities in our consolidated balance sheet as of december 31 , 2015 . 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 ) : .
| | 2016 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Weighted average common shares outstanding for basic computations | 299.3 | 310.3 | 316.8 |
| Weighted average dilutive effect of equity awards | 3.8 | 4.4 | 5.6 |
| Weighted average common shares outstanding for dilutedcomputations | 303.1 | 314.7 | 322.4 |
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 . there were no anti-dilutive equity awards for the years ended december 31 , 2016 , 2015 and 2014 . note 3 2013 acquisitions and divestitures acquisitions acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky aircraft corporation and certain affiliated companies ( collectively 201csikorsky 201d ) from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries . the purchase price of the acquisition was $ 9.0 billion , net of cash acquired . as a result of the acquisition , sikorsky became a wholly- owned subsidiary of ours . sikorsky is a global company primarily engaged in the research , design , development , manufacture and support of military and commercial helicopters . sikorsky 2019s products include military helicopters such as the black hawk , seahawk , ch-53k , h-92 ; and commercial helicopters such as the s-76 and s-92 . the acquisition enables us to extend our core business into the military and commercial rotary wing markets , allowing us to strengthen our position in the aerospace and defense industry . further , this acquisition will expand our presence in commercial and international markets . sikorsky has been aligned under our rms business segment . to fund the $ 9.0 billion acquisition price , we utilized $ 6.0 billion of proceeds borrowed under a temporary 364-day revolving credit facility ( the 364-day facility ) , $ 2.0 billion of cash on hand and $ 1.0 billion from the issuance of commercial paper . in the fourth quarter of 2015 , we repaid all outstanding borrowings under the 364-day facility with the proceeds from the issuance of $ 7.0 billion of fixed interest-rate long-term notes in a public offering ( the november 2015 notes ) . in the fourth quarter of 2015 , we also repaid the $ 1.0 billion in commercial paper borrowings ( see 201cnote 10 2013 debt 201d ) . .
| string | null | table_row = [303.1, 314.7, 322.4] # row labeled weighted average common shares outstanding for dilutedcomputations
a = sum(table_row)/len(table_row) |
what portion of total rent obligations will be paid-off through sublease rental income? | 8.6000003815 | CodeFinQA | future minimum lease commitments for office premises and equipment under non-cancelable leases , along with minimum sublease rental income to be received under non-cancelable subleases , are as follows : period rent obligations sublease rental income net rent .
| Period | Rent Obligations | Sublease Rental Income | Net Rent |
| :--- | :--- | :--- | :--- |
| 2008 | $323.9 | $(40.9) | $283.0 |
| 2009 | 300.9 | (37.5) | 263.4 |
| 2010 | 267.7 | (31.0) | 236.7 |
| 2011 | 233.7 | (25.7) | 208.0 |
| 2012 | 197.9 | (20.2) | 177.7 |
| 2013 and thereafter | 871.0 | (33.1) | 837.9 |
| Total | $2,195.1 | $(188.4) | $2,006.7 |
guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 327.1 and $ 327.9 as of december 31 , 2007 and 2006 , 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 , 2007 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options , in the event of exercise at the earliest exercise date . all payments are contingent upon achieving projected operating performance targets and satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) .
| string | null | sublease_rental_income_2013 = 188.4
rent_obligations_total = 2195.1
percent_rent_obligations = sublease_rental_income_2013 / rent_obligations_total
answer = percent_rent_obligations * 100 |
in shares in thousands , for the non-vested incentive/ performance unit shares , what was the change in balance between december 31 2013 and december 31 2014? | 190 | CodeFinQA | to determine stock-based compensation expense , the grant date fair value is applied to the options granted with a reduction for estimated forfeitures . we recognize compensation expense for stock options on a straight-line basis over the specified vesting period . at december 31 , 2013 and 2012 , options for 10204000 and 12759000 shares of common stock were exercisable at a weighted-average price of $ 89.46 and $ 90.86 , respectively . the total intrinsic value of options exercised during 2014 , 2013 and 2012 was $ 90 million , $ 86 million and $ 37 million , respectively . cash received from option exercises under all incentive plans for 2014 , 2013 and 2012 was approximately $ 215 million , $ 208 million and $ 118 million , respectively . the tax benefit realized from option exercises under all incentive plans for 2014 , 2013 and 2012 was approximately $ 33 million , $ 31 million and $ 14 million , respectively . shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 17997353 at december 31 , 2014 . total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 19017057 shares at december 31 , 2014 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below . during 2014 , we issued approximately 2.4 million shares from treasury stock in connection with stock option exercise activity . as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises . awards granted to non-employee directors in 2014 , 2013 and 2012 include 21490 , 27076 and 25620 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan . a deferred stock unit is a phantom share of our common stock , which is accounted for as a liability until such awards are paid to the participants in cash . as there are no vesting or service requirements on these awards , total compensation expense is recognized in full for these awards on the date of grant . incentive/performance unit share awards and restricted stock/share unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/share unit awards is initially determined based on prices not less than the market value of our common stock on the date of grant . the value of certain incentive/performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals . the personnel and compensation committee ( 201cp&cc 201d ) of the board of directors approves the final award payout with respect to certain incentive/performance unit share awards . these awards have either a three-year or a four-year performance period and are payable in either stock or a combination of stock and cash . restricted stock/share unit awards have various vesting periods generally ranging from 3 years to 5 years . beginning in 2013 , we incorporated several enhanced risk- related performance changes to certain long-term incentive compensation programs . in addition to achieving certain financial performance metrics on both an absolute basis and relative to our peers , final payout amounts will be subject to reduction if pnc fails to meet certain risk-related performance metrics as specified in the award agreements . however , the p&cc has the discretion to waive any or all of this reduction under certain circumstances . the weighted-average grant date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2014 , 2013 and 2012 was $ 80.79 , $ 64.77 and $ 60.68 per share , respectively . the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2014 , 2013 and 2012 was approximately $ 119 million , $ 63 million and $ 55 million , respectively . we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program . table 121 : nonvested incentive/performance unit share awards and restricted stock/share unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average grant date fair value nonvested restricted stock/ weighted- average grant date fair value .
| Shares in thousands | Nonvested Incentive/ Performance Unit Shares | Weighted-AverageGrant DateFair Value | Nonvested Restricted Stock/ Share Units | Weighted-AverageGrant DateFair Value |
| :--- | :--- | :--- | :--- | :--- |
| December 31, 2013 | 1,647 | $63.49 | 3,483 | $62.70 |
| Granted | 723 | 79.90 | 1,276 | 81.29 |
| Vested/Released | (513) | 63.64 | (962) | 62.32 |
| Forfeited | (20) | 69.18 | (145) | 69.44 |
| December 31, 2014 | 1,837 | $69.84 | 3,652 | $69.03 |
the pnc financial services group , inc . 2013 form 10-k 185 .
| string | null | shares_granted = 1837
shares_at_beginning = 1647
answer = shares_granted - shares_at_beginning |
how much is the goodwill worth in 2016 if the intangible assets are worth $ 31.1 million? | 63.0999984741 | CodeFinQA | note 4 - goodwill and other intangible assets : goodwill the company had approximately $ 93.2 million and $ 94.4 million of goodwill at december 30 , 2017 and december 31 , 2016 , respectively . the changes in the carrying amount of goodwill for the years ended december 30 , 2017 and december 31 , 2016 are as follows ( in thousands ) : .
| | 2017 | 2016 |
| :--- | :--- | :--- |
| Balance, beginning of year | $94,417 | $10,258 |
| Goodwill acquired as part of acquisition | — | 84,159 |
| Working capital settlement | (1,225) | — |
| Impairment loss | — | — |
| Balance, end of year | $93,192 | $94,417 |
goodwill is allocated to each identified reporting unit , which is defined as an operating segment or one level below the operating segment . goodwill is not amortized , but is evaluated for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable . the company completes its impairment evaluation by performing valuation analyses and considering other publicly available market information , as appropriate . the test used to identify the potential for goodwill impairment compares the fair value of a reporting unit with its carrying value . an impairment charge would be recorded to the company 2019s operations for the amount , if any , in which the carrying value exceeds the fair value . in the fourth quarter of fiscal 2017 , the company completed its annual impairment testing of goodwill and no impairment was identified . the company determined that the fair value of each reporting unit ( including goodwill ) was in excess of the carrying value of the respective reporting unit . in reaching this conclusion , the fair value of each reporting unit was determined based on either a market or an income approach . under the market approach , the fair value is based on observed market data . other intangible assets the company had approximately $ 31.3 million of intangible assets other than goodwill at december 30 , 2017 and december 31 , 2016 . the intangible asset balance represents the estimated fair value of the petsense tradename , which is not subject to amortization as it has an indefinite useful life on the basis that it is expected to contribute cash flows beyond the foreseeable horizon . with respect to intangible assets , we evaluate for impairment annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable . we recognize an impairment loss only if the carrying amount is not recoverable through its discounted cash flows and measure the impairment loss based on the difference between the carrying value and fair value . in the fourth quarter of fiscal 2017 , the company completed its annual impairment testing of intangible assets and no impairment was identified. .
| string | null | goodwill = 94.4
intangible_assets = 31.3
answer = goodwill - intangible_assets |
in 2013 , what percent of net cash from operations is retained as cash flow? | 64.75 | CodeFinQA | general market conditions affecting trust asset performance , future discount rates based on average yields of high quality corporate bonds and our decisions regarding certain elective provisions of the we currently project that we will make total u.s . and foreign benefit plan contributions in 2014 of approximately $ 57 million . actual 2014 contributions could be different from our current projections , as influenced by our decision to undertake discretionary funding of our benefit trusts versus other competing investment priorities , future changes in government requirements , trust asset performance , renewals of union contracts , or higher-than-expected health care claims cost experience . 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) | 2013 | 2012 | 2011 |
| :--- | :--- | :--- | :--- |
| Net cash provided by operating activities | $1,807 | $1,758 | $1,595 |
| Additions to properties | (637) | (533) | (594) |
| Cash flow | $1,170 | $1,225 | $1,001 |
| <i>year-over-year change</i> | (4.5)% | 22.4% | |
year-over-year change ( 4.5 ) % ( % ) 22.4% ( 22.4 % ) the decrease in cash flow ( as defined ) in 2013 compared to 2012 was due primarily to higher capital expenditures . the increase in cash flow in 2012 compared to 2011 was driven by improved performance in working capital resulting from the one-time 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 2013 amounted to $ 641 million , a decrease of $ 2604 million compared with 2012 primarily attributable to the $ 2668 million acquisition of pringles in 2012 . capital spending in 2013 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 $ 3245 million in 2012 increased by $ 2658 million compared with 2011 , due to the acquisition of pringles in 2012 . cash paid for additions to properties as a percentage of net sales has increased to 4.3% ( 4.3 % ) in 2013 , from 3.8% ( 3.8 % ) in 2012 , which was a decrease from 4.5% ( 4.5 % ) in financing activities our net cash used by financing activities was $ 1141 million for 2013 , compared to net cash provided by financing activities of $ 1317 million for 2012 and net cash used in financing activities of $ 957 million for 2011 . the increase in cash provided from financing activities in 2012 compared to 2013 and 2011 , was primarily due to the issuance of debt related to the acquisition of pringles . total debt was $ 7.4 billion at year-end 2013 and $ 7.9 billion at year-end 2012 . 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 , resulting in aggregate net proceeds after debt discount of $ 645 million . the proceeds from these notes were 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 . 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 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 . 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. .
| string | null | cash_flow_retention = 1170
cash_flow_provided = 1807
answer = cash_flow_retention / cash_flow_provided * 100 |
what is the annual cash flow cost of the cc series preferred stock , in m? | 60.0999984741 | CodeFinQA | jpmorgan chase & co./2017 annual report 89 the table below reflects the firm 2019s assessed level of capital allocated to each line of business as of the dates indicated . line of business equity ( allocated capital ) .
| | | December 31, |
| :--- | :--- | :--- |
| (in billions) | January 1,2018 | 2017 | 2016 |
| Consumer & Community Banking | $51.0 | $51.0 | $51.0 |
| Corporate & Investment Bank | 70.0 | 70.0 | 64.0 |
| Commercial Banking | 20.0 | 20.0 | 16.0 |
| Asset & Wealth Management | 9.0 | 9.0 | 9.0 |
| Corporate | 79.6 | 79.6 | 88.1 |
| Total common stockholders’ equity | $229.6 | $229.6 | $228.1 |
planning and stress testing comprehensive capital analysis and review the federal reserve requires large bank holding companies , including the firm , to submit a capital plan on an annual basis . the federal reserve uses the ccar and dodd-frank act stress test processes to ensure that large bhcs have sufficient capital during periods of economic and financial stress , and have robust , forward-looking capital assessment and planning processes in place that address each bhc 2019s unique risks to enable it to absorb losses under certain stress scenarios . through the ccar , the federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) , as well as its plans to make capital distributions , such as dividend payments or stock repurchases . on june 28 , 2017 , the federal reserve informed the firm that it did not object , on either a quantitative or qualitative basis , to the firm 2019s 2017 capital plan . for information on actions taken by the firm 2019s board of directors following the 2017 ccar results , see capital actions on pages 89-90 . the firm 2019s ccar process is integrated into and employs the same methodologies utilized in the firm 2019s icaap process , as discussed below . internal capital adequacy assessment process semiannually , the firm completes the icaap , which provides management with a view of the impact of severe and unexpected events on earnings , balance sheet positions , reserves and capital . the firm 2019s icaap integrates stress testing protocols with capital planning . the process assesses the potential impact of alternative economic and business scenarios on the firm 2019s earnings and capital . economic scenarios , and the parameters underlying those scenarios , are defined centrally and applied uniformly across the businesses . these scenarios are articulated in terms of macroeconomic factors , which are key drivers of business results ; global market shocks , which generate short-term but severe trading losses ; and idiosyncratic operational risk events . the scenarios are intended to capture and stress key vulnerabilities and idiosyncratic risks facing the firm . however , when defining a broad range of scenarios , actual events can always be worse . accordingly , management considers additional stresses outside these scenarios , as necessary . icaap results are reviewed by management and the audit committee . capital actions preferred stock preferred stock dividends declared were $ 1.7 billion for the year ended december 31 , 2017 . on october 20 , 2017 , the firm issued $ 1.3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc , with an initial dividend rate of 4.625% ( 4.625 % ) . on december 1 , 2017 , the firm redeemed all $ 1.3 billion of its outstanding 5.50% ( 5.50 % ) non-cumulative preferred stock , series o . for additional information on the firm 2019s preferred stock , see note 20 . trust preferred securities on december 18 , 2017 , the delaware trusts that issued seven series of outstanding trust preferred securities were liquidated , $ 1.6 billion of trust preferred and $ 56 million of common securities originally issued by those trusts were cancelled , and the junior subordinated debentures previously held by each trust issuer were distributed pro rata to the holders of the corresponding series of trust preferred and common securities . the firm redeemed $ 1.6 billion of trust preferred securities in the year ended december 31 , 2016 . common stock dividends the firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook , desired dividend payout ratio , capital objectives , and alternative investment opportunities . on september 19 , 2017 , the firm announced that its board of directors increased the quarterly common stock dividend to $ 0.56 per share , effective with the dividend paid on october 31 , 2017 . the firm 2019s dividends are subject to the board of directors 2019 approval on a quarterly basis . for information regarding dividend restrictions , see note 20 and note 25. .
| string | null | dividend_rate = 0.04625
shares_issued = 1.3
dividend_paid = shares_issued * dividend_rate
dividend_paid_in_m = dividend_paid * 1000
answer = dividend_paid_in_m |
what is the average weighted average useful life ( years ) for trademarks and acquired rights to use technology? | 8 | CodeFinQA | adobe systems incorporated notes to consolidated financial statements ( continued ) we review our goodwill for impairment annually , or more frequently , if facts and circumstances warrant a review . we completed our annual impairment test in the second quarter of fiscal 2013 . we elected to use the step 1 quantitative assessment for our three reporting units 2014digital media , digital marketing and print and publishing 2014and determined that there was no impairment of goodwill . there is no significant risk of material goodwill impairment in any of our reporting units , based upon the results of our annual goodwill impairment test . we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists . we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable . when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows . if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets . we did not recognize any intangible asset impairment charges in fiscal 2013 , 2012 or 2011 . our intangible assets are amortized over their estimated useful lives of 1 to 14 years . amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent . the weighted average useful lives of our intangible assets were as follows : weighted average useful life ( years ) .
| | Weighted AverageUseful Life (years) |
| :--- | :--- |
| Purchased technology | 6 |
| Customer contracts and relationships | 10 |
| Trademarks | 8 |
| Acquired rights to use technology | 8 |
| Localization | 1 |
| Other intangibles | 3 |
software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate . amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed . to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material . internal use software we capitalize costs associated with customized internal-use software systems that have reached the application development stage . such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees , who are directly associated with the development of the applications . capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose . income taxes we use the asset and liability method of accounting for income taxes . under this method , income tax expense is recognized for the amount of taxes payable or refundable for the current year . in addition , deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities , and for operating losses and tax credit carryforwards . we record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. .
| string | null | trademarks_weighted_average_useful_life = 8
acquired_rights_to_use_technology_weighted_average_useful_life = 8
average_weighted_average_useful_life = (trademarks_weighted_average_useful_life + acquired_rights_to_use_technology_weighted_average_useful_life) / 2
answer = average_weighted_average_useful_life |
what is the cumulative three year return on net sales for discontinued operations? | 19 | CodeFinQA | 74 2012 ppg annual report and form 10-k 25 . separation and merger transaction on january , 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax efficient reverse morris trust transaction ( the 201ctransaction 201d ) . pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , is now a wholly-owned subsidiary of georgia gulf . the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions . the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) . ppg holds no ownership interest in axiall . ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders . under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer . following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock . accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange . ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) . under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above . the cash consideration is subject to customary post-closing adjustment , including a working capital adjustment . in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall . ppg will report a gain on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business . the transaction will also result in a net partial settlement loss associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction . during 2012 , the company incurred $ 21 million of pretax expense , primarily for professional services , related to the transaction . additional transaction-related expenses will be incurred in 2013 . ppg will report the results of its commodity chemicals business for january 2013 and a net gain on the transaction as results from discontinued operations when it reports its results for the quarter ending march 31 , 2013 . in the ppg results for prior periods , presented for comparative purposes beginning with the first quarter 2013 , the results of its former commodity chemicals business will be reclassified from continuing operations and presented as the results from discontinued operations . the net sales and income before income taxes of the commodity chemicals business that will be reclassified and reported as discontinued operations are presented in the table below for the years ended december 31 , 2012 , 2011 and 2010: .
| | Year-ended |
| :--- | :--- |
| Millions | 2012 | 2011 | 2010 |
| Net sales | $1,700 | $1,741 | $1,441 |
| Income before income taxes | $368 | $376 | $187 |
income before income taxes for the year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower , respectively , than segment earnings for the ppg commodity chemicals segment reported for these periods . these differences are due to the inclusion of certain gains , losses and expenses associated with the chlor-alkali and derivatives business that were not reported in the ppg commodity chemicals segment earnings in accordance with the accounting guidance on segment reporting . table of contents notes to the consolidated financial statements .
| string | null | table_row = [368, 376, 187] # row labeled income before income taxes
a = sum(table_row)
table_row = [1700, 1741, 1441] # row labeled net sales
b = sum(table_row)
c = a / b * 100 |
what was the average ending balance of oci in millions? | 806.700012207 | CodeFinQA | table of contents the aggregate changes in the balance of gross unrecognized tax benefits , which excludes interest and penalties , for the three years ended september 25 , 2010 , is as follows ( in millions ) : the company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes . as of september 25 , 2010 and september 26 , 2009 , the total amount of gross interest and penalties accrued was $ 247 million and $ 291 million , respectively , which is classified as non-current liabilities in the consolidated balance sheets . in 2010 and 2009 , the company recognized an interest benefit of $ 43 million and interest expense of $ 64 million , respectively , in connection with tax matters . the company is subject to taxation and files income tax returns in the u.s . federal jurisdiction and in many state and foreign jurisdictions . for u.s . federal income tax purposes , all years prior to 2004 are closed . the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments . the company has contested certain of these adjustments through the irs appeals office . the irs is currently examining the years 2007 through 2009 . during the third quarter of 2010 , the company reached a tax settlement with the irs for the years 2002 through 2003 . in connection with the settlement , the company reduced its gross unrecognized tax benefits by $ 100 million and recognized a $ 52 million tax benefit in the third quarter of 2010 . in addition , the company is also subject to audits by state , local and foreign tax authorities . in major states and major foreign jurisdictions , the years subsequent to 1988 and 2001 , respectively , generally remain open and could be subject to examination by the taxing authorities . management believes that an adequate provision has been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . although timing of the resolution and/or closure of audits is not certain , the company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months . note 7 2013 shareholders 2019 equity and stock-based compensation preferred stock the company has five million shares of authorized preferred stock , none of which is issued or outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock . comprehensive income comprehensive income consists of two components , net income and other comprehensive income . other comprehensive income refers to revenue , expenses , gains and losses that under gaap are recorded as an element of shareholders 2019 equity but are excluded from net income . the company 2019s other comprehensive income consists .
| | 2010 | 2009 | 2008 |
| :--- | :--- | :--- | :--- |
| Beginning Balance | $971 | 506 | $475 |
| Increases related to tax positions taken during a prior year | 61 | 341 | 27 |
| Decreases related to tax positions taken during a prior year | (224) | (24) | (70) |
| Increases related to tax positions taken during the current year | 240 | 151 | 85 |
| Decreases related to settlements with taxing authorities | (102) | 0 | 0 |
| Decreases related to expiration of statute of limitations | (3) | (3) | (11) |
| Ending Balance | $943 | $971 | $506 |
.
| string | null | table_row = [943, 971, 506] # row labeled ending balance
a = sum(table_row)/len(table_row) |
for the year ended december 2013 in billions , what was the balance of cash and cash equivalents? | 54.0699996948 | CodeFinQA | management 2019s discussion and analysis we believe our credit ratings are primarily based on the credit rating agencies 2019 assessment of : 2030 our liquidity , market , credit and operational risk management practices ; 2030 the level and variability of our earnings ; 2030 our capital base ; 2030 our franchise , reputation and management ; 2030 our corporate governance ; and 2030 the external operating environment , including , in some cases , the assumed level of government or other systemic support . certain of our derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings . we assess the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies . a downgrade by any one rating agency , depending on the agency 2019s relative ratings of us at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies . we allocate a portion of our gcla to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings , as well as collateral that has not been called by counterparties , but is available to them . the table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings. .
| | As of December |
| :--- | :--- |
| <i>$ in millions</i> | 2014 | 2013 |
| Additional collateral or termination payments for a one-notch downgrade | $1,072 | $ 911 |
| Additional collateral or termination payments for a two-notch downgrade | 2,815 | 2,989 |
$ in millions 2014 2013 additional collateral or termination payments for a one-notch downgrade $ 1072 $ 911 additional collateral or termination payments for a two-notch downgrade 2815 2989 cash flows as a global financial institution , our cash flows are complex and bear little relation to our net earnings and net assets . consequently , we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the liquidity and asset-liability management policies described above . cash flow analysis may , however , be helpful in highlighting certain macro trends and strategic initiatives in our businesses . year ended december 2014 . our cash and cash equivalents decreased by $ 3.53 billion to $ 57.60 billion at the end of 2014 . we used $ 22.53 billion in net cash for operating and investing activities , which reflects an initiative to reduce our balance sheet , and the funding of loans receivable . we generated $ 19.00 billion in net cash from financing activities from an increase in bank deposits and net proceeds from issuances of unsecured long-term borrowings , partially offset by repurchases of common stock . year ended december 2013 . our cash and cash equivalents decreased by $ 11.54 billion to $ 61.13 billion at the end of 2013 . we generated $ 4.54 billion in net cash from operating activities . we used net cash of $ 16.08 billion for investing and financing activities , primarily to fund loans receivable and repurchases of common stock . year ended december 2012 . our cash and cash equivalents increased by $ 16.66 billion to $ 72.67 billion at the end of 2012 . we generated $ 9.14 billion in net cash from operating and investing activities . we generated $ 7.52 billion in net cash from financing activities from an increase in bank deposits , partially offset by net repayments of unsecured and secured long-term borrowings . 78 goldman sachs 2014 annual report .
| string | null | a = 57.60 - 3.53 |
what percent of net cash from operations is retain as cash flow? | 69.6800003052 | 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 | cash_flow = 1225
cash_provided = 1758
percent_cash_used = cash_flow / cash_provided
answer = percent_cash_used * 100 |
what was the change in the federal provision/ ( benefit ) from 2013 to 2014 in millions | 9459 | CodeFinQA | kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the company 2019s investments in latin america are made through individual entities which are subject to local taxes . the company assesses each entity to determine if deferred tax assets are more likely than not realizable . this assessment primarily includes an analysis of cumulative earnings and the determination of future earnings to the extent necessary to fully realize the individual deferred tax asset . based on this analysis the company has determined that a full valuation allowance is required for entities which have a three-year cumulative book loss and for which future earnings are not readily determinable . in addition , the company has determined that no valuation allowance is needed for entities that have three-years of cumulative book income and future earnings are anticipated to be sufficient to more likely than not realize their deferred tax assets . at december 31 , 2014 , the company had total deferred tax assets of $ 9.5 million relating to its latin american investments with an aggregate valuation allowance of $ 9.3 million . the company 2019s deferred tax assets in canada result principally from depreciation deducted under gaap that exceed capital cost allowances claimed under canadian tax rules . the deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles . as of december 31 , 2014 , the company determined that no valuation allowance was needed against a $ 65.5 million net deferred tax asset within krs . the company based its determination on an analysis of both positive evidence and negative evidence using its judgment as to the relative weight of each . the company believes , when evaluating krs 2019s deferred tax assets , special consideration should be given to the unique relationship between the company as a reit and krs as a taxable reit subsidiary . this relationship exists primarily to protect the reit 2019s qualification under the code by permitting , within certain limits , the reit to engage in certain business activities in which the reit cannot directly participate . as such , the reit controls which and when investments are held in , or distributed or sold from , krs . this relationship distinguishes a reit and taxable reit subsidiary from an enterprise that operates as a single , consolidated corporate taxpayer . the company will continue through this structure to operate certain business activities in krs . the company 2019s analysis of krs 2019s ability to utilize its deferred tax assets includes an estimate of future projected income . to determine future projected income , the company scheduled krs 2019s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations ( 201ccore earnings 201d ) . core earnings consist of estimated net operating income for properties currently in service and generating rental income . major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past seven years . the company can employ strategies to realize krs 2019s deferred tax assets including transferring its property management business or selling certain built-in gain assets . the company 2019s projection of krs 2019s future taxable income over twenty years , utilizing the assumptions above with respect to core earnings , net of related expenses , generates sufficient taxable income to absorb a reversal of the company 2019s deductible temporary differences , including net operating loss carryovers . based on this analysis , the company concluded it is more likely than not that krs 2019s net deferred tax asset of $ 65.5 million ( excluding net deferred tax assets of fnc discussed above ) will be realized and therefore , no valuation allowance is needed at december 31 , 2014 . if future income projections do not occur as forecasted or the company incurs additional impairment losses in excess of the amount core earnings can absorb , the company will reconsider the need for a valuation allowance . provision/ ( benefit ) differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows ( in thousands ) : .
| | 2014 | 2013 | 2012 |
| :--- | :--- | :--- | :--- |
| Federal provision/(benefit) at statutory tax rate (35%) | $7,762 | $(1,697) | $2,936 |
| State and local provision/(benefit), net of federal benefit | 1,304 | (205) | 230 |
| Acquisition of FNC | - | (9,126) | - |
| Other | - | 229 | (25) |
| Total tax provision/(benefit) – U.S. | $9,066 | $(10,799) | $3,141 |
.
| string | null | federal_provision_change = 7762 - -1697
answer = federal_provision_change |
what was the percent of the 2008 to 2009 unpaid principal balance exceeded the aggregate fair value non-structured liabilities classified as long-term debt for which the fair value option has been elected | 55.5 | CodeFinQA | certain mortgage loans citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for-sale . these loans are intended for sale or securitization and are hedged with derivative instruments . the company has elected the fair value option to mitigate accounting mismatches in cases where hedge .
| In millions of dollars | December 31, 2009 | December 31, 2008 |
| :--- | :--- | :--- |
| Carrying amount reported on the Consolidated Balance Sheet | $3,338 | $4,273 |
| Aggregate fair value in excess of unpaid principalbalance | 55 | 138 |
| Balance of non-accrual loans or loans more than 90 days past due | 4 | 9 |
| Aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due | 3 | 2 |
the changes in fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income . the changes in fair value during the years ended december 31 , 2009 and 2008 due to instrument-specific credit risk resulted in a $ 10 million loss and $ 32 million loss , respectively . related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated statement of income . mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value . fair value for msrs is determined using an option-adjusted spread valuation approach . this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates . the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates . the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates . in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward-purchase commitments of mortgage-backed securities , and purchased securities classified as trading . see note 23 to the consolidated financial statements for further discussions regarding the accounting and reporting of msrs . these msrs , which totaled $ 6.5 billion and $ 5.7 billion as of december 31 , 2009 and 2008 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet . changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . the company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings . the election has been made to mitigate accounting mismatches and to achieve operational simplifications . these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet . for those non-structured liabilities classified as short-term borrowings for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value of such instruments by $ 220 million as of december 31 , 2008 . for non-structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively . the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement . accounting is complex and to achieve operational simplifications . the fair value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments . the following table provides information about certain mortgage loans carried at fair value: .
| string | null | percent_2009 = 856
percent_2008 = 1542
percent_2009_2008 = percent_2009 / percent_2008
answer = percent_2009_2008 * 100 |
in 2019 , what percent of the total balance did tax positions taken in the current year amount to? | 46.2799987793 | CodeFinQA | westrock company notes to consolidated financial statements 2014 ( continued ) 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 , 2019 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.6 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 , 2019 , 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 . a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in millions ) : .
| | 2019 | 2018 | 2017 |
| :--- | :--- | :--- | :--- |
| Balance at beginning of fiscal year | $127.1 | $148.9 | $166.8 |
| Additions related to purchase accounting<sup>(1)</sup> | 1.0 | 3.4 | 7.7 |
| Additions for tax positions taken in current year<sup>(2)</sup> | 103.8 | 3.1 | 5.0 |
| Additions for tax positions taken in prior fiscal years | 1.8 | 18.0 | 15.2 |
| Reductions for tax positions taken in prior fiscal years | ( 0.5) | ( 5.3) | ( 25.6) |
| Reductions due to settlement<sup>(3)</sup> | ( 4.0) | ( 29.4) | ( 14.1) |
| (Reductions) additions for currency translation adjustments | (1.7) | (9.6) | 2.0 |
| Reductions as a result of a lapse of the applicable statute oflimitations | ( 3.2) | ( 2.0) | ( 8.1) |
| Balance at end of fiscal year | $224.3 | $127.1 | $148.9 |
( 1 ) amounts in fiscal 2019 relate to the kapstone acquisition . amounts in fiscal 2018 and 2017 relate to the mps acquisition . ( 2 ) additions for tax positions taken in current fiscal year includes primarily positions taken related to foreign subsidiaries . ( 3 ) amounts in fiscal 2019 relate to the settlements of state and foreign audit examinations . amounts in fiscal 2018 relate to the settlement of state audit examinations and federal and state amended returns filed related to affirmative adjustments for which there was a reserve . amounts in fiscal 2017 relate to the settlement of federal and state audit examinations with taxing authorities . as of september 30 , 2019 and 2018 , the total amount of unrecognized tax benefits was approximately $ 224.3 million and $ 127.1 million , respectively , exclusive of interest and penalties . of these balances , as of september 30 , 2019 and 2018 , if we were to prevail on all unrecognized tax benefits recorded , approximately $ 207.5 million and $ 108.7 million , respectively , would benefit the effective tax rate . we regularly evaluate , assess and adjust the related liabilities in light of changing facts and circumstances , which could cause the effective tax rate to fluctuate from period to period . resolution of the uncertain tax positions could have a material adverse effect on our cash flows or materially benefit our results of operations in future periods depending upon their ultimate resolution . see 201cnote 18 . commitments and contingencies 2014 brazil tax liability 201d we recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of income . as of september 30 , 2019 , we had liabilities of $ 80.0 million related to estimated interest and penalties for unrecognized tax benefits . as of september 30 , 2018 , we had liabilities of $ 70.4 million , related to estimated interest and penalties for unrecognized tax benefits . our results of operations for the fiscal year ended september 30 , 2019 , 2018 and 2017 include expense of $ 9.7 million , $ 5.8 million and $ 7.4 million , respectively , net of indirect benefits , related to estimated interest and penalties with respect to the liability for unrecognized tax benefits . as of september 30 , 2019 , it is reasonably possible that our unrecognized tax benefits will decrease by up to $ 8.7 million in the next twelve months due to expiration of various statues of limitations and settlement of issues. .
| string | null | tax_positions_2019 = 103.8
tax_positions_total = 224.3
percent_tax_positions = tax_positions_2019 / tax_positions_total
answer = percent_tax_positions * 100 |
what would the effect on total of service and interest cost components as a result of a 2 percent point increase? | 11886 | CodeFinQA | the discount rate assumption was determined for the pension and postretirement benefit plans independently . at year-end 2011 , the company began using an approach that approximates the process of settlement of obligations tailored to the plans 2019 expected cash flows by matching the plans 2019 cash flows to the coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . in the determination of year end 2014 projected benefit plan obligations , the company adopted a new table based on the society of actuaries rp 2014 mortality table including a generational bb-2d projection scale . the adoption resulted in a significant increase to pension and other postretirement benefit plans 2019 projected benefit obligations . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : one-percentage-point increase one-percentage-point decrease effect on total of service and interest cost components . . . . . . . . . . . . . . . $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation . . . . . . . . . . . . . . . . . . . . $ 105967 $ ( 86179 ) .
| | One-Percentage-Point Increase | One-Percentage-Point Decrease |
| :--- | :--- | :--- |
| Effect on total of service and interest cost components | $5,943 | $(4,887) |
| Effect on other postretirement benefit obligation | $105,967 | $(86,179) |
the discount rate assumption was determined for the pension and postretirement benefit plans independently . at year-end 2011 , the company began using an approach that approximates the process of settlement of obligations tailored to the plans 2019 expected cash flows by matching the plans 2019 cash flows to the coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . in the determination of year end 2014 projected benefit plan obligations , the company adopted a new table based on the society of actuaries rp 2014 mortality table including a generational bb-2d projection scale . the adoption resulted in a significant increase to pension and other postretirement benefit plans 2019 projected benefit obligations . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : one-percentage-point increase one-percentage-point decrease effect on total of service and interest cost components . . . . . . . . . . . . . . . $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation . . . . . . . . . . . . . . . . . . . . $ 105967 $ ( 86179 ) .
| string | null | increase = 5943 * 2
answer = increase |
if all the balance of cash cash equivalents and marketable securities was used to repay debt , what would be the net debt at the end of 2015? | 252.6000061035 | CodeFinQA | management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) financing activities net cash used in financing activities during 2015 primarily related to the repurchase of our common stock and payment of dividends . we repurchased 13.6 shares of our common stock for an aggregate cost of $ 285.2 , including fees , and made dividend payments of $ 195.5 on our common stock . net cash used in financing activities during 2014 primarily related to the purchase of long-term debt , the repurchase of our common stock and payment of dividends . we redeemed all $ 350.0 in aggregate principal amount of our 6.25% ( 6.25 % ) notes , repurchased 14.9 shares of our common stock for an aggregate cost of $ 275.1 , including fees , and made dividend payments of $ 159.0 on our common stock . this was offset by the issuance of $ 500.0 in aggregate principal amount of our 4.20% ( 4.20 % ) notes . foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 156.1 in 2015 . the decrease was primarily a result of the u.s . dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , canadian dollar , euro and south african rand as of december 31 , 2015 compared to december 31 , 2014 . the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 101.0 in 2014 . the decrease was primarily a result of the u.s . dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , canadian dollar and euro as of december 31 , 2014 compared to december 31 , 2013. .
| | December 31, |
| :--- | :--- |
| Balance Sheet Data | 2015 | 2014 |
| Cash, cash equivalents and marketable securities | $1,509.7 | $1,667.2 |
| Short-term borrowings | $150.1 | $107.2 |
| Current portion of long-term debt | 1.9 | 2.1 |
| Long-term debt | 1,610.3 | 1,612.9 |
| Total debt | $1,762.3 | $1,722.2 |
liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends . from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk . our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit rating , and those related to the financial markets , such as the amount or terms of available credit . there can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms , or at all . funding requirements our most significant funding requirements include our operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends , taxes , debt service and contributions to pension and postretirement plans . additionally , we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests. .
| string | null | net_debt_2015 = 1762.3 - 1509.7
answer = net_debt_2015 |
what percent of the direct amount is assumed from other companies in 2009 , ( in millions ) ? | 24.3999996185 | CodeFinQA | s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2009 , 2008 , and 2007 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to .
| For the years ended December 31, 2009, 2008, and 2007(in millions of U.S. dollars, except for percentages) | Direct Amount | Ceded To Other Companies | Assumed From Other Companies | Net Amount | Percentage of Amount Assumed to Net |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 2009 | $15,415 | $5,943 | $3,768 | $13,240 | 28% |
| 2008 | $16,087 | $6,144 | $3,260 | $13,203 | 25% |
| 2007 | $14,673 | $5,834 | $3,458 | $12,297 | 28% |
.
| string | null | ceded_2009 = 3768
assumed_2009 = 15415
percent_assumed_2009 = ceded_2009 / assumed_2009
answer = percent_assumed_2009 * 100 |
without foreign currency transaction losses , what would 2001 net income have been in millions? | 483 | CodeFinQA | wrote-off debt issuance costs of $ 4 million , which resulted in an extraordinary loss for the early retirement of debt . net income net income decreased $ 522 million to $ 273 million in 2001 from $ 795 million in 2000 . the overall decrease in net income is due to decreased net income from competitive supply and large utility businesses offset slightly by increases in the contract generation and growth distribution businesses . the decreases are primarily due to lower market prices in the united kingdom and the decline in the brazilian real during 2001 resulting in foreign currency transaction losses of approximately $ 210 million . additionally the company recorded severance and transaction costs related to the ipalco pooling-of-interest transaction and a loss from discontinued operations of $ 194 million . our 10 largest contributors to net income in 2001 were as follows : lal pir/pak gen , shady point and thames from contract generation ; somerset from competitive supply ; edc , eletropaulo , ipalco , cilcorp and cemig from large utilities ; and sul from growth distribution . 2000 compared to 1999 revenues revenues increased $ 3.4 billion , or 83% ( 83 % ) , to $ 7.5 billion in 2000 from $ 4.1 billion in 1999 . the increase in revenues is due primarily to the acquisition of new businesses . excluding businesses acquired or that commenced commercial operations during 2000 or 1999 , revenues increased 6% ( 6 % ) to $ 3.6 billion. .
| | 2000 | 1999 | % Change |
| :--- | :--- | :--- | :--- |
| Contract generation | $1.7 billion | $ 1.3 billion | 31% |
| Competitive supply | $2.4 billion | $873 million | 175% |
| Large utilities | $2.1 billion | $992 million | 112% |
| Growth distribution | $1.3 billion | $948 million | 37% |
contract generation revenues increased $ 400 million , or 31% ( 31 % ) , to $ 1.7 billion in 2000 from $ 1.3 billion in 1999 . excluding businesses acquired or that commenced commercial operations in 2000 or 1999 , contract generation revenues increased 4% ( 4 % ) to $ 1.3 billion in 2000 . the increase in contract generation segment revenues was due primarily to increases in south america , north america , caribbean and asia , offset by a slight decline in europe/africa . in south america , contract generation segment revenue increased $ 245 million , and this is due mainly to the acquisition of tiete . in north america , contract generation segment revenues increased $ 76 million due primarily to the start of commercial operations at warrior run in january 2000 . in the caribbean , contract generation segment revenues increased $ 92 million due primarily to the start of commercial operations at merida iii in june 2000 and increased revenues from los mina . in asia , contract generation segment revenue increased $ 41 million due primarily to increased operations at the ecogen peaking plant and lal pir and pak gen in pakistan . in europe/africa , contract generation segment revenues remained fairly constant with decreases at tisza ii in hungary being offset by the acquisition of a controlling interest at kilroot . competitive supply revenues increased $ 1.5 billion , or 175% ( 175 % ) , to $ 2.4 billion in 2000 from $ 873 million in 1999 . excluding businesses acquired or that commenced commercial operations in 2000 or 1999 , competitive supply revenues increased 25% ( 25 % ) to $ 477 million in 2000 . the most significant increases occurred within north america and europe/africa . slight increases occurred in south america and the caribbean . asia reported a slight decrease . in north america , competitive supply segment revenues increased $ 610 million due primarily to the new york plants and new energy .
| string | null | a = 210 + 273 |
in 2018 what was the debt to the equity ratio | 1.4400000572 | CodeFinQA | masco corporation notes to consolidated financial statements ( continued ) m . employee retirement plans ( continued ) plan assets . our qualified defined-benefit pension plan weighted average asset allocation , which is based upon fair value , was as follows: .
| | 2018 | 2017 |
| :--- | :--- | :--- |
| Equity securities | 34% | 55% |
| Debt securities | 49% | 28% |
| Other | 17% | 17% |
| Total | 100% | 100% |
for our qualified defined-benefit pension plans , we have adopted accounting guidance that defines fair value , establishes a framework for measuring fair value and prescribes disclosures about fair value measurements . accounting guidance defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." following is a description of the valuation methodologies used for assets measured at fair value . there have been no changes in the methodologies used at december 31 , 2018 compared to december 31 , 2017 . common and preferred stocks and short-term and other investments : valued at the closing price reported on the active market on which the individual securities are traded or based on the active market for similar securities . certain investments are valued based on net asset value ( "nav" ) , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are no unfunded commitments or other restrictions associated with these investments . private equity and hedge funds : valued based on an estimated fair value using either a market approach or an income approach , both of which require a significant degree of judgment . there is no active trading market for these investments and they are generally illiquid . due to the significant unobservable inputs , the fair value measurements used to estimate fair value are a level 3 input . certain investments are valued based on nav , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are no unfunded commitments or other restrictions associated with the investments valued at nav . corporate , government and other debt securities : valued based on either the closing price reported on the active market on which the individual securities are traded or using pricing models maximizing the use of observable inputs for similar securities . this includes basing value on yields currently available on comparable securities of issuers with similar credit ratings . certain investments are valued based on nav , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are unfunded commitments of $ 1 million and no other restrictions associated with these investments . common collective trust fund : valued based on an amortized cost basis , which approximates fair value . such basis is determined by reference to the respective fund's underlying assets , which are primarily cash equivalents . there are no unfunded commitments or other restrictions associated with this fund . buy-in annuity : valued based on the associated benefit obligation for which the buy-in annuity covers the benefits , which approximates fair value . such basis is determined based on various assumptions , including the discount rate , long-term rate of return on plan assets and mortality rate . the methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values . furthermore , while we believe our valuation methods are appropriate and consistent with other market participants , the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date . the following tables set forth , by level within the fair value hierarchy , the qualified defined-benefit pension plan assets at fair value as of december 31 , 2018 and 2017 , as well as those valued at nav using the practical expedient , which approximates fair value , in millions. .
| string | null | debt_to_equity_ratio = 49
equity_to_debt_ratio = 34
answer = debt_to_equity_ratio / equity_to_debt_ratio |
net revenues in institutional client services were what in billions for 2011? | 17.2000007629 | CodeFinQA | management 2019s discussion and analysis the table below presents the operating results of our institutional client services segment. .
| | Year Ended December |
| :--- | :--- |
| <i>in millions</i> | 2012 | 2011 | 2010 |
| Fixed Income, Currency and Commodities Client Execution | $ 9,914 | $ 9,018 | $13,707 |
| Equities client execution<sup>1</sup> | 3,171 | 3,031 | 3,231 |
| Commissions and fees | 3,053 | 3,633 | 3,426 |
| Securities services | 1,986 | 1,598 | 1,432 |
| Total Equities | 8,210 | 8,262 | 8,089 |
| Total net revenues | 18,124 | 17,280 | 21,796 |
| Operating expenses | 12,480 | 12,837 | 14,994 |
| Pre-tax earnings | $ 5,644 | $ 4,443 | $ 6,802 |
1 . includes net revenues related to reinsurance of $ 1.08 billion , $ 880 million and $ 827 million for the years ended december 2012 , december 2011 and december 2010 , respectively . 2012 versus 2011 . net revenues in institutional client services were $ 18.12 billion for 2012 , 5% ( 5 % ) higher than 2011 . net revenues in fixed income , currency and commodities client execution were $ 9.91 billion for 2012 , 10% ( 10 % ) higher than 2011 . these results reflected strong net revenues in mortgages , which were significantly higher compared with 2011 . in addition , net revenues in credit products and interest rate products were solid and higher compared with 2011 . these increases were partially offset by significantly lower net revenues in commodities and slightly lower net revenues in currencies . although broad market concerns persisted during 2012 , fixed income , currency and commodities client execution operated in a generally improved environment characterized by tighter credit spreads and less challenging market-making conditions compared with 2011 . net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 . net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of approximately $ 500 million on the sale of our hedge fund administration business . in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity . these increases were offset by lower commissions and fees , reflecting lower market volumes . during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels . the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 . during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions . these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions . in addition , the u.s . economy posted stable to improving economic data , including favorable developments in unemployment and housing . these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility . however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels . also , uncertainty over financial regulatory reform persisted . if these concerns and uncertainties continue over the long term , net revenues in fixed income , currency and commodities client execution and equities would likely be negatively impacted . operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings . pre-tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 . 2011 versus 2010 . net revenues in institutional client services were $ 17.28 billion for 2011 , 21% ( 21 % ) lower than 2010 . net revenues in fixed income , currency and commodities client execution were $ 9.02 billion for 2011 , 34% ( 34 % ) lower than 2010 . although activity levels during 2011 were generally consistent with 2010 levels , and results were solid during the first quarter of 2011 , the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty , resulting in volatile markets and significantly wider credit spreads , which contributed to difficult market-making conditions and led to reductions in risk by us and our clients . as a result of these conditions , net revenues across the franchise were lower , including significant declines in mortgages and credit products , compared with 2010 . 54 goldman sachs 2012 annual report .
| string | null | net_revenue_2011 = 100 - 5
net_revenue_2011 = net_revenue_2011 * 18.12
net_revenue_2011 = net_revenue_2011 / 100
answer = net_revenue_2011 |
in millions , what was the total income before taxes in 2005 and 2004? | 198.8999938965 | CodeFinQA | item 7 . management 2019s discussion and analysis of financial condition and results of operations the following discussion of historical results of operations and financial condition should be read in conjunction with the audited financial statements and the notes thereto which appear elsewhere in this report . overview on april 12 , 1999 , pca acquired the containerboard and corrugated products business of pactiv corporation ( the 201cgroup 201d ) , formerly known as tenneco packaging inc. , a wholly owned subsidiary of tenneco , inc . the group operated prior to april 12 , 1999 as a division of pactiv , and not as a separate , stand-alone entity . from its formation in january 1999 and through the closing of the acquisition on april 12 , 1999 , pca did not have any significant operations . the april 12 , 1999 acquisition was accounted for using historical values for the contributed assets . purchase accounting was not applied because , under the applicable accounting guidance , a change of control was deemed not to have occurred as a result of the participating veto rights held by pactiv after the closing of the transactions under the terms of the stockholders agreement entered into in connection with the transactions . results of operations year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december , 31 2005 and 2004 are set forth the below : for the year ended december 31 , ( in millions ) 2005 2004 change .
| | For the Year Ended December 31, | |
| :--- | :--- | :--- |
| <i>(In millions)</i> | 2005 | 2004 | Change |
| Net sales | $1,993.7 | $1,890.1 | $103.6 |
| Income before interest and taxes | $116.1 | $140.5 | $(24.4) |
| Interest expense, net | (28.1) | (29.6) | 1.5 |
| Income before taxes | 88.0 | 110.9 | (22.9) |
| Provision for income taxes | (35.4) | (42.2) | 6.8 |
| Net income | $52.6 | $68.7 | $(16.1) |
net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 . net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 . total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 . excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) . containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
| string | null | total_income_before_taxes = 88.0 + 110.9
answer = total_income_before_taxes |
what is the lowest value of unamortized expense during this period? | 4 | CodeFinQA | performance share awards the vesting of psas is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of psas is based upon the market price of the aon common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares issued at the end of the programs . the actual issuance of shares may range from 0-200% ( 0-200 % ) of the target number of psas granted , based on the plan . dividend equivalents are not paid on psas . information regarding psas granted during the years ended december 31 , 2011 , 2010 and 2009 follows ( shares in thousands , dollars in millions , except fair value ) : .
| | 2011 | 2010 | 2009 |
| :--- | :--- | :--- | :--- |
| Target PSUs granted | 1,715 | 1,390 | 3,754 |
| Fair Value (1) | $50 | $39 | $38 |
| Number of shares that would be issued based on current performance levels | 1,772 | 1,397 | 2,300 |
| Unamortized expense, based on current performance levels | $60 | $18 | $4 |
( 1 ) represents per share weighted average fair value of award at date of grant . during 2011 , the company issued approximately 1.2 million shares in connection with the 2008 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 0.3 million shares related to a 2006 performance plan . during 2010 , the company issued approximately 1.6 million shares in connection with the completion of the 2007 lpp cycle and 84000 shares related to other performance plans . stock options options to purchase common stock are granted to certain employees at fair value on the date of grant . commencing in 2010 , the company ceased granting new stock options with the exception of historical contractual commitments . generally , employees are required to complete two continuous years of service before the options begin to vest in increments until the completion of a 4-year period of continuous employment , although a number of options were granted that require five continuous years of service before the options are fully vested . options issued under the lpp program vest ratable over 3 years with a six year term . the maximum contractual term on stock options is generally ten years from the date of grant . aon uses a lattice-binomial option-pricing model to value stock options . lattice-based option valuation models use a range of assumptions over the expected term of the options . expected volatilities are based on the average of the historical volatility of aon 2019s stock price and the implied volatility of traded options and aon 2019s stock . the valuation model stratifies employees between those receiving lpp options , special stock plan ( 2018 2018ssp 2019 2019 ) options , and all other option grants . the company believes that this stratification better represents prospective stock option exercise patterns . the expected dividend yield assumption is based on the company 2019s historical and expected future dividend rate . the risk-free rate for periods within the contractual life of the option is based on the u.s . treasury yield curve in effect at the time of grant . the expected life of employee stock options represents the weighted-average period stock options are expected to remain outstanding and is a derived output of the lattice-binomial model. .
| string | null | table_row = [60, 18, 4] # row labeled unamortized expense based on current performance levels
lowest_value = min(table_row)
answer = lowest_value |
using the value of the undivided interest held by investors and retained by upri at december 31 , 2009 as a proxy for ar balance , what was the average receivable turnover in 2009?\\n\\n[14] : at december 31 , 2009 and 2008 , the value of the interest retained by upri was $ 417 million and $ 431 million , respectively . | 11.1999998093 | CodeFinQA | amount of commitment expiration per period other commercial commitments after millions of dollars total 2010 2011 2012 2013 2014 2014 .
| | | <i>Amount of Commitment Expiration per Period</i> |
| :--- | :--- | :--- |
| <i>Other Commercial Commitments</i><i>Millions of Dollars</i> | <i>Total</i> | <i>2010</i> | <i>2011</i> | <i>2012</i> | <i>2013</i> | <i>2014</i> | <i>After 2014</i> |
| Credit facilities [a] | $1,900 | $- | $- | $1,900 | $- | $- | $- |
| Sale of receivables [b] | 600 | 600 | - | - | - | - | - |
| Guarantees [c] | 416 | 29 | 76 | 24 | 8 | 214 | 65 |
| Standby letters of credit [d] | 22 | 22 | - | - | - | - | - |
| Total commercial commitments | $2,938 | $651 | $76 | $1,924 | $8 | $214 | $65 |
[a] none of the credit facility was used as of december 31 , 2009 . [b] $ 400 million of the sale of receivables program was utilized at december 31 , 2009 . [c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . [d] none of the letters of credit were drawn upon as of december 31 , 2009 . off-balance sheet arrangements sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc . ( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility . upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors . the total capacity to sell undivided interests to investors under the facility was $ 600 million and $ 700 million at december 31 , 2009 and 2008 , respectively . the value of the outstanding undivided interest held by investors under the facility was $ 400 million and $ 584 million at december 31 , 2009 and 2008 , respectively . during 2009 , upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables . the value of the undivided interest held by investors is not included in our consolidated financial statements . the value of the undivided interest held by investors was supported by $ 817 million and $ 1015 million of accounts receivable held by upri at december 31 , 2009 and 2008 , respectively . at december 31 , 2009 and 2008 , the value of the interest retained by upri was $ 417 million and $ 431 million , respectively . this retained interest is included in accounts receivable in our consolidated financial statements . the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction . the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution . if default or dilution ratios increase one percent , the value of the outstanding undivided interest held by investors would not change as of december 31 , 2009 . should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability , as the servicing fees adequately compensate us for these responsibilities . the railroad collected approximately $ 13.8 billion and $ 17.8 billion during the years ended december 31 , 2009 and 2008 , respectively . upri used certain of these proceeds to purchase new receivables under the facility . the costs of the sale of receivables program are included in other income and were $ 9 million , $ 23 million , and $ 35 million for 2009 , 2008 , and 2007 , respectively . the costs include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability . the decrease in the 2009 costs was primarily attributable to lower commercial paper rates and a decrease in the outstanding interest held by investors. .
| string | null | interest_retained = 417 + 817
receivable_turnover = 13.8 * 1000
average_receivable_turnover = receivable_turnover / interest_retained
answer = average_receivable_turnover |
what was the ratio of the expected net benefit payments of 2011 to 2012 | 0.8999999762 | CodeFinQA | mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments . the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .
| | Benefit Payments | Expected Subsidy Receipts | Net Benefit Payments |
| :--- | :--- | :--- | :--- |
| 2010 | $2,714 | $71 | $2,643 |
| 2011 | 3,028 | 91 | 2,937 |
| 2012 | 3,369 | 111 | 3,258 |
| 2013 | 3,660 | 134 | 3,526 |
| 2014 | 4,019 | 151 | 3,868 |
| 2015 – 2019 | 22,686 | 1,071 | 21,615 |
the company provides limited postemployment benefits to eligible former u.s . employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) . the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods . the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions . as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 . these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations . note 14 . debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year . the new expiration date of the credit facility is april 26 , 2011 . the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement . other terms and conditions in the credit facility remain unchanged . the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement . borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes . the facility fee and borrowing cost are contingent upon the company 2019s credit rating . at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually . interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments . at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years . facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively . mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 . the majority of credit facility lenders are members or affiliates of members of mastercard international . in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum . mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes . the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .
| string | null | expected_net_benefit_payments_2011_to_2012 = 2937 / 3258
answer = expected_net_benefit_payments_2011_to_2012 |
what portion of the net change in net revenue during 2016 is related to the change in retail electric price? | 82.5999984741 | CodeFinQA | ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding . see note 2 to the financial statements for further discussion of the business combination and customer credits . results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery . see note 14 to the financial statements for further discussion of the rhode island state energy center sale . see note 2 to the financial statements for further discussion of the waterford 3 replacement steam generator prudence review proceeding . net revenue utility following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .
| | Amount (In Millions) |
| :--- | :--- |
| 2015 net revenue | $5,829 |
| Retail electric price | 289 |
| Louisiana business combination customer credits | 107 |
| Volume/weather | 14 |
| Louisiana Act 55 financing savings obligation | (17) |
| Other | (43) |
| 2016 net revenue | $6,179 |
the retail electric price variance is primarily due to : 2022 an increase in base rates at entergy arkansas , as approved by the apsc . the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 . the increase included an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 . a significant portion of the increase was related to the purchase of power block 2 of the union power station ; 2022 an increase in the purchased power and capacity acquisition cost recovery rider for entergy new orleans , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station ; 2022 an increase in formula rate plan revenues for entergy louisiana , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station ; and 2022 an increase in revenues at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider . see note 2 to the financial statements for further discussion of the rate proceedings . see note 14 to the financial statements for discussion of the union power station purchase . the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business combination . consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) . these costs are being entergy corporation and subsidiaries management 2019s financial discussion and analysis .
| string | null | net_revenue_2016 = 6179
net_revenue_2015 = 5829
net_revenue_change = net_revenue_2016 - net_revenue_2015
retail_electric_price = 289
louisiana_business_combination_customer_credits = 107
volume_weather = 14
louisiana_act_55_financing_savings_obligation = 17
other = 43
answer = retail_electric_price / net_revenue_change * 100 |
what is the total tobacco-related cases pending in the united states as of december 31 , 2014? | 85 | CodeFinQA | cases ; ( ii ) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any . legal defense costs are expensed as incurred . altria group , inc . and its subsidiaries have achieved substantial success in managing litigation . nevertheless , litigation is subject to uncertainty and significant challenges remain . it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation . altria group , inc . and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts . each of the companies has defended , and will continue to defend , vigorously against litigation challenges . however , altria group , inc . and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc . to do so . overview of altria group , inc . and/or pm usa tobacco-related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court- supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco- related litigation described below . plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below . the table below lists the number of certain tobacco-related cases pending in the united states against pm usa and , in some instances , altria group , inc . as of december 31 , 2014 , december 31 , 2013 and december 31 , 2012 . type of case number of cases pending as of december 31 , 2014 number of cases pending as of december 31 , 2013 number of cases pending as of december 31 , 2012 individual smoking and health cases ( 1 ) 67 67 77 smoking and health class actions and aggregated claims litigation ( 2 ) 5 6 7 health care cost recovery actions ( 3 ) 1 1 1 .
| Type of Case | Number of CasesPending as ofDecember 31, 2014 | Number of CasesPending as ofDecember 31, 2013 | Number of CasesPending as ofDecember 31, 2012 |
| :--- | :--- | :--- | :--- |
| Individual Smoking and Health Cases<sup>(1)</sup> | 67 | 67 | 77 |
| Smoking and Health Class Actions and Aggregated Claims Litigation<sup>(2)</sup> | 5 | 6 | 7 |
| Health Care Cost Recovery Actions<sup>(3)</sup> | 1 | 1 | 1 |
| “Lights/Ultra Lights” Class Actions | 12 | 15 | 14 |
( 1 ) does not include 2558 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) . the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) . the terms of the court-approved settlement in that case allow class members to file individual lawsuits seeking compensatory damages , but prohibit them from seeking punitive damages . also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) . ( 2 ) includes as one case the 600 civil actions ( of which 346 were actions against pm usa ) that were to be tried in a single proceeding in west virginia ( in re : tobacco litigation ) . the west virginia supreme court of appeals has ruled that the united states constitution did not preclude a trial in two phases in this case . issues related to defendants 2019 conduct and whether punitive damages are permissible were tried in the first phase . trial in the first phase of this case began in april 2013 . in may 2013 , the jury returned a verdict in favor of defendants on the claims for design defect , negligence , failure to warn , breach of warranty , and concealment and declined to find that the defendants 2019 conduct warranted punitive damages . plaintiffs prevailed on their claim that ventilated filter cigarettes should have included use instructions for the period 1964 - 1969 . the second phase , if any , will consist of individual trials to determine liability and compensatory damages on that claim only . in august 2013 , the trial court denied all post-trial motions . the trial court entered final judgment in october 2013 and , in november 2013 , plaintiffs filed their notice of appeal to the west virginia supreme court of appeals . on november 3 , 2014 , the west virginia supreme court of appeals affirmed the final judgment . plaintiffs filed a petition for rehearing with the west virginia supreme court of appeals , which the court denied on january 8 , 2015 . ( 3 ) see health care cost recovery litigation - federal government 2019s lawsuit below . altria group , inc . and subsidiaries notes to consolidated financial statements _________________________ altria_mdc_2014form10k_nolinks_crops.pdf 68 2/25/15 5:56 pm .
| string | null | individual_smoking_and_health_cases_2014 = 67
aggregated_claims_litigation_2014 = 5
health_care_cost_recovery_actions_2014 = 1
total_individual_smoking_and_health_cases_2014 = individual_smoking_and_health_cases_2014 + aggregated_claims_litigation_2014 + health_care_cost_recovery_actions_2014
total_tobacco_related_cases_2014 = total_individual_smoking_and_health_cases_2014 + 12
answer = total_tobacco_related_cases_2014 |
what was the increase observed in the initial balance between 2017 and 2018? | 10.4099998474 | 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 2018 , 2017 and 2016 ( in mboe ) : .
| | 2018 | 2017 | 2016 |
| :--- | :--- | :--- | :--- |
| Balance at January 1 | 1,162,635 | 1,053,027 | 1,045,640 |
| Extensions and Discoveries | 490,725 | 237,378 | 138,101 |
| Revisions | (8,244) | 33,127 | 64,413 |
| Acquisition of Reserves | 311 | — | — |
| Sale of Reserves | — | (8,253) | (45,917) |
| Conversion to Proved Developed Reserves | (265,718) | (152,644) | (149,210) |
| Balance at December 31 | 1,379,709 | 1,162,635 | 1,053,027 |
for the twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe . eog added approximately 31 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-36 and f-37 of this annual report on form 10-k ) , eog added 460 mmboe . the pud additions were primarily in the permian basin , anadarko basin , the eagle ford and , to a lesser extent , the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls . during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at a total capital cost of $ 2745 million . 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 , 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 , 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 . 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. .
| string | null | initial_balance_2018 = 1162635
initial_balance_2017 = 1053027
initial_balance_2016 = 1045640
percent_change = (initial_balance_2018 - initial_balance_2017) / initial_balance_2017
answer = percent_change * 100 |
Subsets and Splits