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FINQA4400 | Please answer the given financial question based on the context.
Context: investment advisory revenues earned on the other investment portfolios that we manage decreased $ 3.6 million to $ 522.2 million . average assets in these portfolios were $ 142.1 billion during 2008 , up slightly from $ 141.4 billion in 2007 . these minor changes , each less than 1% ( 1 % ) , are attributable to the timing of declining equity market valuations and cash flows among our separate account and sub-advised portfolios . net inflows , primarily from institutional investors , were $ 13.2 billion during 2008 , including the $ 1.3 billion transferred from the retirement funds to target-date trusts . decreases in market valuations , net of income , lowered our assets under management in these portfolios by $ 55.3 billion during 2008 . administrative fees increased $ 5.8 million to $ 353.9 million , primarily from increased costs of servicing activities for the mutual funds and their investors . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , 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 do not expect the number of our associates to increase in 2009 . we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to recent and ongoing 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 . entering 2009 , we did not increase the salaries of our highest paid associates . 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 . we expect to reduce these expenditures for 2009 versus 2008 , and estimate that spending in the first quarter of 2009 will be down about $ 5 million from the fourth quarter of 2008 . we vary our level of spending based on market conditions and investor demand as well as our efforts to expand our investor base in the united states and abroad . occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 . we have been expanding and renovating our facilities 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 ( 16.5 )|
|other than temporary impairments recognized|-.3 ( .3 )|-91.3 ( 91.3 )|-91.0 ( 91.0 )|
|net gains ( losses ) realized on funddispositions|5.5|-4.5 ( 4.5 )|-10.0 ( 10.0 )|
|net gain ( loss ) recognized on fund holdings|$ 27.3|$ -90.2 ( 90.2 )|$ -117.5 ( 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 the adverse and ongoing market conditions discussed in the background section on page 18 of this report . see also the discussion on page 24 of critical accounting policies for other than temporary impairments of available-for-sale securities . 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 . management 2019s discussion & analysis 21 .
Question: what was the percentage change in net gains ( losses ) realized on fund dispositions between 2007 and 2008?
Answer: | -1.81818 |
FINQA4401 | Please answer the given financial question based on the context.
Context: operating expenses : 2013 versus 2012 versus ( percent of net sales ) 2013 2012 2011 .
|( percent of net sales )|2013|2012|2011|2013 versus 2012|2012 versus 2011|
|cost of sales|52.1% ( 52.1 % )|52.4% ( 52.4 % )|53.0% ( 53.0 % )|( 0.3 ) % ( % )|( 0.6 ) % ( % )|
|selling general and administrative expenses|20.7|20.4|20.8|0.3|-0.4 ( 0.4 )|
|research development and related expenses|5.6|5.5|5.3|0.1|0.2|
|operating income|21.6% ( 21.6 % )|21.7% ( 21.7 % )|20.9% ( 20.9 % )|( 0.1 ) % ( % )|0.8% ( 0.8 % )|
pension and postretirement expense decreased $ 97 million in 2013 compared to 2012 , compared to an increase of $ 95 million for 2012 compared to 2011 . 2012 includes a $ 26 million charge related to the first-quarter 2012 voluntary early retirement incentive program ( discussed in note 10 ) . pension and postretirement expense is recorded in cost of sales ; selling , general and administrative expenses ( sg&a ) ; and research , development and related expenses ( r&d ) . refer to note 10 ( pension and postretirement plans ) for components of net periodic benefit cost and the assumptions used to determine net cost . cost of sales : cost of sales includes manufacturing , engineering and freight costs . cost of sales , measured as a percent of net sales , was 52.1 percent in 2013 , a decrease of 0.3 percentage points from 2012 . cost of sales as a percent of sales decreased due to the combination of selling price increases and raw material cost decreases , as selling prices rose 0.9 percent and raw material cost deflation was approximately 2 percent favorable year-on-year . in addition , lower pension and postretirement costs ( of which a portion impacts cost of sales ) , in addition to organic volume increases , decreased cost of sales as a percent of sales . these benefits were partially offset by the impact of 2012 acquisitions and lower factory utilization . cost of sales , measured as a percent of net sales , was 52.4 percent in 2012 , a decrease of 0.6 percentage points from 2011 . the net impact of selling price/raw material cost changes was the primary factor that decreased cost of sales as a percent of sales , as selling prices increased 1.4 percent and raw material costs decreased approximately 2 percent . this benefit was partially offset by higher pension and postretirement costs . selling , general and administrative expenses : selling , general and administrative expenses ( sg&a ) increased $ 282 million , or 4.6 percent , in 2013 when compared to 2012 . in 2013 , sg&a included strategic investments in business transformation , enabled by 3m 2019s global enterprise resource planning ( erp ) implementation , in addition to increases from acquired businesses that were largely not in 3m 2019s 2012 spending ( ceradyne , inc . and federal signal technologies ) , which were partially offset by lower pension and postretirement expense . sg&a , measured as a percent of sales , increased 0.3 percentage points to 20.7 percent in 2013 , compared to 20.4 percent in 2012 . sg&a decreased $ 68 million , or 1.1 percent , in 2012 when compared to 2011 . in addition to cost-control and other productivity efforts , 3m experienced some savings from its first-quarter 2012 voluntary early retirement incentive program and other restructuring actions . these benefits more than offset increases related to acquisitions , higher year-on-year pension and postretirement expense , and restructuring expenses . sg&a in 2012 included increases from acquired businesses which were not in 3m 2019s full-year 2011 base spending , primarily related to the 2011 acquisitions of winterthur technologie ag and the do-it-yourself and professional business of gpi group , in addition to sg&a spending related to the 2012 acquisitions of ceradyne , inc. , federal signal technologies group , and coderyte , inc . sg&a , measured as a percent of sales , was 20.4 percent in 2012 , a decrease of 0.4 percentage points when compared to 2011 . research , development and related expenses : research , development and related expenses ( r&d ) increased 4.9 percent in 2013 compared to 2012 and increased 4.1 percent in 2012 compared to 2011 , as 3m continued to support its key growth initiatives , including more r&d aimed at disruptive innovation . in 2013 , increases from acquired businesses that were largely not in 3m 2019s 2012 spending ( primarily ceradyne , inc . and federal signal technologies ) were partially offset by lower pension and postretirement expense . in 2012 , investments to support key growth initiatives , along with higher pension and postretirement expense , were partially .
Question: in 2013 what was the ratio of the selling general and administrative expenses to the research development and related expenses
Answer: | 3.69643 |
FINQA4402 | Please answer the given financial question based on the context.
Context: as a result of the transaction , we recognized a net gain of approximately $ 1.3 billion , including $ 1.2 billion recognized in 2016 . the net gain represents the $ 2.5 billion fair value of the shares of lockheed martin common stock exchanged and retired as part of the exchange offer , plus the $ 1.8 billion one-time special cash payment , less the net book value of the is&gs business of about $ 3.0 billion at august 16 , 2016 and other adjustments of about $ 100 million . in 2017 , we recognized an additional gain of $ 73 million , which reflects certain post-closing adjustments , including certain tax adjustments and the final determination of net working capital . we classified the operating results of our former is&gs business as discontinued operations in our consolidated financial statements in accordance with u.s . gaap , as the divestiture of this business represented a strategic shift that had a major effect on our operations and financial results . however , the cash flows generated by the is&gs business have not been reclassified in our consolidated statements of cash flows as we retained this cash as part of the transaction . the operating results , prior to the august 16 , 2016 divestiture date , of the is&gs business that have been reflected within net earnings from discontinued operations for the year ended december 31 , 2016 are as follows ( in millions ) : .
|net sales|$ 3410|
|cost of sales|-2953 ( 2953 )|
|severance charges|-19 ( 19 )|
|gross profit|438|
|other income net|16|
|operating profit|454|
|earnings from discontinued operations before income taxes|454|
|income tax expense|-147 ( 147 )|
|net gain on divestiture of discontinued operations|1205|
|net earnings from discontinued operations|$ 1512|
the operating results of the is&gs business reported as discontinued operations are different than the results previously reported for the is&gs business segment . results reported within net earnings from discontinued operations only include costs that were directly attributable to the is&gs business and exclude certain corporate overhead costs that were previously allocated to the is&gs business . as a result , we reclassified $ 82 million in 2016 of corporate overhead costs from the is&gs business to other unallocated , net on our consolidated statement of earnings . additionally , we retained all assets and obligations related to the pension benefits earned by former is&gs business salaried employees through the date of divestiture . therefore , the non-service portion of net pension costs ( e.g. , interest cost , actuarial gains and losses and expected return on plan assets ) for these plans have been reclassified from the operating results of the is&gs business segment and reported as a reduction to the fas/cas pension adjustment . these net pension costs were $ 54 million for the year ended december 31 , 2016 . the service portion of net pension costs related to is&gs business 2019s salaried employees that transferred to leidos were included in the operating results of the is&gs business classified as discontinued operations because such costs are no longer incurred by us . significant severance charges related to the is&gs business were historically recorded at the lockheed martin corporate office . these charges have been reclassified into the operating results of the is&gs business , classified as discontinued operations , and excluded from the operating results of our continuing operations . the amount of severance charges reclassified were $ 19 million in 2016 . financial information related to cash flows generated by the is&gs business , such as depreciation and amortization , capital expenditures , and other non-cash items , included in our consolidated statement of cash flows for the years ended december 31 , 2016 were not significant. .
Question: what is the operating profit margin?
Answer: | 0.13314 |
FINQA4403 | Please answer the given financial question based on the context.
Context: a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities . at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively . the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) . the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income . level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers . fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques . direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors . see note 2 for further detail on the fair value policies by the underlying funds . changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .
||investments|other assets|
|december 31 2007|$ 1240|$ 2014|
|realized and unrealized gains / ( losses ) net|-409 ( 409 )|-16 ( 16 )|
|purchases sales other settlements and issuances net|11|2|
|net transfers in and/or out of level 3|-29 ( 29 )|78|
|december 31 2008|$ 813|$ 64|
|total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date|$ -366 ( 366 )|$ -17 ( 17 )|
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income . non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company . the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable . 6 . variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies . the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests . the company engages in these variable interests principally to address client needs through the launch of such investment vehicles . the vies are primarily financed via capital contributed by equity and debt holders . the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds . the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests . in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios . assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes . vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) . creditors of the vies do not have recourse to the credit of the company . during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .
Question: for 2017 , what was the total net losses for the period ? ( $ )
Answer: | 383.0 |
FINQA4404 | Please answer the given financial question based on the context.
Context: entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis entergy arkansas 2019s receivables from the money pool were as follows as of december 31 for each of the following years: .
|2011|2010|2009|2008|
|( in thousands )|( in thousands )|( in thousands )|( in thousands )|
|$ 17362|$ 41463|$ 28859|$ 15991|
in april 2011 , entergy arkansas entered into a new $ 78 million credit facility that expires in april 2012 . there were no outstanding borrowings under the entergy arkansas credit facility as of december 31 , 2011 . entergy arkansas has obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 250 million . see note 4 to the financial statements for further discussion of entergy arkansas 2019s short-term borrowing limits . entergy arkansas has also obtained an order from the apsc authorizing long-term securities issuances through december state and local rate regulation and fuel-cost recovery retail rates 2009 base rate filing in september 2009 , entergy arkansas filed with the apsc for a general change in rates , charges , and tariffs . in june 2010 the apsc approved a settlement and subsequent compliance tariffs that provide for a $ 63.7 million rate increase , effective for bills rendered for the first billing cycle of july 2010 . the settlement provides for a 10.2% ( 10.2 % ) return on common equity . production cost allocation rider the apsc approved a production cost allocation rider for recovery from customers of the retail portion of the costs allocated to entergy arkansas as a result of the system agreement proceedings . these costs cause an increase in entergy arkansas 2019s deferred fuel cost balance , because entergy arkansas pays the costs over seven months but collects them from customers over twelve months . see note 2 to the financial statements and entergy corporation and subsidiaries 201cmanagement 2019s financial discussion and analysis - system agreement 201d for discussions of the system agreement proceedings . energy cost recovery rider entergy arkansas 2019s retail rates include an energy cost recovery rider to recover fuel and purchased energy costs in monthly bills . the rider utilizes prior calendar year energy costs and projected energy sales for the twelve- month period commencing on april 1 of each year to develop an energy cost rate , which is redetermined annually and includes a true-up adjustment reflecting the over-recovery or under-recovery , including carrying charges , of the energy cost for the prior calendar year . the energy cost recovery rider tariff also allows an interim rate request depending upon the level of over- or under-recovery of fuel and purchased energy costs . in early october 2005 , the apsc initiated an investigation into entergy arkansas's interim energy cost recovery rate . the investigation focused on entergy arkansas's 1 ) gas contracting , portfolio , and hedging practices ; 2 ) wholesale purchases during the period ; 3 ) management of the coal inventory at its coal generation plants ; and 4 ) response to the contractual failure of the railroads to provide coal deliveries . in march 2006 , the apsc extended its investigation to cover the costs included in entergy arkansas's march 2006 annual energy cost rate filing , and a hearing was held in the apsc energy cost recovery investigation in october 2006. .
Question: what was the average receivables for entergy arkansas from 2008 to 2011
Answer: | 103679.0 |
FINQA4405 | Please answer the given financial question based on the context.
Context: 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|$ 5829|
|retail electric price|289|
|louisiana business combination customer credits|107|
|volume/weather|14|
|louisiana act 55 financing savings obligation|-17 ( 17 )|
|other|-43 ( 43 )|
|2016 net revenue|$ 6179|
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 .
Question: what is the growth rate in net revenue in 2016?
Answer: | 0.06004 |
FINQA4406 | Please answer the given financial question based on the context.
Context: illumina , inc . notes to consolidated financial statements 2014 ( continued ) periods . the price at which stock is purchased under the purchase plan is equal to 85% ( 85 % ) of the fair market value of the common stock on the first or last day of the offering period , whichever is lower . the initial offering period commenced in july 2000 . in addition , the purchase plan provides for annual increases of shares available for issuance under the purchase plan beginning with fiscal 2001 . 304714 , 128721 and 64674 shares were issued under the 2000 employee stock purchase plan during fiscal 2003 , 2002 and 2001 , respectively . deferred stock compensation since the inception of the company , in connection with the grant of certain stock options and sales of restricted stock to employees , founders and directors through july 25 , 2000 , the company has recorded deferred stock compensation totaling approximately $ 17.7 million , representing the differ- ence between the exercise or purchase price and the fair value of the company 2019s common stock as estimated by the company 2019s management for financial reporting purposes on the date such stock options were granted or restricted common stock was sold . deferred compensation is included as a reduction of stockholders 2019 equity and is being amortized to expense over the vesting period of the options and restricted stock . during the year ended december 28 , 2003 , the company recorded amortization of deferred stock compensation expense of approximately $ 2.5 million . shares reserved for future issuance at december 28 , 2003 , the company has reserved shares of common stock for future issuance as follows ( in thousands ) : 2000 stock plan *********************************************************** 10766 2000 employee stock purchase plan***************************************** 961 11727 stockholder rights plan on may 3 , 2001 , the board of directors of the company declared a dividend of one preferred share purchase right ( a 2018 2018right 2019 2019 ) for each outstanding share of common stock of the company . the dividend was payable on may 14 , 2001 ( the 2018 2018record date 2019 2019 ) to the stockholders of record on that date . each right entitles the registered holder to purchase from the company one unit consisting of one- thousandth of a share of its series a junior participating preferred stock at a price of $ 100 per unit . the rights will be exercisable if a person or group hereafter acquires beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock of the company or announces an offer for 15% ( 15 % ) or more of the outstanding common stock . if a person or group acquires 15% ( 15 % ) or more of the outstanding common stock of the company , each right will entitle its holder to purchase , at the exercise price of the right , a number of shares of common stock having a market value of two times the exercise price of the right . if the company is acquired in a merger or other business combination transaction after a person acquires 15% ( 15 % ) or more of the company 2019s common stock , each right will entitle its holder to purchase , at the right 2019s then-current exercise price , a number of common shares of the acquiring company which at the time of such transaction have a market value of two times the exercise price of the right . the board of directors will be entitled to redeem the rights at a price of $ 0.01 per right at any time before any such person acquires beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock . the rights expire on may 14 , 2011 unless such date is extended or the rights are earlier redeemed or exchanged by the company. .
|2000 stock plan 2000 employee stock purchase plan|2000 stock plan 961|2000 stock plan|11727|
illumina , inc . notes to consolidated financial statements 2014 ( continued ) periods . the price at which stock is purchased under the purchase plan is equal to 85% ( 85 % ) of the fair market value of the common stock on the first or last day of the offering period , whichever is lower . the initial offering period commenced in july 2000 . in addition , the purchase plan provides for annual increases of shares available for issuance under the purchase plan beginning with fiscal 2001 . 304714 , 128721 and 64674 shares were issued under the 2000 employee stock purchase plan during fiscal 2003 , 2002 and 2001 , respectively . deferred stock compensation since the inception of the company , in connection with the grant of certain stock options and sales of restricted stock to employees , founders and directors through july 25 , 2000 , the company has recorded deferred stock compensation totaling approximately $ 17.7 million , representing the differ- ence between the exercise or purchase price and the fair value of the company 2019s common stock as estimated by the company 2019s management for financial reporting purposes on the date such stock options were granted or restricted common stock was sold . deferred compensation is included as a reduction of stockholders 2019 equity and is being amortized to expense over the vesting period of the options and restricted stock . during the year ended december 28 , 2003 , the company recorded amortization of deferred stock compensation expense of approximately $ 2.5 million . shares reserved for future issuance at december 28 , 2003 , the company has reserved shares of common stock for future issuance as follows ( in thousands ) : 2000 stock plan *********************************************************** 10766 2000 employee stock purchase plan***************************************** 961 11727 stockholder rights plan on may 3 , 2001 , the board of directors of the company declared a dividend of one preferred share purchase right ( a 2018 2018right 2019 2019 ) for each outstanding share of common stock of the company . the dividend was payable on may 14 , 2001 ( the 2018 2018record date 2019 2019 ) to the stockholders of record on that date . each right entitles the registered holder to purchase from the company one unit consisting of one- thousandth of a share of its series a junior participating preferred stock at a price of $ 100 per unit . the rights will be exercisable if a person or group hereafter acquires beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock of the company or announces an offer for 15% ( 15 % ) or more of the outstanding common stock . if a person or group acquires 15% ( 15 % ) or more of the outstanding common stock of the company , each right will entitle its holder to purchase , at the exercise price of the right , a number of shares of common stock having a market value of two times the exercise price of the right . if the company is acquired in a merger or other business combination transaction after a person acquires 15% ( 15 % ) or more of the company 2019s common stock , each right will entitle its holder to purchase , at the right 2019s then-current exercise price , a number of common shares of the acquiring company which at the time of such transaction have a market value of two times the exercise price of the right . the board of directors will be entitled to redeem the rights at a price of $ 0.01 per right at any time before any such person acquires beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock . the rights expire on may 14 , 2011 unless such date is extended or the rights are earlier redeemed or exchanged by the company. .
Question: what was the percent of the change shares issued under the 2000 employee stock purchase plan from 2002 to 2003
Answer: | 1.36724 |
FINQA4407 | Please answer the given financial question based on the context.
Context: in addition , the company has reclassified the following amounts from 201cdistributions from other invested assets 201d included in cash flows from investing activities to 201cdistribution of limited partnership income 201d included in cash flows from operations for interim reporting periods of 2013 : $ 33686 thousand for the three months ended march 31 , 2013 ; $ 9409 thousand and $ 43095 thousand for the three months and six months ended june 30 , 2013 , respectively ; and $ 5638 thousand and $ 48733 thousand for the three months and nine months ended september 30 , 2013 , respectively . b . investments . fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets . fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) . the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities . the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities . fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency . the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities . for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions . interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) . unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses . short-term investments are stated at cost , which approximates market value . realized gains or losses on sales of investments are determined on the basis of identified cost . for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s . treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security . for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs . when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value . retrospective adjustments are employed to recalculate the values of asset-backed securities . each acquisition lot is reviewed to recalculate the effective yield . the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition . outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities . conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types . other invested assets include limited partnerships , rabbi trusts and an affiliated entity . limited partnerships and the affiliated entity are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag . c . uncollectible receivable balances . the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances . such reserves are presented in the table below for the periods indicated. .
|( dollars in thousands )|years ended december 31 , 2013|years ended december 31 , 2012|
|reinsurance receivables and premium receivables|$ 29905|$ 32011|
.
Question: what is the percentage change in the balance of reinsurance receivables and premium receivables in 2013?
Answer: | -0.06579 |
FINQA4408 | Please answer the given financial question based on the context.
Context: pension plan assets pension assets include public equities , government and corporate bonds , cash and cash equivalents , private real estate funds , private partnerships , hedge funds , and other assets . plan assets are held in a master trust and overseen by the company's investment committee . all assets are externally managed through a combination of active and passive strategies . managers may only invest in the asset classes for which they have been appointed . the investment committee is responsible for setting the policy that provides the framework for management of the plan assets . the investment committee has set the minimum and maximum permitted values for each asset class in the company's pension plan master trust for the year ended december 31 , 2018 , as follows: .
|u.s . equities|range 15|range -|range 36% ( 36 % )|
|international equities|10|-|29% ( 29 % )|
|fixed income securities|25|-|50% ( 50 % )|
|alternative investments|10|-|25% ( 25 % )|
the general objectives of the company's pension asset strategy are to earn a rate of return over time to satisfy the benefit obligations of the plans , meet minimum erisa funding requirements , and maintain sufficient liquidity to pay benefits and address other cash requirements within the master trust . specific investment objectives include reducing the volatility of pension assets relative to benefit obligations , achieving a competitive , total investment return , achieving diversification between and within asset classes , and managing other risks . investment objectives for each asset class are determined based on specific risks and investment opportunities identified . decisions regarding investment policies and asset allocation are made with the understanding of the historical and prospective return and risk characteristics of various asset classes , the effect of asset allocations on funded status , future company contributions , and projected expenditures , including benefits . the company updates its asset allocations periodically . the company uses various analytics to determine the optimal asset mix and considers plan obligation characteristics , duration , liquidity characteristics , funding requirements , expected rates of return , regular rebalancing , and the distribution of returns . actual allocations to each asset class could vary from target allocations due to periodic investment strategy changes , short-term market value fluctuations , the length of time it takes to fully implement investment allocation positions , such as real estate and other alternative investments , and the timing of benefit payments and company contributions . taking into account the asset allocation ranges , the company determines the specific allocation of the master trust's investments within various asset classes . the master trust utilizes select investment strategies , which are executed through separate account or fund structures with external investment managers who demonstrate experience and expertise in the appropriate asset classes and styles . the selection of investment managers is done with careful evaluation of all aspects of performance and risk , demonstrated fiduciary responsibility , investment management experience , and a review of the investment managers' policies and processes . investment performance is monitored frequently against appropriate benchmarks and tracked to compliance guidelines with the assistance of third party consultants and performance evaluation tools and metrics . plan assets are stated at fair value . the company employs a variety of pricing sources to estimate the fair value of its pension plan assets , including independent pricing vendors , dealer or counterparty-supplied valuations , third- party appraisals , and appraisals prepared by the company's investment managers or other experts . investments in equity securities , common and preferred , are valued at the last reported sales price when an active market exists . securities for which official or last trade pricing on an active exchange is available are classified as level 1 . if closing prices are not available , securities are valued at the last trade price , if deemed reasonable , or a broker's quote in a non-active market , and are typically categorized as level 2 . investments in fixed-income securities are generally valued by independent pricing services or dealers who make markets in such securities . pricing methods are based upon market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders , and fixed-income securities typically are categorized as level 2. .
Question: what is the difference in the range of international equities permitted in the company's pension plan?
Answer: | -9.71 |
FINQA4409 | Please answer the given financial question based on the context.
Context: management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for inventory positions that are not included in var . the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value . equity positions below relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds , which are included in 201cfinancial instruments owned , at fair value . 201d debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . these debt positions are included in 201cfinancial instruments owned , at fair value . 201d see note 6 to the consolidated financial statements for further information about cash instruments . these measures do not reflect diversification benefits across asset categories or across other market risk measures . asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471 .
|asset categories|asset categories||
|in millions|2013|2012|
|equity1|$ 2256|$ 2471|
|debt|1522|1676|
|total|$ 3778|$ 4147|
1 . december 2012 includes $ 208 million related to our investment in the ordinary shares of icbc , which was sold in the first half of 2013 . credit spread sensitivity on derivatives and borrowings . var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 and december 2012 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . as of december 2013 and december 2012 , the firm had $ 14.90 billion and $ 6.50 billion , respectively , of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates . as of december 2013 and december 2012 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million , respectively , of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 8 to the consolidated financial statements for further information about loans held for investment . goldman sachs 2013 annual report 95 .
Question: for 2012 , what was the percentage of the equity related to our investment in the ordinary shares of icbc , which was sold in the first half of 2013?
Answer: | 0.08418 |
FINQA4410 | Please answer the given financial question based on the context.
Context: 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 the assumed level of government support . certain of the firm 2019s 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 the firm 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 gce 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. .
|in millions|as of december 2013|as of december 2012|
|additional collateral or termination payments for a one-notch downgrade|$ 911|$ 1534|
|additional collateral or termination payments for a two-notch downgrade|2989|2500|
in millions 2013 2012 additional collateral or termination payments for a one-notch downgrade $ 911 $ 1534 additional collateral or termination payments for a two-notch downgrade 2989 2500 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 excess 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 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 held for investment 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 . year ended december 2011 . our cash and cash equivalents increased by $ 16.22 billion to $ 56.01 billion at the end of 2011 . we generated $ 23.13 billion in net cash from operating and investing activities . we used net cash of $ 6.91 billion for financing activities , primarily for repurchases of our series g preferred stock and common stock , partially offset by an increase in bank deposits . goldman sachs 2013 annual report 89 .
Question: for cash and cash equivalents at the end of 2013 , what percentage was generated from operating activities?
Answer: | 0.07427 |
FINQA4411 | Please answer the given financial question based on the context.
Context: stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( "s&p 500 retail index" ) and the standard and poor's s&p 500 index ( "s&p 500" ) . .
|company/index|december 31 , 2010|december 31 , 2011|december 31 , 2012|december 31 , 2013|december 31 , 2014|december 31 , 2015|
|o'reilly automotive inc .|$ 100|$ 132|$ 148|$ 213|$ 319|$ 419|
|s&p 500 retail index|100|103|128|185|203|252|
|s&p 500|$ 100|$ 100|$ 113|$ 147|$ 164|$ 163|
.
Question: what is the roi of an investment in the s&p500 from 2010 to 2011?
Answer: | 0.0 |
FINQA4412 | Please answer the given financial question based on the context.
Context: leases , was $ 92 million , $ 80 million , and $ 72 million in 2002 , 2001 , and 2000 , respectively . future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 28 , 2002 , are as follows ( in millions ) : concentrations in the available sources of supply of materials and product although certain components essential to the company's business are generally available from multiple sources , other key components ( including microprocessors and application-specific integrated circuits , or ( "asics" ) ) are currently obtained by the company from single or limited sources . some other key components , while currently available to the company from multiple sources , are at times subject to industry- wide availability and pricing pressures . in addition , the company uses some components that are not common to the rest of the personal computer industry , and new products introduced by the company often initially utilize custom components obtained from only one source until the company has evaluated whether there is a need for and subsequently qualifies additional suppliers . if the supply of a key single-sourced component to the company were to be delayed or curtailed or in the event a key manufacturing vendor delays shipments of completed products to the company , the company's ability to ship related products in desired quantities and in a timely manner could be adversely affected . the company's business and financial performance could also be adversely affected depending on the time required to obtain sufficient quantities from the original source , or to identify and obtain sufficient quantities from an alternative source . continued availability of these components may be affected if producers were to decide to concentrate on the production of common components instead of components customized to meet the company's requirements . finally , significant portions of the company's cpus , logic boards , and assembled products are now manufactured by outsourcing partners , the majority of which occurs in various parts of asia . although the company works closely with its outsourcing partners on manufacturing schedules and levels , the company's operating results could be adversely affected if its outsourcing partners were unable to meet their production obligations . contingencies beginning on september 27 , 2001 , three shareholder class action lawsuits were filed in the united states district court for the northern district of california against the company and its chief executive officer . these lawsuits are substantially identical , and purport to bring suit on behalf of persons who purchased the company's publicly traded common stock between july 19 , 2000 , and september 28 , 2000 . the complaints allege violations of the 1934 securities exchange act and seek unspecified compensatory damages and other relief . the company believes these claims are without merit and intends to defend them vigorously . the company filed a motion to dismiss on june 4 , 2002 , which was heard by the court on september 13 , 2002 . on december 11 , 2002 , the court granted the company's motion to dismiss for failure to state a cause of action , with leave to plaintiffs to amend their complaint within thirty days . the company is subject to certain other legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated . in the opinion of management , the company does not have a potential liability related to any current legal proceedings and claims that would have a material adverse effect on its financial condition , liquidity or results of operations . however , the results of legal proceedings cannot be predicted with certainty . should the company fail to prevail in any of these legal matters or should several of these legal matters be resolved against the company in the same reporting period , the operating results of a particular reporting period could be materially adversely affected . the parliament of the european union is working on finalizing the waste electrical and electronic equipment directive ( the directive ) . the directive makes producers of electrical goods , including personal computers , financially responsible for the collection , recycling , and safe disposal of past and future products . the directive must now be approved and implemented by individual european union governments by june 2004 , while the producers' financial obligations are scheduled to start june 2005 . the company's potential liability resulting from the directive related to past sales of its products and expenses associated with future sales of its product may be substantial . however , because it is likely that specific laws , regulations , and enforcement policies will vary significantly between individual european member states , it is not currently possible to estimate the company's existing liability or future expenses resulting from the directive . as the european union and its individual member states clarify specific requirements and policies with respect to the directive , the company will continue to assess its potential financial impact . similar legislation may be enacted in other geographies , including federal and state legislation in the united states , the cumulative impact of which could be significant . fiscal years .
|2003|$ 83|
|2004|78|
|2005|66|
|2006|55|
|2007|42|
|later years|140|
|total minimum lease payments|$ 464|
.
Question: what percentage of total minimum lease payments is due after 2007?
Answer: | 0.30172 |
FINQA4413 | Please answer the given financial question based on the context.
Context: the containerboard group ( a division of tenneco packaging inc. ) notes to combined financial statements ( continued ) april 11 , 1999 14 . leases ( continued ) to the sale transaction on april 12 , 1999 . therefore , the remaining outstanding aggregate minimum rental commitments under noncancelable operating leases are as follows : ( in thousands ) .
|remainder of 1999|$ 7606|
|2000|7583|
|2001|4891|
|2002|3054|
|2003|1415|
|thereafter|1178|
|total|$ 25727|
15 . sale of assets in the second quarter of 1996 , packaging entered into an agreement to form a joint venture with caraustar industries whereby packaging sold its two recycled paperboard mills and a fiber recycling operation and brokerage business to the joint venture in return for cash and a 20% ( 20 % ) equity interest in the joint venture . proceeds from the sale were approximately $ 115 million and the group recognized a $ 50 million pretax gain ( $ 30 million after taxes ) in the second quarter of 1996 . in june , 1998 , packaging sold its remaining 20% ( 20 % ) equity interest in the joint venture to caraustar industries for cash and a note of $ 26000000 . the group recognized a $ 15 million pretax gain on this transaction . at april 11 , 1999 , the balance of the note with accrued interest is $ 27122000 . the note was paid in june , 1999 . 16 . subsequent events on august 25 , 1999 , pca and packaging agreed that the acquisition consideration should be reduced as a result of a postclosing price adjustment by an amount equal to $ 20 million plus interest through the date of payment by packaging . the group recorded $ 11.9 million of this amount as part of the impairment charge on the accompanying financial statements , representing the amount that was previously estimated by packaging . pca intends to record the remaining amount in september , 1999 . in august , 1999 , pca signed purchase and sales agreements with various buyers to sell approximately 405000 acres of timberland . pca has completed the sale of approximately 260000 of these acres and expects to complete the sale of the remaining acres by mid-november , 1999. .
Question: of the post-closing price adjustment of $ 20 million plus interest , what percentage was recognized as part of the impairment charge on the accompanying financial statements?
Answer: | 0.595 |
FINQA4414 | Please answer the given financial question based on the context.
Context: new term loan a facility , with the remaining unpaid principal amount of loans under the new term loan a facility due and payable in full at maturity on june 6 , 2021 . principal amounts outstanding under the new revolving loan facility are due and payable in full at maturity on june 6 , 2021 , subject to earlier repayment pursuant to the springing maturity date described above . in addition to paying interest on outstanding principal under the borrowings , we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio , with a maximum commitment fee of 40% ( 40 % ) of the applicable margin for eurocurrency loans . in july 2016 , breakaway four , ltd. , as borrower , and nclc , as guarantor , entered into a supplemental agreement , which amended the breakaway four loan to , among other things , increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from 20ac590.5 million to 20ac729.9 million . in june 2016 , we took delivery of seven seas explorer . to finance the payment due upon delivery , we had export credit financing in place for 80% ( 80 % ) of the contract price . the associated $ 373.6 million term loan bears interest at 3.43% ( 3.43 % ) with a maturity date of june 30 , 2028 . principal and interest payments shall be paid semiannually . in december 2016 , nclc issued $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due december 2021 ( the 201cnotes 201d ) in a private offering ( the 201coffering 201d ) at par . nclc used the net proceeds from the offering , after deducting the initial purchasers 2019 discount and estimated fees and expenses , together with cash on hand , to purchase its outstanding 5.25% ( 5.25 % ) senior notes due 2019 having an aggregate outstanding principal amount of $ 680 million . the redemption of the 5.25% ( 5.25 % ) senior notes due 2019 was completed in january 2017 . nclc will pay interest on the notes at 4.750% ( 4.750 % ) per annum , semiannually on june 15 and december 15 of each year , commencing on june 15 , 2017 , to holders of record at the close of business on the immediately preceding june 1 and december 1 , respectively . nclc may redeem the notes , in whole or part , at any time prior to december 15 , 2018 , at a price equal to 100% ( 100 % ) of the principal amount of the notes redeemed plus accrued and unpaid interest to , but not including , the redemption date and a 201cmake-whole premium . 201d nclc may redeem the notes , in whole or in part , on or after december 15 , 2018 , at the redemption prices set forth in the indenture governing the notes . at any time ( which may be more than once ) on or prior to december 15 , 2018 , nclc may choose to redeem up to 40% ( 40 % ) of the aggregate principal amount of the notes at a redemption price equal to 104.750% ( 104.750 % ) of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings , so long as at least 60% ( 60 % ) of the aggregate principal amount of the notes issued remains outstanding following such redemption . the indenture governing the notes contains covenants that limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to , among other things : ( i ) incur or guarantee additional indebtedness or issue certain preferred shares ; ( ii ) pay dividends and make certain other restricted payments ; ( iii ) create restrictions on the payment of dividends or other distributions to nclc from its restricted subsidiaries ; ( iv ) create liens on certain assets to secure debt ; ( v ) make certain investments ; ( vi ) engage in transactions with affiliates ; ( vii ) engage in sales of assets and subsidiary stock ; and ( viii ) transfer all or substantially all of its assets or enter into merger or consolidation transactions . the indenture governing the notes also provides for events of default , which , if any of them occurs , would permit or require the principal , premium ( if any ) , interest and other monetary obligations on all of the then-outstanding notes to become due and payable immediately . interest expense , net for the year ended december 31 , 2016 was $ 276.9 million which included $ 34.7 million of amortization of deferred financing fees and a $ 27.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2015 was $ 221.9 million which included $ 36.7 million of amortization of deferred financing fees and a $ 12.7 million loss on extinguishment of debt . interest expense , net for the year ended december 31 , 2014 was $ 151.8 million which included $ 32.3 million of amortization of deferred financing fees and $ 15.4 million of expenses related to financing transactions in connection with the acquisition of prestige . certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends . substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt . we believe we were in compliance with these covenants as of december 31 , 2016 . the following are scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 for each of the next five years ( in thousands ) : .
|year|amount|
|2017|$ 560193|
|2018|554846|
|2019|561687|
|2020|1153733|
|2021|2193823|
|thereafter|1490322|
|total|$ 6514604|
we had an accrued interest liability of $ 32.5 million and $ 34.2 million as of december 31 , 2016 and 2015 , respectively. .
Question: what is the percentage change in accrued interest liability from 2015 to 2016?
Answer: | -0.04971 |
FINQA4415 | Please answer the given financial question based on the context.
Context: investments prior to our acquisition of keystone on october 12 , 2007 , we held common shares of keystone , which were classified as an available-for-sale investment security . accordingly , the investment was included in other assets at its fair value , with the unrealized gain excluded from earnings and included in accumulated other comprehensive income , net of applicable taxes . upon our acquisition of keystone on october 12 , 2007 , the unrealized gain was removed from accumulated other comprehensive income , net of applicable taxes , and the original cost of the common shares was considered a component of the purchase price . fair value of financial instruments our debt is reflected on the balance sheet at cost . based on current market conditions , our interest rate margins are below the rate available in the market , which causes the fair value of our debt to fall below the carrying value . the fair value of our term loans ( see note 6 , 201clong-term obligations 201d ) is approximately $ 570 million at december 31 , 2009 , as compared to the carrying value of $ 596 million . we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations . the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans . the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value . we apply the market approach to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps . the market approach utilizes available market information to estimate fair value . required fair value disclosures are included in note 8 , 201cfair value measurements . 201d accrued expenses we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , workers 2019 compensation and property under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analyses of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . self-insurance reserves on the consolidated balance sheets are net of claims deposits of $ 0.7 million and $ 0.8 million , at december 31 , 2009 and 2008 , respectively . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and assumptions . product warranties some of our mechanical products are sold with a standard six-month warranty against defects . we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses . the changes in the warranty reserve are as follows ( in thousands ) : .
|balance as of january 1 2008|$ 580|
|warranty expense|3681|
|warranty claims|-3721 ( 3721 )|
|balance as of december 31 2008|540|
|warranty expense|5033|
|warranty claims|-4969 ( 4969 )|
|balance as of december 31 2009|$ 604|
.
Question: what was the change in warranty reserves from 2008 to 2009?
Answer: | 64.0 |
FINQA4416 | Please answer the given financial question based on the context.
Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) pro forma disclosure 2014the company has adopted the disclosure-only provisions of sfas no . 123 , as amended by sfas no . 148 , and has presented such disclosure in note 1 . the 201cfair value 201d of each option grant is estimated on the date of grant using the black-scholes option pricing model . the weighted average fair values of the company 2019s options granted during 2004 , 2003 and 2002 were $ 7.05 , $ 6.32 , and $ 2.23 per share , respectively . key assumptions used to apply this pricing model are as follows: .
||2004|2003|2002|
|approximate risk-free interest rate|4.23% ( 4.23 % )|4.00% ( 4.00 % )|4.53% ( 4.53 % )|
|expected life of option grants|4 years|4 years|5 years|
|expected volatility of underlying stock ( the company plan )|80.6% ( 80.6 % )|86.6% ( 86.6 % )|92.3% ( 92.3 % )|
|expected volatility of underlying stock ( atc mexico and atc south america plans )|n/a|n/a|n/a|
|expected dividends|n/a|n/a|n/a|
voluntary option exchanges 2014in february 2004 , the company issued to eligible employees 1032717 options with an exercise price of $ 11.19 per share , the fair market value of the class a common stock on the date of grant . these options were issued in connection with a voluntary option exchange program entered into by the company in august 2003 , where the company accepted for surrender and cancelled options ( having an exercise price of $ 10.25 or greater ) to purchase 1831981 shares of its class a common stock . the program , which was offered to both full and part-time employees , excluding the company 2019s executive officers and its directors , called for the grant ( at least six months and one day from the surrender date to employees still employed on that date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of a surrendered option . no options were granted to any employees who participated in the exchange offer between the cancellation date and the new grant date . in may 2002 , the company issued to eligible employees 2027612 options with an exercise price of $ 3.84 per share , the fair market value of the class a common stock on the date of grant . these options were issued in connection with a voluntary option exchange program entered into by the company in october 2001 , where the company accepted for surrender and cancelled options to purchase 3471211 shares of its class a common stock . the program , which was offered to both full and part-time employees , excluding most of the company 2019s executive officers , called for the grant ( at least six months and one day from the surrender date to employees still employed on that date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of a surrendered option . no options were granted to any employees who participated in the exchange offer between the cancellation date and the new grant date . atc mexico holding stock option plan 2014the company maintains a stock option plan in its atc mexico subsidiary ( atc mexico plan ) . the atc mexico plan provides for the issuance of options to officers , employees , directors and consultants of atc mexico . the atc mexico plan limits the number of shares of common stock which may be granted to an aggregate of 360 shares , subject to adjustment based on changes in atc mexico 2019s capital structure . during 2002 , atc mexico granted options to purchase 318 shares of atc mexico common stock to officers and employees . such options were issued at one time with an exercise price of $ 10000 per share . the exercise price per share was at fair market value as determined by the board of directors with the assistance of an independent appraisal performed at the company 2019s request . the fair value of atc mexico plan options granted during 2002 were $ 3611 per share as determined by using the black-scholes option pricing model . as described in note 10 , all outstanding options were exercised in march 2004 . no options under the atc mexico plan were granted in 2004 or 2003 , or exercised or cancelled in 2003 or 2002 , and no options were exercisable as of december 31 , 2003 or 2002 . ( see note 10. ) .
Question: based on the black-scholes option pricing model what was the percent of the change in the option prices from 2003 to 2004
Answer: | 0.1765 |
FINQA4417 | Please answer the given financial question based on the context.
Context: jpmorgan chase & co./2009 annual report 181 the following table shows the current credit risk of derivative receivables after netting adjustments , and the current liquidity risk of derivative payables after netting adjustments , as of december 31 , 2009. .
|december 31 2009 ( in millions )|derivative receivables|derivative payables|
|gross derivative fair value|$ 1565518|$ 1519183|
|nettingadjustment 2013 offsetting receivables/payables|-1419840 ( 1419840 )|-1419840 ( 1419840 )|
|nettingadjustment 2013 cash collateral received/paid|-65468 ( 65468 )|-39218 ( 39218 )|
|carrying value on consolidated balance sheets|$ 80210|$ 60125|
in addition to the collateral amounts reflected in the table above , at december 31 , 2009 , the firm had received and posted liquid secu- rities collateral in the amount of $ 15.5 billion and $ 11.7 billion , respectively . the firm also receives and delivers collateral at the initiation of derivative transactions , which is available as security against potential exposure that could arise should the fair value of the transactions move in the firm 2019s or client 2019s favor , respectively . furthermore , the firm and its counterparties hold collateral related to contracts that have a non-daily call frequency for collateral to be posted , and collateral that the firm or a counterparty has agreed to return but has not yet settled as of the reporting date . at december 31 , 2009 , the firm had received $ 16.9 billion and delivered $ 5.8 billion of such additional collateral . these amounts were not netted against the derivative receivables and payables in the table above , because , at an individual counterparty level , the collateral exceeded the fair value exposure at december 31 , 2009 . credit derivatives credit derivatives are financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer ( the reference entity ) and which allow one party ( the protection purchaser ) to transfer that risk to another party ( the protection seller ) . credit derivatives expose the protection purchaser to the creditworthiness of the protection seller , as the protection seller is required to make payments under the contract when the reference entity experiences a credit event , such as a bankruptcy , a failure to pay its obligation or a restructuring . the seller of credit protection receives a premium for providing protection but has the risk that the underlying instrument referenced in the contract will be subject to a credit event . the firm is both a purchaser and seller of protection in the credit derivatives market and uses these derivatives for two primary purposes . first , in its capacity as a market-maker in the dealer/client business , the firm actively risk manages a portfolio of credit derivatives by purchasing and selling credit protection , pre- dominantly on corporate debt obligations , to meet the needs of customers . as a seller of protection , the firm 2019s exposure to a given reference entity may be offset partially , or entirely , with a contract to purchase protection from another counterparty on the same or similar reference entity . second , the firm uses credit derivatives to mitigate credit risk associated with its overall derivative receivables and traditional commercial credit lending exposures ( loans and unfunded commitments ) as well as to manage its exposure to residential and commercial mortgages . see note 3 on pages 156--- 173 of this annual report for further information on the firm 2019s mortgage-related exposures . in accomplishing the above , the firm uses different types of credit derivatives . following is a summary of various types of credit derivatives . credit default swaps credit derivatives may reference the credit of either a single refer- ence entity ( 201csingle-name 201d ) or a broad-based index , as described further below . the firm purchases and sells protection on both single- name and index-reference obligations . single-name cds and index cds contracts are both otc derivative contracts . single- name cds are used to manage the default risk of a single reference entity , while cds index are used to manage credit risk associated with the broader credit markets or credit market segments . like the s&p 500 and other market indices , a cds index is comprised of a portfolio of cds across many reference entities . new series of cds indices are established approximately every six months with a new underlying portfolio of reference entities to reflect changes in the credit markets . if one of the reference entities in the index experi- ences a credit event , then the reference entity that defaulted is removed from the index . cds can also be referenced against spe- cific portfolios of reference names or against customized exposure levels based on specific client demands : for example , to provide protection against the first $ 1 million of realized credit losses in a $ 10 million portfolio of exposure . such structures are commonly known as tranche cds . for both single-name cds contracts and index cds , upon the occurrence of a credit event , under the terms of a cds contract neither party to the cds contract has recourse to the reference entity . the protection purchaser has recourse to the protection seller for the difference between the face value of the cds contract and the fair value of the reference obligation at the time of settling the credit derivative contract , also known as the recovery value . the protection purchaser does not need to hold the debt instrument of the underlying reference entity in order to receive amounts due under the cds contract when a credit event occurs . credit-linked notes a credit linked note ( 201ccln 201d ) is a funded credit derivative where the issuer of the cln purchases credit protection on a referenced entity from the note investor . under the contract , the investor pays the issuer par value of the note at the inception of the transaction , and in return , the issuer pays periodic payments to the investor , based on the credit risk of the referenced entity . the issuer also repays the investor the par value of the note at maturity unless the reference entity experiences a specified credit event . in that event , the issuer is not obligated to repay the par value of the note , but rather , the issuer pays the investor the difference between the par value of the note .
Question: in 2009 what was the ratio of the gross derivative fair value recievables to the payables
Answer: | 1.0305 |
FINQA4418 | Please answer the given financial question based on the context.
Context: 2016 non-qualified deferred compensation as of december 31 , 2016 , mr . may had a deferred account balance under a frozen defined contribution restoration plan . the amount is deemed invested , as chosen by the participant , in certain t . rowe price investment funds that are also available to the participant under the savings plan . mr . may has elected to receive the deferred account balance after he retires . the defined contribution restoration plan , until it was frozen in 2005 , credited eligible employees 2019 deferral accounts with employer contributions to the extent contributions under the qualified savings plan in which the employee participated were subject to limitations imposed by the code . defined contribution restoration plan executive contributions in registrant contributions in aggregate earnings in 2016 ( 1 ) aggregate withdrawals/ distributions aggregate balance at december 31 , ( a ) ( b ) ( c ) ( d ) ( e ) ( f ) .
|name|executive contributions in 2016 ( b )|registrant contributions in 2016 ( c )|aggregate earnings in 2016 ( 1 ) ( d )|aggregate withdrawals/distributions ( e )|aggregate balance at december 31 2016 ( a ) ( f )|
|phillip r . may jr .|$ 2014|$ 2014|$ 177|$ 2014|$ 1751|
( 1 ) amounts in this column are not included in the summary compensation table . 2016 potential payments upon termination or change in control entergy corporation has plans and other arrangements that provide compensation to a named executive officer if his or her employment terminates under specified conditions , including following a change in control of entergy corporation . in addition , in 2006 entergy corporation entered into a retention agreement with mr . denault that provides possibility of additional service credit under the system executive retirement plan upon certain terminations of employment . there are no plans or agreements that would provide for payments to any of the named executive officers solely upon a change in control . the tables below reflect the amount of compensation each of the named executive officers would have received if his or her employment with their entergy employer had been terminated under various scenarios as of december 31 , 2016 . for purposes of these tables , a stock price of $ 73.47 was used , which was the closing market price on december 30 , 2016 , the last trading day of the year. .
Question: what is the percentage change in the aggregate balance from 2015 to 2016 for phillip r . may jr.?
Answer: | 0.11245 |
FINQA4419 | Please answer the given financial question based on the context.
Context: entergy corporation and subsidiaries notes to financial statements ferc audit report , system energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis , resulting in a zero net balance for the regulatory asset at the end of the lease term . the amount was a net regulatory asset ( liability ) of ( $ 2.0 ) million and $ 60.6 million as of december 31 , 2011 and 2010 , respectively . as of december 31 , 2011 , system energy had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) , which are recorded as long-term debt as follows : amount ( in thousands ) .
||amount ( in thousands )|
|2012|$ 49959|
|2013|50546|
|2014|51637|
|2015|52253|
|2016|-|
|years thereafter|-|
|total|204395|
|less : amount representing interest|25611|
|present value of net minimum lease payments|$ 178784|
.
Question: as of december 31 , 2011what was the percent of system energy future minimum lease payments that was due in 2015
Answer: | 0.25565 |
FINQA4420 | Please answer the given financial question based on the context.
Context: management 2019s discussion and analysis of financial condition and results of operations in 2008 , sales to the segment 2019s top five customers represented approximately 45% ( 45 % ) of the segment 2019s net sales . the segment 2019s backlog was $ 2.3 billion at december 31 , 2008 , compared to $ 2.6 billion at december 31 , 2007 . in 2008 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly ip and hd/dvr devices . in february 2008 , the segment acquired the assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd and hangzhou image silicon ( known collectively as dahua digital ) , a developer , manufacturer and marketer of cable set-tops and related low-cost integrated circuits for the emerging chinese cable business . the acquisition helped the segment strengthen its position in the rapidly growing cable market in china . enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radios , wireless lan and security products , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of customers , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 2018 2018government and public safety market 2019 2019 ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 2018 2018commercial enterprise market 2019 2019 ) . in 2009 , the segment 2019s net sales represented 32% ( 32 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2008 and 21% ( 21 % ) in 2007 . years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .
|( dollars in millions )|years ended december 31 2009|years ended december 31 2008|years ended december 31 2007|years ended december 31 2009 20142008|2008 20142007|
|segment net sales|$ 7008|$ 8093|$ 7729|( 13 ) % ( % )|5% ( 5 % )|
|operating earnings|1057|1496|1213|( 29 ) % ( % )|23% ( 23 % )|
segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 7.0 billion , a decrease of 13% ( 13 % ) compared to net sales of $ 8.1 billion in 2008 . the 13% ( 13 % ) decrease in net sales reflects a 21% ( 21 % ) decrease in net sales to the commercial enterprise market and a 10% ( 10 % ) decrease in net sales to the government and public safety market . the decrease in net sales to the commercial enterprise market reflects decreased net sales in all regions . the decrease in net sales to the government and public safety market was primarily driven by decreased net sales in emea , north america and latin america , partially offset by higher net sales in asia . the segment 2019s overall net sales were lower in north america , emea and latin america and higher in asia the segment had operating earnings of $ 1.1 billion in 2009 , a decrease of 29% ( 29 % ) compared to operating earnings of $ 1.5 billion in 2008 . the decrease in operating earnings was primarily due to a decrease in gross margin , driven by the 13% ( 13 % ) decrease in net sales and an unfavorable product mix . also contributing to the decrease in operating earnings was an increase in reorganization of business charges , relating primarily to higher employee severance costs . these factors were partially offset by decreased sg&a expenses and r&d expenditures , primarily related to savings from cost-reduction initiatives . as a percentage of net sales in 2009 as compared 2008 , gross margin decreased and r&d expenditures and sg&a expenses increased . net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 58% ( 58 % ) of the segment 2019s net sales in 2009 , compared to approximately 57% ( 57 % ) in 2008 . the regional shift in 2009 as compared to 2008 reflects a 16% ( 16 % ) decline in net sales outside of north america and a 12% ( 12 % ) decline in net sales in north america . the segment 2019s backlog was $ 2.4 billion at both december 31 , 2009 and december 31 , 2008 . in our government and public safety market , we see a continued emphasis on mission-critical communication and homeland security solutions . in 2009 , we led market innovation through the continued success of our mototrbo line and the delivery of the apx fffd family of products . while spending by end customers in the segment 2019s government and public safety market is affected by government budgets at the national , state and local levels , we continue to see demand for large-scale mission critical communications systems . in 2009 , we had significant wins across the globe , including several city and statewide communications systems in the united states , and continued success winning competitive projects with our tetra systems in europe , the middle east .
Question: in 2007 what was the ratio of the segment net sales to the operating earnings
Answer: | 6.37181 |
FINQA4421 | Please answer the given financial question based on the context.
Context: contractual obligations the following table summarizes our significant contractual obligations as of december 28 , 2013: .
|( in millions )|payments due by period total|payments due by period less than1 year|payments due by period 1 20133 years|payments due by period 3 20135 years|payments due by period more than5 years|
|operating lease obligations|$ 870|$ 208|$ 298|$ 166|$ 198|
|capital purchase obligations1|5503|5375|125|2014|3|
|other purchase obligations and commitments2|1859|772|744|307|36|
|long-term debt obligations3|22372|429|2360|3761|15822|
|other long-term liabilities4 5|1496|569|663|144|120|
|total6|$ 32100|$ 7353|$ 4190|$ 4378|$ 16179|
capital purchase obligations1 5503 5375 125 2014 3 other purchase obligations and commitments2 1859 772 744 307 36 long-term debt obligations3 22372 429 2360 3761 15822 other long-term liabilities4 , 5 1496 569 663 144 120 total6 $ 32100 $ 7353 $ 4190 $ 4378 $ 16179 1 capital purchase obligations represent commitments for the construction or purchase of property , plant and equipment . they were not recorded as liabilities on our consolidated balance sheets as of december 28 , 2013 , as we had not yet received the related goods or taken title to the property . 2 other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services , as well as payments due under non-contingent funding obligations . funding obligations include agreements to fund various projects with other companies . 3 amounts represent principal and interest cash payments over the life of the debt obligations , including anticipated interest payments that are not recorded on our consolidated balance sheets . any future settlement of convertible debt would impact our cash payments . 4 we are unable to reliably estimate the timing of future payments related to uncertain tax positions ; therefore , $ 188 million of long-term income taxes payable has been excluded from the preceding table . however , long- term income taxes payable , recorded on our consolidated balance sheets , included these uncertain tax positions , reduced by the associated federal deduction for state taxes and u.s . tax credits arising from non- u.s . income taxes . 5 amounts represent future cash payments to satisfy other long-term liabilities recorded on our consolidated balance sheets , including the short-term portion of these long-term liabilities . expected required contributions to our u.s . and non-u.s . pension plans and other postretirement benefit plans of $ 62 million to be made during 2014 are also included ; however , funding projections beyond 2014 are not practicable to estimate . 6 total excludes contractual obligations already recorded on our consolidated balance sheets as current liabilities except for the short-term portions of long-term debt obligations and other long-term liabilities . contractual obligations for purchases of goods or services , included in other purchase obligations and commitments in the preceding table , include agreements that are enforceable and legally binding on intel and that specify all significant terms , including fixed or minimum quantities to be purchased ; fixed , minimum , or variable price provisions ; and the approximate timing of the transaction . for obligations with cancellation provisions , the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee . we have entered into certain agreements for the purchase of raw materials that specify minimum prices and quantities based on a percentage of the total available market or based on a percentage of our future purchasing requirements . due to the uncertainty of the future market and our future purchasing requirements , as well as the non-binding nature of these agreements , obligations under these agreements are not included in the preceding table . our purchase orders for other products are based on our current manufacturing needs and are fulfilled by our vendors within short time horizons . in addition , some of our purchase orders represent authorizations to purchase rather than binding agreements . table of contents management 2019s discussion and analysis of financial condition and results of operations ( continued ) .
Question: as of december 28 , 2013 capital purchase obligations to the total of the total
Answer: | 0.17143 |
FINQA4422 | Please answer the given financial question based on the context.
Context: and penalties , resulting in a liability of $ 1 million for interest and penalties as of december 31 , 2018 . in 2017 , there was a net decrease in income tax expense of $ 1 million for interest and penalties , resulting in no material liability for interest and penalties as of december 31 , 2017 . the 2017 changes in interest and penalties related to statute of limitation expirations . in 2016 , there was a net decrease in income tax expense of $ 2 million for interest and penalties , resulting in a total liability of $ 1 million for interest and penalties as of december 31 , 2016 . the 2016 changes in interest and penalties related to reductions in prior year tax positions and settlement with a taxing authority . the following table summarizes the tax years that are either currently under examination or remain open under the applicable statute of limitations and subject to examination by the major tax jurisdictions in which the company operates: .
|jurisdiction united states ( 1 )|jurisdiction 2011|jurisdiction -|2017|
|connecticut|2016|-|2017|
|mississippi|2012|-|2017|
|virginia ( 1 )|2011|-|2017|
virginia ( 1 ) 2011 - 2017 ( 1 ) the 2014 tax year has been closed in these jurisdictions . although the company believes it has adequately provided for all uncertain tax positions , amounts asserted by taxing authorities could be greater than the company's accrued position . accordingly , additional provisions for federal and state income tax related matters could be recorded in the future as revised estimates are made or the underlying matters are effectively settled or otherwise resolved . conversely , the company could settle positions with the tax authorities for amounts lower than have been accrued . the company believes that it is reasonably possible that during the next 12 months the company's liability for uncertain tax positions may decrease by $ 14 million due to resolution of a federal uncertain tax position . during 2013 the company entered into the pre-compliance assurance process with the irs for years 2011 and 2012 . the company is part of the irs compliance assurance process program for the 2014 through 2018 tax years . open tax years related to state jurisdictions remain subject to examination . deferred income taxes - deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax purposes . as described above , deferred tax assets and liabilities are calculated as of the balance sheet date using current tax laws and rates expected to be in effect when the deferred tax items reverse in future periods . as a result of the reduction in the corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) under the tax act , the company revalued its net deferred tax assets as of december 31 , 2017 . net deferred tax assets are classified as long-term deferred tax assets in the consolidated statements of financial position. .
Question: what is the liability for interest and penalties as of december 31 , 2016?
Answer: | 1.0 |
FINQA4423 | Please answer the given financial question based on the context.
Context: jpmorgan chase & co . / 2007 annual report 169 for qualifying fair value hedges , all changes in the fair value of the derivative and in the fair value of the hedged item for the risk being hedged are recognized in earnings . if the hedge relationship is termi- nated , then the fair value adjustment to the hedged item continues to be reported as part of the basis of the item and continues to be amor- tized to earnings as a yield adjustment . for qualifying cash flow hedges , the effective portion of the change in the fair value of the derivative is recorded in other comprehensive income and recognized in the consolidated statement of income when the hedged cash flows affect earnings . the ineffective portions of cash flow hedges are immediately recognized in earnings . if the hedge relationship is terminated , then the change in fair value of the derivative recorded in other comprehensive income is recognized when the cash flows that were hedged occur , con- sistent with the original hedge strategy . for hedge relationships discon- tinued because the forecasted transaction is not expected to occur according to the original strategy , any related derivative amounts recorded in other comprehensive income are immediately recognized in earnings . for qualifying net investment hedges , changes in the fair value of the derivative or the revaluation of the foreign currency 2013denominated debt instrument are recorded in the translation adjustments account within other comprehensive income . jpmorgan chase 2019s fair value hedges primarily include hedges of fixed- rate long-term debt , warehouse loans , afs securities , msrs and gold inventory . interest rate swaps are the most common type of derivative contract used to modify exposure to interest rate risk , converting fixed-rate assets and liabilities to a floating-rate . prior to the adoption of sfas 156 , interest rate options , swaptions and forwards were also used in combination with interest rate swaps to hedge the fair value of the firm 2019s msrs in sfas 133 hedge relationships . for a further discus- sion of msr risk management activities , see note 18 on pages 154 2013156 of this annual report . all amounts have been included in earnings consistent with the classification of the hedged item , primarily net interest income for long-term debt and afs securities ; mortgage fees and related income for msrs , other income for warehouse loans ; and principal transactions for gold inventory . the firm did not recog- nize any gains or losses during 2007 , 2006 or 2005 on firm commit- ments that no longer qualify as fair value hedges . jpmorgan chase also enters into derivative contracts to hedge expo- sure to variability in cash flows from floating-rate financial instruments and forecasted transactions , primarily the rollover of short-term assets and liabilities , and foreign currency 2013denominated revenue and expense . interest rate swaps , futures and forward contracts are the most common instruments used to reduce the impact of interest rate and foreign exchange rate changes on future earnings . all amounts affecting earnings have been recognized consistent with the classifica- tion of the hedged item , primarily net interest income . the firm uses forward foreign exchange contracts and foreign curren- cy 2013denominated debt instruments to protect the value of net invest- ments in subsidiaries , the functional currency of which is not the u.s . dollar . the portion of the hedging instruments excluded from the assessment of hedge effectiveness ( forward points ) is recorded in net interest income . the following table presents derivative instrument hedging-related activities for the periods indicated. .
|year ended december 31 ( in millions )|2007|2006|2005|
|fair value hedge ineffective net gains/ ( losses ) ( a )|$ 111|$ 51|$ -58 ( 58 )|
|cash flow hedge ineffective net gains/ ( losses ) ( a )|29|2|-2 ( 2 )|
|cash flow hedging net gains/ ( losses ) on forecasted transactions that failed tooccur ( b )|15|2014|2014|
fair value hedge ineffective net gains/ ( losses ) ( a ) $ 111 $ 51 $ ( 58 ) cash flow hedge ineffective net gains/ ( losses ) ( a ) 29 2 ( 2 ) cash flow hedging net gains/ ( losses ) on forecasted transactions that failed to occur ( b ) 15 2014 2014 ( a ) includes ineffectiveness and the components of hedging instruments that have been excluded from the assessment of hedge effectiveness . ( b ) during the second half of 2007 , the firm did not issue short-term fixed rate canadian dollar denominated notes due to the weak credit market for canadian short-term over the next 12 months , it is expected that $ 263 million ( after-tax ) of net losses recorded in other comprehensive income at december 31 , 2007 , will be recognized in earnings . the maximum length of time over which forecasted transactions are hedged is 10 years , and such transactions primarily relate to core lending and borrowing activities . jpmorgan chase does not seek to apply hedge accounting to all of the firm 2019s economic hedges . for example , the firm does not apply hedge accounting to standard credit derivatives used to manage the credit risk of loans and commitments because of the difficulties in qualifying such contracts as hedges under sfas 133 . similarly , the firm does not apply hedge accounting to certain interest rate deriva- tives used as economic hedges. .
Question: in 2007 what was the ratio of the fair value hedge ineffective net gains/ ( losses ) to the cash flow hedge ineffective net gains/ ( losses ) ( a )
Answer: | 3.82759 |
FINQA4424 | Please answer the given financial question based on the context.
Context: jpmorgan chase & co./2016 annual report 35 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced united states of america ( 201cu.s . 201d ) equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of leading national money center and regional banks and thrifts . the s&p financial index is an index of financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2011 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2011 2012 2013 2014 2015 2016 .
|december 31 ( in dollars )|2011|2012|2013|2014|2015|2016|
|jpmorgan chase|$ 100.00|$ 136.18|$ 186.17|$ 204.57|$ 221.68|$ 298.31|
|kbw bank index|100.00|133.03|183.26|200.42|201.40|258.82|
|s&p financial index|100.00|128.75|174.57|201.06|197.92|242.94|
|s&p 500 index|100.00|115.99|153.55|174.55|176.95|198.10|
december 31 , ( in dollars ) .
Question: based on the review of the simultaneous investments of the jpmorgan chase common stock and in each of the above indices what was the performance ratio of the jpmorgan chase compared to kbw bank index
Answer: | 1.15258 |
FINQA4425 | Please answer the given financial question based on the context.
Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) maturities 2014as of december 31 , 2003 , aggregate principal payments of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .
|2004|$ 77622|
|2005|115444|
|2006|365051|
|2007|728153|
|2008|808043|
|thereafter|1650760|
|total cash obligations|3745073|
|accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes|-339601 ( 339601 )|
|accreted value of the related warrants|-44247 ( 44247 )|
|balance as of december 31 2003|$ 3361225|
the holders of the company 2019s convertible notes have the right to require the company to repurchase their notes on specified dates prior to their maturity dates in 2009 and 2010 , but the company may pay the purchase price by issuing shares of class a common stock , subject to certain conditions . obligations with respect to the right of the holders to put the 6.25% ( 6.25 % ) notes and 5.0% ( 5.0 % ) notes have been included in the table above as if such notes mature on the date of their put rights in 2006 and 2007 , respectively . ( see note 19. ) 8 . derivative financial instruments under the terms of the credit facilities , the company is required to enter into interest rate protection agreements on at least 50% ( 50 % ) of its variable rate debt . under these agreements , the company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract . such exposure is limited to the current value of the contract at the time the counterparty fails to perform . the company believes its contracts as of december 31 , 2003 are with credit worthy institutions . as of december 31 , 2003 , the company had three interest rate caps outstanding that include an aggregate notional amount of $ 500.0 million ( each at an interest rate of 5% ( 5 % ) ) and expire in 2004 . as of december 31 , 2003 and 2002 , liabilities related to derivative financial instruments of $ 0.0 million and $ 15.5 million are reflected in other long-term liabilities in the accompanying consolidated balance sheet . during the year ended december 31 , 2003 , the company recorded an unrealized loss of approximately $ 0.3 million ( net of a tax benefit of approximately $ 0.2 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 5.9 million ( net of a tax benefit of approximately $ 3.2 million ) into results of operations . during the year ended december 31 , 2002 , the company recorded an unrealized loss of approximately $ 9.1 million ( net of a tax benefit of approximately $ 4.9 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 19.5 million ( net of a tax benefit of approximately $ 10.5 million ) into results of operations . hedge ineffectiveness resulted in a gain of approximately $ 1.0 million and a loss of approximately $ 2.2 million for the years ended december 31 , 2002 and 2001 , respectively , which are recorded in loss on investments and other expense in the accompanying consolidated statements of operations for those periods . the company records the changes in fair value of its derivative instruments that are not accounted for as hedges in loss on investments and other expense . the company does not anticipate reclassifying any derivative losses into its statement of operations within the next twelve months , as there are no amounts included in other comprehensive loss as of december 31 , 2003. .
Question: during the year ended december 2003 what was the tax rate applicable to the recorded an unrealized loss
Answer: | 0.33333 |
FINQA4426 | Please answer the given financial question based on the context.
Context: in addition , the company has reclassified the following amounts from 201cdistributions from other invested assets 201d included in cash flows from investing activities to 201cdistribution of limited partnership income 201d included in cash flows from operations for interim reporting periods of 2013 : $ 33686 thousand for the three months ended march 31 , 2013 ; $ 9409 thousand and $ 43095 thousand for the three months and six months ended june 30 , 2013 , respectively ; and $ 5638 thousand and $ 48733 thousand for the three months and nine months ended september 30 , 2013 , respectively . b . investments . fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets . fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) . the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities . the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities . fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency . the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities . for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions . interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) . unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses . short-term investments are stated at cost , which approximates market value . realized gains or losses on sales of investments are determined on the basis of identified cost . for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s . treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security . for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs . when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value . retrospective adjustments are employed to recalculate the values of asset-backed securities . each acquisition lot is reviewed to recalculate the effective yield . the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition . outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities . conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types . other invested assets include limited partnerships , rabbi trusts and an affiliated entity . limited partnerships and the affiliated entity are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag . c . uncollectible receivable balances . the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances . such reserves are presented in the table below for the periods indicated. .
|( dollars in thousands )|years ended december 31 , 2013|years ended december 31 , 2012|
|reinsurance receivables and premium receivables|$ 29905|$ 32011|
.
Question: for the years ended december 312013 and 2012 what was the change in the reinsurance receivables and premium receivables in thousands
Answer: | -2106.0 |
FINQA4427 | Please answer the given financial question based on the context.
Context: analog devices , inc . notes to consolidated financial statements 2014 ( continued ) asu no . 2011-05 is effective for fiscal years , and interim periods within those years , beginning after december 15 , 2011 , which is the company 2019s fiscal year 2013 . subsequently , in december 2011 , the fasb issued asu no . 2011-12 , deferral of the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in accounting standards update no . 2011-05 ( asu no . 2011-12 ) , which defers only those changes in asu no . 2011-05 that relate to the presentation of reclassification adjustments but does not affect all other requirements in asu no . 2011-05 . the adoption of asu no . 2011-05 and asu no . 2011-12 will affect the presentation of comprehensive income but will not materially impact the company 2019s financial condition or results of operations . u . discontinued operations in november 2007 , the company entered into a purchase and sale agreement with certain subsidiaries of on semiconductor corporation to sell the company 2019s cpu voltage regulation and pc thermal monitoring business which consisted of core voltage regulator products for the central processing unit in computing and gaming applications and temperature sensors and fan-speed controllers for managing the temperature of the central processing unit . during fiscal 2008 , the company completed the sale of this business . in the first quarter of fiscal 2010 , proceeds of $ 1 million were released from escrow and $ 0.6 million net of tax was recorded as additional gain from the sale of discontinued operations . the company does not expect any additional proceeds from this sale . in september 2007 , the company entered into a definitive agreement to sell its baseband chipset business to mediatek inc . the decision to sell the baseband chipset business was due to the company 2019s decision to focus its resources in areas where its signal processing expertise can provide unique capabilities and earn superior returns . during fiscal 2008 , the company completed the sale of its baseband chipset business for net cash proceeds of $ 269 million . the company made cash payments of $ 1.7 million during fiscal 2009 related to retention payments for employees who transferred to mediatek inc . and for the reimbursement of intellectual property license fees incurred by mediatek . during fiscal 2010 , the company received cash proceeds of $ 62 million as a result of the receipt of a refundable withholding tax and also recorded an additional gain on sale of $ 0.3 million , or $ 0.2 million net of tax , due to the settlement of certain items at less than the amounts accrued . in fiscal 2011 , additional proceeds of $ 10 million were released from escrow and $ 6.5 million net of tax was recorded as additional gain from the sale of discontinued operations . the company does not expect any additional proceeds from this sale . the following amounts related to the cpu voltage regulation and pc thermal monitoring and baseband chipset businesses have been segregated from continuing operations and reported as discontinued operations. .
||2012|2011|2010|
|gain on sale of discontinued operations before income taxes|$ 2014|$ 10000|$ 1316|
|provision for income taxes|2014|3500|457|
|gain on sale of discontinued operations net of tax|$ 2014|$ 6500|$ 859|
3 . stock-based compensation and shareholders 2019 equity equity compensation plans the company grants , or has granted , stock options and other stock and stock-based awards under the 2006 stock incentive plan ( 2006 plan ) . the 2006 plan was approved by the company 2019s board of directors on january 23 , 2006 and was approved by shareholders on march 14 , 2006 and subsequently amended in march 2006 , june 2009 , september 2009 , december 2009 , december 2010 and june 2011 . the 2006 plan provides for the grant of up to 15 million shares of the company 2019s common stock , plus such number of additional shares that were subject to outstanding options under the company 2019s previous plans that are not issued because the applicable option award subsequently terminates or expires without being exercised . the 2006 plan provides for the grant of incentive stock options intended to qualify under section 422 of the internal revenue code of 1986 , as amended , non-statutory stock options , stock appreciation rights , restricted stock , restricted stock units and other stock-based awards . employees , officers , directors , consultants and advisors of the company and its subsidiaries are eligible to be granted awards under the 2006 plan . no award may be made under the 2006 plan after march 13 , 2016 , but awards previously granted may extend beyond that date . the company will not grant further options under any previous plans . while the company may grant to employees options that become exercisable at different times or within different periods , the company has generally granted to employees options that vest over five years and become exercisable in annual installments of 20% ( 20 % ) on each of the first , second , third , fourth and fifth anniversaries of the date of grant ; 33.3% ( 33.3 % ) on each of the third , fourth , and fifth anniversaries of the date of grant ; or in annual installments of 25% ( 25 % ) on each of the second , third , fourth .
Question: what is the effective income tax rate in 2010 based on the information about the gains on sales of discontinued operations?
Answer: | 0.34726 |
FINQA4428 | Please answer the given financial question based on the context.
Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) 6 . long-term obligations outstanding amounts under the company 2019s long-term financing arrangements consist of the following as of december 31 , ( in thousands ) : .
||2008|2007|
|commercial mortgage pass-through certificates series 2007-1|$ 1750000|$ 1750000|
|revolving credit facility|750000|825000|
|term loan|325000|2014|
|7.25% ( 7.25 % ) senior subordinated notes|288|288|
|7.50% ( 7.50 % ) senior notes|225000|225000|
|7.125% ( 7.125 % ) senior notes|501107|502202|
|7.00% ( 7.00 % ) senior notes|500000|500000|
|5.0% ( 5.0 % ) convertible notes|59683|59683|
|3.25% ( 3.25 % ) convertible notes|2014|18333|
|3.00% ( 3.00 % ) convertible notes|161893|344568|
|other convertible notes|41|41|
|notes payable and capital leases|60134|60169|
|total|4333146|4285284|
|less current portion of long-term obligations|-1837 ( 1837 )|-1817 ( 1817 )|
|long-term obligations|$ 4331309|$ 4283467|
commercial mortgage pass-through certificates , series 2007-1 2014during the year ended december 31 , 2007 , the company completed a securitization transaction ( the securitization ) involving assets related to 5295 broadcast and wireless communications towers ( the secured towers ) owned by two special purpose subsidiaries of the company , through a private offering of $ 1.75 billion of commercial mortgage pass-through certificates , series 2007-1 ( the certificates ) . the certificates were issued by american tower trust i ( the trust ) , a trust established by american tower depositor sub , llc ( the depositor ) , an indirect wholly owned special purpose subsidiary of the company . the assets of the trust consist of a recourse loan ( the loan ) initially made by the depositor to american tower asset sub , llc and american tower asset sub ii , llc ( the borrowers ) , pursuant to a loan and security agreement among the foregoing parties dated as of may 4 , 2007 ( the loan agreement ) . the borrowers are special purpose entities formed solely for the purpose of holding the secured towers subject to the securitization . the certificates were issued in seven separate classes , comprised of class a-fx , class a-fl , class b , class c , class d , class e and class f . each of the certificates in classes b , c , d , e and f are subordinated in right of payment to any other class of certificates which has an earlier alphabetical designation . the certificates were issued with terms identical to the loan except for the class a-fl certificates , which bear interest at a floating rate while the related component of the loan bears interest at a fixed rate , as described below . the various classes of certificates were issued with a weighted average interest rate of approximately 5.61% ( 5.61 % ) . the certificates have an expected life of approximately seven years with a final repayment date in april 2037 . the company used the net proceeds from the securitization to repay all amounts outstanding under the spectrasite credit facilities , including approximately $ 765.0 million in principal , plus accrued interest thereon and other costs and expenses related thereto , as well as to repay approximately $ 250.0 million drawn under the revolving loan component of the credit facilities at the american tower operating company level . an additional $ 349.5 million of the proceeds was used to fund the company 2019s tender offer and consent solicitation for the ati .
Question: what was the change in thousands in long-term obligations from 2007 to 2008?
Answer: | 47842.0 |
FINQA4429 | Please answer the given financial question based on the context.
Context: the following were issued in 2007 : 2022 sfas 141 ( r ) , 201cbusiness combinations 201d 2022 sfas 160 , 201caccounting and reporting of noncontrolling interests in consolidated financial statements , an amendment of arb no . 51 201d 2022 sec staff accounting bulletin no . 109 2022 fin 46 ( r ) 7 , 201capplication of fasb interpretation no . 46 ( r ) to investment companies 201d 2022 fsp fin 48-1 , 201cdefinition of settlement in fasb interpretation ( 201cfin 201d ) no . 48 201d 2022 sfas 159 the following were issued in 2006 with an effective date in 2022 sfas 157 2022 the emerging issues task force ( 201ceitf 201d ) of the fasb issued eitf issue 06-4 , 201caccounting for deferred compensation and postretirement benefit aspects of endorsement split-dollar life insurance arrangements 201d status of defined benefit pension plan we have a noncontributory , qualified defined benefit pension plan ( 201cplan 201d or 201cpension plan 201d ) covering eligible employees . benefits are derived from a cash balance formula based on compensation levels , age and length of service . pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants . consistent with our investment strategy , plan assets are primarily invested in equity investments and fixed income instruments . plan fiduciaries determine and review the plan 2019s investment policy . we calculate the expense associated with the pension plan in accordance with sfas 87 , 201cemployers 2019 accounting for pensions , 201d and we use assumptions and methods that are compatible with the requirements of sfas 87 , including a policy of reflecting trust assets at their fair market value . on an annual basis , we review the actuarial assumptions related to the pension plan , including the discount rate , the rate of compensation increase and the expected return on plan assets . the discount rate and compensation increase assumptions do not significantly affect pension expense . however , the expected long-term return on assets assumption does significantly affect pension expense . the expected long-term return on plan assets for determining net periodic pension cost for 2008 was 8.25% ( 8.25 % ) , unchanged from 2007 . under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $ 7 million as the impact is amortized into results of operations . the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2009 estimated expense as a baseline . change in assumption estimated increase to 2009 pension expense ( in millions ) .
|change in assumption|estimatedincrease to 2009pensionexpense ( in millions )|
|.5% ( .5 % ) decrease in discount rate ( a )||
|.5% ( .5 % ) decrease in expected long-term return on assets|$ 16|
|.5% ( .5 % ) increase in compensation rate|$ 2|
( a ) de minimis . we currently estimate a pretax pension expense of $ 124 million in 2009 compared with a pretax benefit of $ 32 million in 2008 . the 2009 values and sensitivities shown above include the qualified defined benefit plan maintained by national city that we merged into the pnc plan as of december 31 , 2008 . the expected increase in pension cost is attributable not only to the national city acquisition , but also to the significant variance between 2008 actual investment returns and long-term expected returns . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we expect that the minimum required contributions under the law will be zero for 2009 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees . see note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report for additional information . risk management we encounter risk as part of the normal course of our business and we design risk management processes to help manage these risks . this risk management section first provides an overview of the risk measurement , control strategies , and monitoring aspects of our corporate-level risk management processes . following that discussion is an analysis of the risk management process for what we view as our primary areas of risk : credit , operational , liquidity , and market . the discussion of market risk is further subdivided into interest rate , trading , and equity and other investment risk areas . our use of financial derivatives as part of our overall asset and liability risk management process is also addressed within the risk management section of this item 7 . in appropriate places within this section , historical performance is also addressed. .
Question: is pretax pension expense in 2009 larger when compared with a pretax benefit in 2008?
Answer: | yes |
FINQA4430 | Please answer the given financial question based on the context.
Context: organizations evaluate whether transactions should be accounted for as acquisitions ( or disposals ) of assets or businesses , with the expectation that fewer will qualify as acquisitions ( or disposals ) of businesses . the asu became effective for us on january 1 , 2018 . these amendments will be applied prospectively from the date of adoption . the effect of asu 2017-01 will be dependent upon the nature of future acquisitions or dispositions that we make , if any . in october 2016 , the fasb issued asu 2016-16 , 201cincome taxes ( topic 740 ) : intra-entity transfers of assets other than inventory . 201d the amendments in this update state that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory , such as intellectual property and property and equipment , when the transfer occurs . we will adopt asu 2016-16 effective january 1 , 2018 with no expected effect on our consolidated financial statements . in june 2016 , the fasb issued asu 2016-13 , 201cfinancial instruments - credit losses ( topic 326 ) : measurement of credit losses on financial instruments . 201d the amendments in this update change how companies measure and recognize credit impairment for many financial assets . the new expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets ( including trade receivables ) that are in the scope of the update . the update also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees . the guidance will become effective for us on january 1 , 2020 . early adoption is permitted for periods beginning on or after january 1 , 2019 . we are evaluating the effect of asu 2016-13 on our consolidated financial statements . in january 2016 , the fasb issued asu 2016-01 , 201cfinancial instruments - overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities . 201d the amendments in this update address certain aspects of recognition , measurement , presentation and disclosure of financial instruments . the amendments in this update supersede the guidance to classify equity securities with readily determinable fair values into different categories ( that is , trading or available-for-sale ) and require equity securities ( including other ownership interests , such as partnerships , unincorporated joint ventures and limited liability companies ) to be measured at fair value with changes in the fair value recognized through earnings . equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this update . the amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment . the amendments also require enhanced disclosures about those investments . we will adopt asu 2016-01 effective january 1 , 2018 with no expected effect on our consolidated financial statements . note 2 2014 acquisitions active network we acquired the communities and sports divisions of athlaction topco , llc ( 201cactive network 201d ) on september 1 , 2017 , for total purchase consideration of $ 1.2 billion . active network delivers cloud-based enterprise software , including payment technology solutions , to event organizers in the communities and health and fitness markets . this acquisition aligns with our technology-enabled , software driven strategy and adds an enterprise software business operating in two additional vertical markets that we believe offer attractive growth fundamentals . the following table summarizes the cash and non-cash components of the consideration transferred on september 1 , 2017 ( in thousands ) : .
|cash consideration paid to active network stockholders|$ 599497|
|fair value of global payments common stock issued to active network stockholders|572079|
|total purchase consideration|$ 1171576|
we funded the cash portion of the total purchase consideration primarily by drawing on our revolving credit facility ( described in 201cnote 7 2014 long-term debt and lines of credit 201d ) . the acquisition-date fair value of 72 2013 global payments inc . | 2017 form 10-k annual report .
Question: what portion of the total purchase consideration is compensated with shares of global payments?
Answer: | 0.4883 |
FINQA4431 | Please answer the given financial question based on the context.
Context: the company is currently under audit by the internal revenue service and other major taxing jurisdictions around the world . it is thus reasonably possible that significant changes in the gross balance of unrecognized tax benefits may occur within the next 12 months , but the company does not expect such audits to result in amounts that would cause a significant change to its effective tax rate , other than the following items . the company is currently at irs appeals for the years 1999 20132002 . one of the issues relates to the timing of the inclusion of interchange fees received by the company relating to credit card purchases by its cardholders . it is reasonably possible that within the next 12 months the company can either reach agreement on this issue at appeals or decide to litigate the issue . this issue is presently being litigated by another company in a united states tax court case . the gross uncertain tax position for this item at december 31 , 2008 is $ 542 million . since this is a temporary difference , the only effect to the company 2019s effective tax rate would be due to net interest and state tax rate differentials . if the reserve were to be released , the tax benefit could be as much as $ 168 million . in addition , the company expects to conclude the irs audit of its u.s . federal consolidated income tax returns for the years 2003 20132005 within the next 12 months . the gross uncertain tax position at december 31 , 2008 for the items expected to be resolved is approximately $ 350 million plus gross interest of $ 70 million . the potential net tax benefit to continuing operations could be approximately $ 325 million . the following are the major tax jurisdictions in which the company and its affiliates operate and the earliest tax year subject to examination: .
|jurisdiction|tax year|
|united states|2003|
|mexico|2006|
|new york state and city|2005|
|united kingdom|2007|
|germany|2000|
|korea|2005|
|japan|2006|
|brazil|2004|
foreign pretax earnings approximated $ 10.3 billion in 2008 , $ 9.1 billion in 2007 , and $ 13.6 billion in 2006 ( $ 5.1 billion , $ 0.7 billion and $ 0.9 billion of which , respectively , are in discontinued operations ) . as a u.s . corporation , citigroup and its u.s . subsidiaries are subject to u.s . taxation currently on all foreign pretax earnings earned by a foreign branch . pretax earnings of a foreign subsidiary or affiliate are subject to u.s . taxation when effectively repatriated . the company provides income taxes on the undistributed earnings of non-u.s . subsidiaries except to the extent that such earnings are indefinitely invested outside the united states . at december 31 , 2008 , $ 22.8 billion of accumulated undistributed earnings of non-u.s . subsidiaries were indefinitely invested . at the existing u.s . federal income tax rate , additional taxes ( net of u.s . foreign tax credits ) of $ 6.1 billion would have to be provided if such earnings were remitted currently . the current year 2019s effect on the income tax expense from continuing operations is included in the foreign income tax rate differential line in the reconciliation of the federal statutory rate to the company 2019s effective income tax rate on the previous page . income taxes are not provided for on the company 2019s savings bank base year bad debt reserves that arose before 1988 because under current u.s . tax rules such taxes will become payable only to the extent such amounts are distributed in excess of limits prescribed by federal law . at december 31 , 2008 , the amount of the base year reserves totaled approximately $ 358 million ( subject to a tax of $ 125 million ) . the company has no valuation allowance on deferred tax assets at december 31 , 2008 and december 31 , 2007 . at december 31 , 2008 , the company had a u.s . foreign tax-credit carryforward of $ 10.5 billion , $ 0.4 billion whose expiry date is 2016 , $ 5.3 billion whose expiry date is 2017 and $ 4.8 billion whose expiry date is 2018 . the company has a u.s federal consolidated net operating loss ( nol ) carryforward of approximately $ 13 billion whose expiration date is 2028 . the company also has a general business credit carryforward of $ 0.6 billion whose expiration dates are 2027-2028 . the company has state and local net operating loss carryforwards of $ 16.2 billion and $ 4.9 billion in new york state and new york city , respectively . this consists of $ 2.4 billion and $ 1.2 billion , whose expiration date is 2027 and $ 13.8 billion and $ 3.7 billion whose expiration date is 2028 and for which the company has recorded a deferred-tax asset of $ 1.2 billion , along with less significant net operating losses in various other states for which the company has recorded a deferred-tax asset of $ 399 million and which expire between 2012 and 2028 . in addition , the company has recorded deferred-tax assets in apb 23 subsidiaries for foreign net operating loss carryforwards of $ 130 million ( which expires in 2018 ) and $ 101 million ( with no expiration ) . although realization is not assured , the company believes that the realization of the recognized net deferred tax asset of $ 44.5 billion is more likely than not based on expectations as to future taxable income in the jurisdictions in which it operates and available tax planning strategies , as defined in sfas 109 , that could be implemented if necessary to prevent a carryforward from expiring . the company 2019s net deferred tax asset ( dta ) of $ 44.5 billion consists of approximately $ 36.5 billion of net u.s . federal dtas , $ 4 billion of net state dtas and $ 4 billion of net foreign dtas . included in the net federal dta of $ 36.5 billion are deferred tax liabilities of $ 4 billion that will reverse in the relevant carryforward period and may be used to support the dta . the major components of the u.s . federal dta are $ 10.5 billion in foreign tax-credit carryforwards , $ 4.6 billion in a net-operating-loss carryforward , $ 0.6 billion in a general-business-credit carryforward , $ 19.9 billion in net deductions that have not yet been taken on a tax return , and $ 0.9 billion in compensation deductions , which reduced additional paid-in capital in january 2009 and for which sfas 123 ( r ) did not permit any adjustment to such dta at december 31 , 2008 because the related stock compensation was not yet deductible to the company . in general , citigroup would need to generate approximately $ 85 billion of taxable income during the respective carryforward periods to fully realize its federal , state and local dtas. .
Question: at december 31 , 2008 what was the percent of the gross interest associated to the gross uncertain tax position expected to be resolved to
Answer: | 0.2 |
FINQA4432 | Please answer the given financial question based on the context.
Context: the increase in property operating expenses from our large market same store group is primarily the result of increases in real estate taxes of $ 3.2 million , personnel expenses of $ 1.9 million , water expenses of approximately $ 1.0 million , cable expenses of $ 0.5 million , and waste removal expenses of $ 0.2 million . the increase in property operating expenses from our secondary market same store group is primarily a result of increases in other operating expenses of $ 1.5 million , real estate taxes of $ 1.1 million , and personnel expenses of $ 1.2 million . the decrease in property operating expenses from our non-same store and other group is primarily the result of decreases in personnel expenses of $ 2.4 million and utility expenses of $ 1.7 million . depreciation and amortization the following table shows our depreciation and amortization expense by segment for the years ended december 31 , 2015 and december 31 , 2014 ( dollars in thousands ) : year ended december 31 , 2015 year ended december 31 , 2014 increase percentage increase .
||year ended december 31 2015|year ended december 31 2014|increase|percentage increase|
|large market same store|$ 168872|$ 174957|$ -6085 ( 6085 )|( 3.5 ) % ( % )|
|secondary market same store|85008|86058|-1050 ( 1050 )|( 1.2 ) % ( % )|
|same store portfolio|253880|261015|-7135 ( 7135 )|( 2.7 ) % ( % )|
|non-same store and other|40640|40797|-157 ( 157 )|( 0.4 ) % ( % )|
|total|$ 294520|$ 301812|$ -7292 ( 7292 )|( 2.4 ) % ( % )|
the decrease in depreciation and amortization expense is primarily due to a decrease of $ 19.4 million related to the amortization of the fair value of in-place leases and resident relationships acquired as a result of the merger from the year ended december 31 , 2014 to the year ended december 31 , 2015 . this decrease was partially offset by an increase in depreciation expense of $ 11.7 million driven by an increase in gross real estate assets from the year ended december 31 , 2014 to the year ended december 31 , 2015 . property management expenses property management expenses for the year ended december 31 , 2015 were approximately $ 31.0 million , a decrease of $ 1.1 million from the year ended december 31 , 2014 . the majority of the decrease was related to a decrease in state franchise taxes of $ 2.1 million , partially offset by an increase in insurance expense of $ 0.6 million , an increase in payroll expense of $ 0.3 million , and an increase in incentive expense $ 0.3 million . general and administrative expenses general and administrative expenses for the year ended december 31 , 2015 were approximately $ 25.7 million , an increase of $ 4.8 million from the year ended december 31 , 2014 . the majority of the increase was related to increases in legal fees of $ 2.7 million and stock option expenses of $ 1.6 million . merger and integration related expenses there were no merger or integration related expenses for the year ended december 31 , 2015 , as these expenses related primarily to severance , legal , professional , temporary systems , staffing , and facilities costs incurred for the acquisition and integration of colonial . for the year ended december 31 , 2014 , merger and integration related expenses were approximately $ 3.2 million and $ 8.4 million , respectively . interest expense interest expense for the year ended december 31 , 2015 was approximately $ 122.3 million , a decrease of $ 1.6 million from the year ended december 31 , 2014 . the decrease was primarily the result of a decrease in amortization of deferred financing cost from the year ended december 31 , 2014 to the year ended december 31 , 2015 of approximately $ 0.9 million . also , the overall debt balance decreased from $ 3.5 billion to $ 3.4 billion , a decrease of $ 85.1 million . the average effective interest rate remained at 3.7% ( 3.7 % ) and the average years to rate maturity increased from 4.4 years to 4.8 years . job title mid-america apartment 10-k revision 1 serial <12345678> date sunday , march 20 , 2016 job number 304352-1 type page no . 50 operator abigaels .
Question: considering the year 2015 , what is the impact of the large market among the same store portfolio?
Answer: | 0.66516 |
FINQA4433 | Please answer the given financial question based on the context.
Context: entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases . product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe . average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized . operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 . although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 . we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 . operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 . sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) . additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 . the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime . industrial packaging in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|sales|$ 4935|$ 4830|$ 4170|
|operating profit|$ 230|$ 380|$ 264|
containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 . soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters . beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply . full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 . however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels . operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 . the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time . implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings . specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 . net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 . operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers . u.s . converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 . sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 . average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year . operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs . european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 . operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively . the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices . the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results . industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .
Question: containerboards net sales represented what percentage of industrial packaging sales in 2005?
Answer: | 0.18136 |
FINQA4434 | Please answer the given financial question based on the context.
Context: stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years . the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2003 and assumes reinvestment of all dividends . comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/03 5/04 5/05 5/06 5/07 5/08 global payments inc . s&p 500 s&p information technology * $ 100 invested on 5/31/03 in stock or index-including reinvestment of dividends . fiscal year ending may 31 . global payments s&p 500 information technology .
||global payments|s&p 500|s&p information technology|
|may 31 2003|$ 100.00|$ 100.00|$ 100.00|
|may 31 2004|137.75|118.33|121.98|
|may 31 2005|205.20|128.07|123.08|
|may 31 2006|276.37|139.14|123.99|
|may 31 2007|238.04|170.85|152.54|
|may 31 2008|281.27|159.41|156.43|
issuer purchases of equity securities in fiscal 2007 , our board of directors approved a share repurchase program that authorized the purchase of up to $ 100 million of global payments 2019 stock in the open market or as otherwise may be determined by us , subject to market conditions , business opportunities , and other factors . under this authorization , we have repurchased 2.3 million shares of our common stock . this authorization has no expiration date and may be suspended or terminated at any time . repurchased shares will be retired but will be available for future issuance. .
Question: what is the roi of global payments from 2004 to 2005?
Answer: | 0.48966 |
FINQA4435 | Please answer the given financial question based on the context.
Context: the fair value of our grants receivable is determined using a discounted cash flow model , which discounts future cash flows using an appropriate yield curve . as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of our grants receivable was classified within other current assets and other long-term assets , as applicable . our long-term debt recognized at amortized cost is comprised of our senior notes and our convertible debentures . the fair value of our senior notes is determined using active market prices , and it is therefore classified as level 1 . the fair value of our convertible long-term debt is determined using discounted cash flow models with observable market inputs , and it takes into consideration variables such as interest rate changes , comparable securities , subordination discount , and credit-rating changes , and it is therefore classified as level 2 . the nvidia corporation ( nvidia ) cross-license agreement liability in the preceding table was incurred as a result of entering into a long-term patent cross-license agreement with nvidia in january 2011 . we agreed to make payments to nvidia over six years . as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of the liability arising from the agreement was classified within other accrued liabilities and other long-term liabilities , as applicable . the fair value is determined using a discounted cash flow model , which discounts future cash flows using our incremental borrowing rates . note 5 : cash and investments cash and investments at the end of each period were as follows : ( in millions ) dec 28 , dec 29 .
|( in millions )|dec 282013|dec 292012|
|available-for-sale investments|$ 18086|$ 14001|
|cash|854|593|
|equity method investments|1038|992|
|loans receivable|1072|979|
|non-marketable cost method investments|1270|1202|
|reverse repurchase agreements|800|2850|
|trading assets|8441|5685|
|total cash and investments|$ 31561|$ 26302|
in the third quarter of 2013 , we sold our shares in clearwire corporation , which had been accounted for as available-for-sale marketable equity securities , and our interest in clearwire communications , llc ( clearwire llc ) , which had been accounted for as an equity method investment . in total , we received proceeds of $ 470 million on these transactions and recognized a gain of $ 439 million , which is included in gains ( losses ) on equity investments , net on the consolidated statements of income . proceeds received and gains recognized for each investment are included in the "available-for-sale investments" and "equity method investments" sections that follow . table of contents intel corporation notes to consolidated financial statements ( continued ) .
Question: what was the percent of the increase in the total cash and investments from 2012 to 2013
Answer: | 0.19995 |
FINQA4436 | Please answer the given financial question based on the context.
Context: billion at december 31 , 2008 and december 31 , 2007 , respectively . securities and other marketable assets held as collateral amounted to $ 27 billion and $ 54 billion , the majority of which collateral is held to reimburse losses realized under securities lending indemnifications . the decrease from the prior year is in line with the decrease in the notional amount of these indemnifications , which are collateralized . additionally , letters of credit in favor of the company held as collateral amounted to $ 503 million and $ 370 million at december 31 , 2008 and december 31 , 2007 , respectively . other property may also be available to the company to cover losses under certain guarantees and indemnifications ; however , the value of such property has not been determined . performance risk citigroup evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings . where external ratings are used , investment-grade ratings are considered to be baa/bbb and above , while anything below is considered non-investment grade . the citigroup internal ratings are in line with the related external rating system . on certain underlying referenced credits or entities , ratings are not available . such referenced credits are included in the 201cnot-rated 201d category . the maximum potential amount of the future payments related to guarantees and credit derivatives sold is determined to be the notional amount of these contracts , which is the par amount of the assets guaranteed . presented in the table below is the maximum potential amount of future payments classified based upon internal and external credit ratings as of december 31 , 2008 . as previously mentioned , the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged . such amounts bear no relationship to the anticipated losses , if any , on these guarantees. .
|in billions of dollars|maximum potential amount of future payments investment grade|maximum potential amount of future payments non-investment grade|maximum potential amount of future payments not rated|maximum potential amount of future payments total|
|financial standby letters of credit|$ 49.2|$ 28.6|$ 16.4|$ 94.2|
|performance guarantees|5.7|5.0|5.6|16.3|
|derivative instruments deemed to be guarantees|2014|2014|67.9|67.9|
|guarantees of collection of contractual cash flows|2014|2014|0.3|0.3|
|loans sold with recourse|2014|2014|0.3|0.3|
|securities lending indemnifications|2014|2014|47.6|47.6|
|credit card merchant processing|2014|2014|56.7|56.7|
|custody indemnifications and other|18.5|3.1|2014|21.6|
|total|$ 73.4|$ 36.7|$ 194.8|$ 304.9|
credit derivatives a credit derivative is a bilateral contract between a buyer and a seller under which the seller sells protection against the credit risk of a particular entity ( 201creference entity 201d or 201creference credit 201d ) . credit derivatives generally require that the seller of credit protection make payments to the buyer upon the occurrence of predefined credit events ( commonly referred to as 201csettlement triggers 201d ) . these settlement triggers are defined by the form of the derivative and the reference credit and are generally limited to the market standard of failure to pay on indebtedness and bankruptcy of the reference credit and , in a more limited range of transactions , debt restructuring . credit derivative transactions referring to emerging market reference credits will also typically include additional settlement triggers to cover the acceleration of indebtedness and the risk of repudiation or a payment moratorium . in certain transactions , protection may be provided on a portfolio of referenced credits or asset-backed securities . the seller of such protection may not be required to make payment until a specified amount of losses has occurred with respect to the portfolio and/or may only be required to pay for losses up to a specified amount . the company makes markets in and trades a range of credit derivatives , both on behalf of clients as well as for its own account . through these contracts , the company either purchases or writes protection on either a single name or a portfolio of reference credits . the company uses credit derivatives to help mitigate credit risk in its corporate loan portfolio and other cash positions , to take proprietary trading positions , and to facilitate client transactions . the range of credit derivatives sold includes credit default swaps , total return swaps and credit options . a credit default swap is a contract in which , for a fee , a protection seller ( guarantor ) agrees to reimburse a protection buyer ( beneficiary ) for any losses that occur due to a credit event on a reference entity . if there is no credit default event or settlement trigger , as defined by the specific derivative contract , then the guarantor makes no payments to the beneficiary and receives only the contractually specified fee . however , if a credit event occurs and in accordance with the specific derivative contract sold , the guarantor will be required to make a payment to the beneficiary . a total return swap transfers the total economic performance of a reference asset , which includes all associated cash flows , as well as capital appreciation or depreciation . the protection buyer ( beneficiary ) receives a floating rate of interest and any depreciation on the reference asset from the protection seller ( guarantor ) , and in return the protection seller receives the cash flows associated with the reference asset , plus any appreciation . thus , the beneficiary will be obligated to make a payment any time the floating interest rate payment according to the total return swap agreement and any depreciation of the reference asset exceed the cash flows associated with the underlying asset . a total return swap may terminate upon a default of the reference asset subject to the provisions in the related total return swap agreement between the protection seller ( guarantor ) and the protection buyer ( beneficiary ) . .
Question: what percent of total maximum potential amount of future payments are backed by letters of credit ? \\n
Answer: | 0.30895 |
FINQA4437 | Please answer the given financial question based on the context.
Context: average securities purchased under resale agreements increased to $ 4.69 billion for the year ended december 31 , 2011 from $ 2.96 billion for the year ended december 31 , 2010 . average trading account assets increased to $ 2.01 billion for the year ended december 31 , 2011 from $ 376 million for 2010 . averages benefited largely from an increase in client demand associated with our trading activities . in connection with these activities , we traded in highly liquid fixed-income securities as principal with our custody clients and other third- parties that trade in these securities . our average investment securities portfolio increased to $ 103.08 billion for the year ended december 31 , 2011 from $ 96.12 billion for 2010 . the increase was generally the result of ongoing purchases of securities , partly offset by maturities and sales . in december 2010 , we repositioned our portfolio by selling approximately $ 11 billion of mortgage- and asset-backed securities and re-investing approximately $ 7 billion of the proceeds , primarily in agency mortgage-backed securities . the repositioning was undertaken to enhance our regulatory capital ratios under evolving regulatory capital standards , increase our balance sheet flexibility in deploying our capital , and reduce our exposure to certain asset classes . during 2011 , we purchased $ 54 billion of highly rated u.s . treasury securities , federal agency mortgage-backed securities and u.s . and non-u.s . asset-backed securities . as of december 31 , 2011 , securities rated 201caaa 201d and 201caa 201d comprised approximately 89% ( 89 % ) of our portfolio , compared to 90% ( 90 % ) rated 201caaa 201d and 201caa 201d as of december 31 , 2010 . loans and leases averaged $ 12.18 billion for the year ended december 31 , 2011 , compared to $ 12.09 billion for 2010 . the increases primarily resulted from higher client demand for short-duration liquidity , offset in part by a decrease in leases and the purchased receivables added in connection with the conduit consolidation , mainly from maturities and pay-downs . for 2011 and 2010 , approximately 29% ( 29 % ) and 27% ( 27 % ) , respectively , of our average loan and lease portfolio was composed of short-duration advances that provided liquidity to clients in support of their investment activities related to securities settlement . the following table presents average u.s . and non-u.s . short-duration advances for the years indicated: .
|( in millions )|years ended december 31 , 2011|years ended december 31 , 2010|years ended december 31 , 2009|
|average u.s . short-duration advances|$ 1994|$ 1924|$ 2213|
|average non-u.s . short-duration advances|1585|1366|761|
|total average short-duration advances|$ 3579|$ 3290|$ 2974|
for the year ended december 31 , 2011 , the increase in average non-u.s . short-duration advances compared to the prior-year period was mainly due to activity associated with clients added in connection with the acquired intesa securities services business . average other interest-earning assets increased to $ 5.46 billion for the year ended december 31 , 2011 from $ 1.16 billion for 2010 . the increase was primarily the result of higher levels of cash collateral provided in connection with our role as principal in certain securities borrowing activities . average interest-bearing deposits increased to $ 88.06 billion for the year ended december 31 , 2011 from $ 76.96 billion for 2010 . the increase reflected client deposits added in connection with the may 2010 acquisition of the intesa securities services business , and higher levels of non-u.s . transaction accounts associated with new and existing business in assets under custody and administration . average other short-term borrowings declined to $ 5.13 billion for the year ended december 31 , 2011 from $ 13.59 billion for 2010 , as the higher levels of client deposits provided additional liquidity . average long-term debt increased to $ 8.97 billion for the year ended december 31 , 2011 from $ 8.68 billion for the same period in 2010 . the increase primarily reflected the issuance of an aggregate of $ 2 billion of senior notes by us in march 2011 , partly offset by the maturities of $ 1 billion of senior notes in february 2011 and $ 1.45 billion of senior notes in september 2011 , both previously issued by state street bank under the fdic 2019s temporary liquidity guarantee program . additional information about our long-term debt is provided in note 9 to the consolidated financial statements included under item 8. .
Question: what was the change in average other interest-earning assets in 2011 in millions
Answer: | 4.3 |
FINQA4438 | Please answer the given financial question based on the context.
Context: equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2014 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights ( 2 ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1955024 $ 36.06 4078093 equity compensation plans not approved by security holders ( 3 ) 2014 2014 2014 .
|plan category|number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )|weighted-average exercise price of outstanding optionswarrants and rights ( 2 )|number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )|
|equity compensation plans approved by security holders|1955024|$ 36.06|4078093|
|equity compensation plans not approved by security holders ( 3 )|2014|2014|2014|
|total|1955024|$ 36.06|4078093|
( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 644321 were subject to stock options , 539742 were subject to outstanding restricted performance stock rights , and 63022 were stock rights granted under the 2011 plan . in addition , this number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) this is the weighted average exercise price of the 644321 outstanding stock options only . ( 3 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year . this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .
Question: what is the combined equity compensation plans approved by security holders
Answer: | 6033117.0 |
FINQA4439 | Please answer the given financial question based on the context.
Context: f0b7 positive train control 2013 in response to a legislative mandate to implement ptc , we expect to spend approximately $ 450 million during 2013 on developing and deploying ptc . we currently estimate that ptc , in accordance with implementing rules issued by the federal rail administration ( fra ) , will cost us approximately $ 2 billion by the end of the project . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment to integrate the components of the system . f0b7 financial expectations 2013 we are cautious about the economic environment but if industrial production grows approximately 2% ( 2 % ) as projected , volume should exceed 2012 levels . even with no volume growth , we expect earnings to exceed 2012 earnings , generated by real core pricing gains , on-going network improvements and operational productivity initiatives . we also expect that a new bonus depreciation program under federal tax laws will positively impact cash flows in 2013 . results of operations operating revenues millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
|millions|2012|2011|2010|% ( % ) change 2012 v 2011|% ( % ) change 2011 v 2010|
|freight revenues|$ 19686|$ 18508|$ 16069|6% ( 6 % )|15% ( 15 % )|
|other revenues|1240|1049|896|18|17|
|total|$ 20926|$ 19557|$ 16965|7% ( 7 % )|15% ( 15 % )|
we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from four of our six commodity groups increased during 2012 compared to 2011 . revenues from coal and agricultural products declined during the year . our franchise diversity allowed us to take advantage of growth from shale-related markets ( crude oil , frac sand and pipe ) and strong automotive manufacturing , which offset volume declines from coal and agricultural products . arc increased 7% ( 7 % ) , driven by core pricing gains and higher fuel cost recoveries . improved fuel recovery provisions and higher fuel prices , including the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) , combined to increase revenues from fuel surcharges . freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all commodity groups except intermodal . increased demand in many market sectors , with particularly strong growth in chemicals , industrial products , and automotive shipments for the year , generated the increases . arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains . fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic . higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges . our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.6 billion , $ 2.2 billion , and $ 1.2 billion in 2012 , 2011 , and 2010 , respectively . ongoing rising fuel prices and increased fuel surcharge coverage drove the increases . additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs. .
Question: if freight revenues increase at the same rate as 2012 , what would expected 2013 revenues be , in millions?
Answer: | 19686.06 |
FINQA4440 | Please answer the given financial question based on the context.
Context: equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2013 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights ( 2 ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 2956907 $ 35.01 2786760 equity compensation plans not approved by security holders ( 3 ) 2014 2014 2014 .
|plan category|number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )|weighted-average exercise price of outstanding optionswarrants and rights ( 2 )|number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )|
|equity compensation plans approved by security holders|2956907|$ 35.01|2786760|
|equity compensation plans not approved by security holders ( 3 )|2014|2014|2014|
|total|2956907|$ 35.01|2786760|
( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 818723 were subject to stock options , 1002217 were subject to outstanding restricted performance stock rights , 602400 were restricted stock rights , and 63022 were stock rights granted under the 2011 plan . in addition , this number includes 24428 stock rights and 446117 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) this is the weighted average exercise price of the 818723 outstanding stock options only . ( 3 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2014 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2014 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year. .
Question: as of december 31 , 2013 , what is the value of securities remaining available for future issuance
Answer: | 97564467.6 |
FINQA4441 | Please answer the given financial question based on the context.
Context: 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. .
Question: what is the average weighted average useful life ( years ) for purchased technology and customer contracts and relationships?
Answer: | 8.0 |
FINQA4442 | Please answer the given financial question based on the context.
Context: 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 .|$ -2094 ( 2094 )|$ 13720|$ 12934|
|non-u.s. ( a )|4867|9085|6952|
|income from continuing operationsbefore income taxexpense ( benefit )|$ 2773|$ 22805|$ 19886|
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. .
Question: how many years are under exam for the firm or it's recent acquired subsidiaries?
Answer: | 5.0 |
FINQA4443 | Please answer the given financial question based on the context.
Context: 2022 net derivative losses of $ 13 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,|2011|2010|2009|
|revenue|$ 6817|$ 6423|$ 6305|
|operating income|1314|1194|900|
|operating margin|19.3% ( 19.3 % )|18.6% ( 18.6 % )|14.3% ( 14.3 % )|
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 closely correlated with employment levels , corporate revenue and asset values . during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 . in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity . changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds . in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 . additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets . weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results . risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 . revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients . our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates . we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage . specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability .
Question: what is the average operating margin?
Answer: | 0.174 |
FINQA4444 | Please answer the given financial question based on the context.
Context: entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 . average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes . containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s . converted products due to stronger de- mand . costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels . the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings . on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity . in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix . consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 . operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) . consumer packaging in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|sales|$ 2590|$ 2605|$ 2465|
|operating profit|$ 126|$ 161|$ 183|
bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 . the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime . bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related . during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment . foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 . average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 . operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant . excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin . shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 . operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels . improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada . beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 . average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures . operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs . in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products . improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings . shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 . capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses . distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the .
Question: was percentage of consumer packaging sales was due to foodservice net sales in 2004?
Answer: | 0.18426 |
FINQA4445 | Please answer the given financial question based on the context.
Context: table of contents rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 645 million , $ 488 million and $ 338 million in 2013 , 2012 and 2011 , respectively . future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 28 , 2013 , are as follows ( in millions ) : other commitments as of september 28 , 2013 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 18.6 billion . in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 1.3 billion as of september 28 , 2013 , which consisted mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations . contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully adjudicated . in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies . however , the outcome of litigation is inherently uncertain . therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected . apple inc . v . samsung electronics co. , ltd , et al . on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics co. , ltd and affiliated parties in the united states district court , northern district of california , san jose division . on march 1 , 2013 , the district court upheld $ 599 million of the jury 2019s award and ordered a new trial as to the remainder . because the award is subject to entry of final judgment , partial re-trial and appeal , the company has not recognized the award in its results of operations . virnetx , inc . v . apple inc . et al . on august 11 , 2010 , virnetx , inc . filed an action against the company alleging that certain of its products infringed on four patents relating to network communications technology . on november 6 , 2012 , a jury returned a verdict against the company , and awarded damages of $ 368 million . the company is challenging the verdict , believes it has valid defenses and has not recorded a loss accrual at this time. .
|2014|$ 610|
|2015|613|
|2016|587|
|2017|551|
|2018|505|
|thereafter|1855|
|total minimum lease payments|$ 4721|
.
Question: what are the total minimum lease payments due in 2014 and 2015 , in millions?
Answer: | 1223.0 |
FINQA4446 | Please answer the given financial question based on the context.
Context: 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|$ 6230|$ 6215|$ 5940|
|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 .
Question: what percentage of printing paper sales where north american printing papers sales in 2012?
Answer: | 0.43339 |
FINQA4447 | Please answer the given financial question based on the context.
Context: table of contents totaled an absolute notional equivalent of $ 292.3 million and $ 190.5 million , respectively , with the year-over-year increase primarily driven by earnings growth . at this time , we do not hedge these long-term investment exposures . we do not use foreign exchange contracts for speculative trading purposes , nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates . we regularly review our hedging program and assess the need to utilize financial instruments to hedge currency exposures on an ongoing basis . cash flow hedging 2014hedges of forecasted foreign currency revenue we may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in euros , british pounds and japanese yen . we hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates . these foreign exchange contracts , carried at fair value , may have maturities between one and twelve months . we enter into these foreign exchange contracts to hedge forecasted revenue in the normal course of business and accordingly , they are not speculative in nature . we record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income ( loss ) until the forecasted transaction occurs . when the forecasted transaction occurs , we reclassify the related gain or loss on the cash flow hedge to revenue . in the event the underlying forecasted transaction does not occur , or it becomes probable that it will not occur , we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income ( loss ) to interest and other income , net on our consolidated statements of income at that time . for the fiscal year ended november 30 , 2018 , there were no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur . balance sheet hedging 2014hedging of foreign currency assets and liabilities we hedge exposures related to our net recognized foreign currency assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates . these foreign exchange contracts are carried at fair value with changes in the fair value recorded as interest and other income , net . these foreign exchange contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these contracts are intended to offset gains and losses on the assets and liabilities being hedged . at november 30 , 2018 , the outstanding balance sheet hedging derivatives had maturities of 180 days or less . see note 5 of our notes to consolidated financial statements for information regarding our hedging activities . interest rate risk short-term investments and fixed income securities at november 30 , 2018 , we had debt securities classified as short-term investments of $ 1.59 billion . changes in interest rates could adversely affect the market value of these investments . the following table separates these investments , based on stated maturities , to show the approximate exposure to interest rates ( in millions ) : .
|due within one year|$ 612.1|
|due between one and two years|564.2|
|due between two and three years|282.2|
|due after three years|127.7|
|total|$ 1586.2|
a sensitivity analysis was performed on our investment portfolio as of november 30 , 2018 . the analysis is based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve of various magnitudes. .
Question: in millions , what are the st investments due between two and three years and due after three years?
Answer: | 409.9 |
FINQA4448 | Please answer the given financial question based on the context.
Context: management 2019s discussion and analysis 118 jpmorgan chase & co./2018 form 10-k equivalent to the risk of loan exposures . dre is a less extreme measure of potential credit loss than peak and is used as an input for aggregating derivative credit risk exposures with loans and other credit risk . finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral . avg over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit risk capital and the cva , as further described below . the fair value of the firm 2019s derivative receivables incorporates cva to reflect the credit quality of counterparties . cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market . the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio . in addition , the firm 2019s risk management process takes into consideration the potential impact of wrong-way risk , which is broadly defined as the potential for increased correlation between the firm 2019s exposure to a counterparty ( avg ) and the counterparty 2019s credit quality . many factors may influence the nature and magnitude of these correlations over time . to the extent that these correlations are identified , the firm may adjust the cva associated with that counterparty 2019s avg . the firm risk manages exposure to changes in cva by entering into credit derivative contracts , as well as interest rate , foreign exchange , equity and commodity derivative contracts . 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 , 2018 ( in billions ) the following table summarizes the ratings profile 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 december 31 ( in millions except ratios )|rating equivalent exposure net of all collateral|rating equivalent % ( % ) of exposure netof all collateral|exposure net of all collateral|% ( % ) of exposure netof all collateral|
|aaa/aaa to aa-/aa3|$ 11831|31% ( 31 % )|$ 11529|29% ( 29 % )|
|a+/a1 to a-/a3|7428|19|6919|17|
|bbb+/baa1 to bbb-/baa3|12536|32|13925|34|
|bb+/ba1 to b-/b3|6373|16|7397|18|
|ccc+/caa1 and below|723|2|645|2|
|total|$ 38891|100% ( 100 % )|$ 40415|100% ( 100 % )|
as previously noted , the firm uses collateral agreements to mitigate counterparty credit risk . the percentage of the firm 2019s over-the-counter derivative 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 % ) at both december 31 , 2018 , and december 31 , 2017. .
Question: what is the percentual fluctuation of the aaa/aaa to aa-/aa3's exposure net of all collateral in relation with the bb+/ba1 to b-/b3 during 2017 and 2018?
Answer: | 2.02 |
FINQA4449 | Please answer the given financial question based on the context.
Context: liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .
|( millions )|2011|2010||
|operating working capital|$ 2739|$ 2595||
|operating working capital as % ( % ) of sales|19.5% ( 19.5 % )|19.2|% ( % )|
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .
Question: if trade receivables from customers trends at the same rate as 2011 , what will the 2012 allowance be as a percentage of fourth quarter sales?
Answer: | 18.1 |
FINQA4450 | Please answer the given financial question based on the context.
Context: adjusted ebitda increased $ 574 million , or 5% ( 5 % ) , in 2017 primarily from : 2022 an increase in branded postpaid and prepaid service revenues primarily due to strong customer response to our un- carrier initiatives , the ongoing success of our promotional activities , and the continued strength of our metropcs brand ; 2022 higher wholesale revenues ; and 2022 higher other revenues ; partially offset by 2022 higher selling , general and administrative expenses ; 2022 lower gains on disposal of spectrum licenses of $ 600 million ; gains on disposal were $ 235 million for the year ended december 31 , 2017 , compared to $ 835 million in the same period in 2016 ; 2022 higher cost of services expense ; 2022 higher net losses on equipment ; and 2022 the negative impact from hurricanes of approximately $ 201 million , net of insurance recoveries . adjusted ebitda increased $ 2.8 billion , or 36% ( 36 % ) , in 2016 primarily from : 2022 increased branded postpaid and prepaid service revenues primarily due to strong customer response to our un-carrier initiatives and the ongoing success of our promotional activities ; 2022 higher gains on disposal of spectrum licenses of $ 672 million ; gains on disposal were $ 835 million in 2016 compared to $ 163 million in 2015 ; 2022 lower losses on equipment ; and 2022 focused cost control and synergies realized from the metropcs business combination , primarily in cost of services ; partially offset by 2022 higher selling , general and administrative . effective january 1 , 2017 , the imputed discount on eip receivables , which was previously recognized within interest income in our consolidated statements of comprehensive income , is recognized within other revenues in our consolidated statements of comprehensive income . due to this presentation , the imputed discount on eip receivables is included in adjusted ebitda . see note 1 - summary of significant accounting policies of notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for further information . we have applied this change retrospectively and presented the effect on the years ended december 31 , 2016 and 2015 , in the table below. .
|( in millions )|year ended december 31 2016 as filed|year ended december 31 2016 change in accounting principle|year ended december 31 2016 as adjusted|year ended december 31 2016 as filed|year ended december 31 2016 change in accounting principle|as adjusted|
|operating income|$ 3802|$ 248|$ 4050|$ 2065|$ 414|$ 2479|
|interest income|261|-248 ( 248 )|13|420|-414 ( 414 )|6|
|net income|1460|2014|1460|733|2014|733|
|net income as a percentage of service revenue|5% ( 5 % )|2014% ( 2014 % )|5% ( 5 % )|3% ( 3 % )|2014% ( 2014 % )|3% ( 3 % )|
|adjusted ebitda|$ 10391|$ 248|$ 10639|$ 7393|$ 414|$ 7807|
|adjusted ebitda margin ( adjusted ebitda divided by service revenues )|37% ( 37 % )|1% ( 1 % )|38% ( 38 % )|30% ( 30 % )|1% ( 1 % )|31% ( 31 % )|
adjusted ebitda margin ( adjusted ebitda divided by service revenues ) 37% ( 37 % ) 1% ( 1 % ) 38% ( 38 % ) 30% ( 30 % ) 1% ( 1 % ) 31% ( 31 % ) liquidity and capital resources our principal sources of liquidity are our cash and cash equivalents and cash generated from operations , proceeds from issuance of long-term debt and common stock , capital leases , the sale of certain receivables , financing arrangements of vendor payables which effectively extend payment terms and secured and unsecured revolving credit facilities with dt. .
Question: what was the percent of the change in the disposal costs from 2016 to 2017
Answer: | -600.0 |
FINQA4451 | Please answer the given financial question based on the context.
Context: management 2019s discussion and analysis 138 jpmorgan chase & co./2013 annual report the credit derivatives used in credit portfolio management activities do not qualify for hedge accounting under u.s . gaap ; these derivatives are reported at fair value , with gains and losses recognized in principal transactions revenue . in contrast , the loans and lending-related commitments being risk-managed are accounted for on an accrual basis . this asymmetry in accounting treatment , between loans and lending-related commitments and the credit derivatives used in credit portfolio management activities , causes earnings volatility that is not representative , in the firm 2019s view , of the true changes in value of the firm 2019s overall credit exposure . the effectiveness of the firm 2019s credit default swap ( 201ccds 201d ) protection as a hedge of the firm 2019s exposures may vary depending on a number of factors , including the named reference entity ( i.e. , the firm may experience losses on specific exposures that are different than the named reference entities in the purchased cds ) , and the contractual terms of the cds ( which may have a defined credit event that does not align with an actual loss realized by the firm ) and the maturity of the firm 2019s cds protection ( which in some cases may be shorter than the firm 2019s exposures ) . however , the firm generally seeks to purchase credit protection with a maturity date that is the same or similar to the maturity date of the exposure for which the protection was purchased , and remaining differences in maturity are actively monitored and managed by the firm . credit portfolio hedges the following table sets out the fair value related to the firm 2019s credit derivatives used in credit portfolio management activities , the fair value related to the cva ( which reflects the credit quality of derivatives counterparty exposure ) , as well as certain other hedges used in the risk management of cva . these results can vary from period-to- period due to market conditions that affect specific positions in the portfolio . net gains and losses on credit portfolio hedges year ended december 31 , ( in millions ) 2013 2012 2011 hedges of loans and lending- related commitments $ ( 142 ) $ ( 163 ) $ ( 32 ) .
|year ended december 31 ( in millions )|2013|2012|2011|
|hedges of loans and lending-related commitments|$ -142 ( 142 )|$ -163 ( 163 )|$ -32 ( 32 )|
|cva and hedges of cva|-130 ( 130 )|127|-769 ( 769 )|
|net gains/ ( losses )|$ -272 ( 272 )|$ -36 ( 36 )|$ -801 ( 801 )|
community reinvestment act exposure the community reinvestment act ( 201ccra 201d ) encourages banks to meet the credit needs of borrowers in all segments of their communities , including neighborhoods with low or moderate incomes . the firm is a national leader in community development by providing loans , investments and community development services in communities across the united states . at december 31 , 2013 and 2012 , the firm 2019s cra loan portfolio was approximately $ 18 billion and $ 16 billion , respectively . at december 31 , 2013 and 2012 , 50% ( 50 % ) and 62% ( 62 % ) , respectively , of the cra portfolio were residential mortgage loans ; 26% ( 26 % ) and 13% ( 13 % ) , respectively , were commercial real estate loans ; 16% ( 16 % ) and 18% ( 18 % ) , respectively , were business banking loans ; and 8% ( 8 % ) and 7% ( 7 % ) , respectively , were other loans . cra nonaccrual loans were 3% ( 3 % ) and 4% ( 4 % ) , respectively , of the firm 2019s total nonaccrual loans . for the years ended december 31 , 2013 and 2012 , net charge-offs in the cra portfolio were 1% ( 1 % ) and 3% ( 3 % ) , respectively , of the firm 2019s net charge-offs in both years. .
Question: what was the ratio of the firm 2019s cra loan portfolio in 2013 compared to 2012
Answer: | 1.125 |
FINQA4452 | Please answer the given financial question based on the context.
Context: stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2012 , and the reinvestment of dividends thereafter , if any , in the company 2019s common stock versus the standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) and the standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ) . .
|company/index|december 31 , 2012|december 31 , 2013|december 31 , 2014|december 31 , 2015|december 31 , 2016|december 31 , 2017|
|o 2019reilly automotive inc .|$ 100|$ 144|$ 215|$ 283|$ 311|$ 269|
|s&p 500 retail index|100|144|158|197|206|265|
|s&p 500|$ 100|$ 130|$ 144|$ 143|$ 157|$ 187|
.
Question: what was the difference in the five year total return for o 2019reilly automotive inc . vs the s&p 500 retail index?
Answer: | 4.0 |
FINQA4453 | Please answer the given financial question based on the context.
Context: the following table sets forth our refined products sales by product group and our average sales price for each of the last three years . refined product sales ( thousands of barrels per day ) 2009 2008 2007 .
|( thousands of barrels per day )|2009|2008|2007|
|gasoline|830|756|791|
|distillates|357|375|377|
|propane|23|22|23|
|feedstocks and special products|75|100|103|
|heavy fuel oil|24|23|29|
|asphalt|69|76|87|
|total|1378|1352|1410|
|average sales price ( dollars per barrel )|$ 70.86|$ 109.49|$ 86.53|
we sell gasoline , gasoline blendstocks and no . 1 and no . 2 fuel oils ( including kerosene , jet fuel and diesel fuel ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states . we sold 51 percent of our gasoline volumes and 87 percent of our distillates volumes on a wholesale or spot market basis in 2009 . the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months . we have blended ethanol into gasoline for over 20 years and began expanding our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels . ethanol volumes sold in blended gasoline were 60 mbpd in 2009 , 54 mbpd in 2008 and 40 mbpd in 2007 . the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations . we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin , and hartford , illinois . we also sell biodiesel-blended diesel in minnesota , illinois and kentucky . we produce propane at all seven of our refineries . propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles . our propane sales are typically split evenly between the home heating market and industrial consumers . we are a producer and marketer of petrochemicals and specialty products . product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene . we market propylene , cumene and sulfur domestically to customers in the chemical industry . we sell maleic anhydride throughout the united states and canada . we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 5500 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications . in early 2009 , we discontinued production and sales of petroleum pitch and aliphatic solvents at our catlettsburg refinery . we produce and market heavy residual fuel oil or related components at all seven of our refineries . another product of crude oil , heavy residual fuel oil , is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product . we have refinery based asphalt production capacity of up to 108 mbpd . we market asphalt through 33 owned or leased terminals throughout the midwest and southeast . we have a broad customer base , including approximately 675 asphalt-paving contractors , government entities ( states , counties , cities and townships ) and asphalt roofing shingle manufacturers . we sell asphalt in the wholesale and cargo markets via rail and barge . we also produce asphalt cements , polymer modified asphalt , emulsified asphalt and industrial asphalts . in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana . we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio . the greenville plant began production in february 2008 . both of these facilities are managed by a co-owner. .
Question: what were total ethanol volumes sold in blended gasoline in 2009 , 2008 , and 2007 in tbd?
Answer: | 154.0 |
FINQA4454 | Please answer the given financial question based on the context.
Context: in september 2007 , we reached a settlement with the united states department of justice in an ongoing investigation into financial relationships between major orthopaedic manufacturers and consulting orthopaedic surgeons . under the terms of the settlement , we paid a civil settlement amount of $ 169.5 million and we recorded an expense in that amount . no tax benefit has been recorded related to the settlement expense due to the uncertainty as to the tax treatment . we intend to pursue resolution of this uncertainty with taxing authorities , but are unable to ascertain the outcome or timing for such resolution at this time . for more information regarding the settlement , see note 15 . in june 2006 , the financial accounting standards board ( fasb ) issued interpretation no . 48 , accounting for uncertainty in income taxes 2013 an interpretation of fasb statement no . 109 , accounting for income taxes ( fin 48 ) . fin 48 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements . under fin 48 , we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities , based on the technical merits of the position . the tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement . fin 48 also provides guidance on derecognition , classification , interest and penalties on income taxes , accounting in interim periods and requires increased disclosures . we adopted fin 48 on january 1 , 2007 . prior to the adoption of fin 48 we had a long term tax liability for expected settlement of various federal , state and foreign income tax liabilities that was reflected net of the corollary tax impact of these expected settlements of $ 102.1 million , as well as a separate accrued interest liability of $ 1.7 million . as a result of the adoption of fin 48 , we are required to present the different components of such liability on a gross basis versus the historical net presentation . the adoption resulted in the financial statement liability for unrecognized tax benefits decreasing by $ 6.4 million as of january 1 , 2007 . the adoption resulted in this decrease in the liability as well as a reduction to retained earnings of $ 4.8 million , a reduction in goodwill of $ 61.4 million , the establishment of a tax receivable of $ 58.2 million , which was recorded in other current and non-current assets on our consolidated balance sheet , and an increase in an interest/penalty payable of $ 7.9 million , all as of january 1 , 2007 . therefore , after the adoption of fin 48 , the amount of unrecognized tax benefits is $ 95.7 million as of january 1 , 2007 , of which $ 28.6 million would impact our effective tax rate , if recognized . the amount of unrecognized tax benefits is $ 135.2 million as of december 31 , 2007 . of this amount , $ 41.0 million would impact our effective tax rate , if recognized . a reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows ( in millions ) : .
|balance at january 1 2007|$ 95.7|
|increases related to prior periods|27.4|
|decreases related to prior periods|-5.5 ( 5.5 )|
|increases related to current period|21.9|
|decreases related to settlements with taxing authorities|-1.3 ( 1.3 )|
|decreases related to lapse of statue of limitations|-3.0 ( 3.0 )|
|balance at december 31 2007|$ 135.2|
we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of earnings , which is consistent with the recognition of these items in prior reporting periods . as of january 1 , 2007 , we recorded a liability of $ 9.6 million for accrued interest and penalties , of which $ 7.5 million would impact our effective tax rate , if recognized . the amount of this liability is $ 19.6 million as of december 31 , 2007 . of this amount , $ 14.7 million would impact our effective tax rate , if recognized . we expect that the amount of tax liability for unrecognized tax benefits will change in the next twelve months ; however , we do not expect these changes will have a significant impact on our results of operations or financial position . the u.s . federal statute of limitations remains open for the year 2003 and onward with years 2003 and 2004 currently under examination by the irs . it is reasonably possible that a resolution with the irs for the years 2003 through 2004 will be reached within the next twelve months , but we do not anticipate this would result in any material impact on our financial position . in addition , for the 1999 tax year of centerpulse , which we acquired in october 2003 , one issue remains in dispute . the resolution of this issue would not impact our effective tax rate , as it would be recorded as an adjustment to goodwill . state income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return . the state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states . we have various state income tax returns in the process of examination , administrative appeals or litigation . it is reasonably possible that such matters will be resolved in the next twelve months , but we do not anticipate that the resolution of these matters would result in any material impact on our results of operations or financial position . foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years . years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) , canada ( 1999 onward ) , france ( 2005 onward ) , germany ( 2005 onward ) , italy ( 2003 onward ) , japan ( 2001 onward ) , puerto rico ( 2005 onward ) , singapore ( 2003 onward ) , switzerland ( 2004 onward ) , and the united kingdom ( 2005 onward ) . z i m m e r h o l d i n g s , i n c . 2 0 0 7 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 ) .
Question: what percent of the 2007 balance increase is from prior periods?
Answer: | 0.69367 |
FINQA4455 | Please answer the given financial question based on the context.
Context: news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) .
|jurisdiction|expiration|amount ( in millions )|
|u.s . federal|2021 to 2036|$ 858|
|u.s . states|various|581|
|australia|indefinite|452|
|u.k .|indefinite|134|
|other foreign|various|346|
utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them . certain of our u.s . federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code . section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s . consolidated taxable income . the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate . the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively . significant judgment is applied in assessing our ability to realize our nols and other tax assets . management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period . on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs . as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review . realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements . the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions . accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . as of june 30 , 2016 , the company had approximately $ 26 million of u.s . federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively . as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s . tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s . federal benefit ) , of which the balance can be carried forward indefinitely . in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s . and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016. .
Question: what was the percentage change in the the company recorded a deferred tax asset associated with its nols from 2015 to 2016
Answer: | 0.07407 |
FINQA4456 | Please answer the given financial question based on the context.
Context: o . segment information 2013 ( concluded ) ( 1 ) included in net sales were export sales from the u.s . of $ 246 million , $ 277 million and $ 275 million in 2010 , 2009 and 2008 , respectively . ( 2 ) intra-company sales between segments represented approximately two percent of net sales in 2010 , three percent of net sales in 2009 and one percent of net sales in 2008 . ( 3 ) included in net sales were sales to one customer of $ 1993 million , $ 2053 million and $ 2058 million in 2010 , 2009 and 2008 , respectively . such net sales were included in the following segments : cabinets and related products , plumbing products , decorative architectural products and other specialty products . ( 4 ) net sales from the company 2019s operations in the u.s . were $ 5618 million , $ 5952 million and $ 7150 million in 2010 , 2009 and 2008 , respectively . ( 5 ) net sales , operating ( loss ) profit , property additions and depreciation and amortization expense for 2010 , 2009 and 2008 excluded the results of businesses reported as discontinued operations in 2010 , 2009 and 2008 . ( 6 ) included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill and other intangible assets as follows : plumbing products 2013 $ 1 million ; and installation and other services 2013 $ 720 million . included in segment operating profit ( loss ) for 2009 were impairment charges for goodwill as follows : plumbing products 2013 $ 39 million ; other specialty products 2013 $ 223 million . included in segment operating profit ( loss ) for 2008 were impairment charges for goodwill and other intangible assets as follows : cabinets and related products 2013 $ 59 million ; plumbing products 2013 $ 203 million ; installation and other services 2013 $ 52 million ; and other specialty products 2013 $ 153 million . ( 7 ) general corporate expense , net included those expenses not specifically attributable to the company 2019s segments . ( 8 ) during 2009 , the company recognized a curtailment loss related to the plan to freeze all future benefit accruals beginning january 1 , 2010 under substantially all of the company 2019s domestic qualified and non-qualified defined-benefit pension plans . see note m to the consolidated financial statements . ( 9 ) the charge for litigation settlement in 2009 relates to a business unit in the cabinets and related products segment . the charge for litigation settlement in 2008 relates to a business unit in the installation and other services segment . ( 10 ) see note l to the consolidated financial statements . ( 11 ) long-lived assets of the company 2019s operations in the u.s . and europe were $ 3684 million and $ 617 million , $ 4628 million and $ 690 million , and $ 4887 million and $ 770 million at december 31 , 2010 , 2009 and 2008 , respectively . ( 12 ) segment assets for 2009 and 2008 excluded the assets of businesses reported as discontinued operations . p . other income ( expense ) , net other , net , which is included in other income ( expense ) , net , was as follows , in millions: .
||2010|2009|2008|
|income from cash and cash investments|$ 6|$ 7|$ 22|
|other interest income|1|2|2|
|income from financial investments net ( note e )|9|3|1|
|other items net|-9 ( 9 )|17|-22 ( 22 )|
|total other net|$ 7|$ 29|$ 3|
masco corporation notes to consolidated financial statements 2014 ( continued ) .
Question: considering the years 2008-2010 , what is the average income from cash and cash investments , in millions?
Answer: | 11.66667 |
FINQA4457 | Please answer the given financial question based on the context.
Context: 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 )|$ -1422 ( 1422 )|$ -1168 ( 1168 )|$ -943 ( 943 )|
|proceeds from sale of pp&e and other assets|103|49|41|
|acquisitions net of cash acquired|-539 ( 539 )|-888 ( 888 )|-1293 ( 1293 )|
|proceeds from sale of businesses|897|1209|2014|
|purchases and proceeds from sale or maturities of marketable securities and investments 2014 net|-406 ( 406 )|-662 ( 662 )|-46 ( 46 )|
|net cash used in investing activities|$ -1367 ( 1367 )|$ -1460 ( 1460 )|$ -2241 ( 2241 )|
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 .
Question: what was the percentage change in the net cash used in investing activities from 2006 to 2007
Answer: | -0.0637 |
FINQA4458 | Please answer the given financial question based on the context.
Context: entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 31.4 million primarily due to lower net revenue , higher depreciation and amortization expenses , higher other operation and maintenance expenses , and higher taxes other than income taxes . 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) .
||amount ( in millions )|
|2016 net revenue|$ 644.2|
|net wholesale revenue|-35.1 ( 35.1 )|
|purchased power capacity|-5.9 ( 5.9 )|
|transmission revenue|-5.4 ( 5.4 )|
|reserve equalization|5.6|
|retail electric price|19.0|
|other|4.4|
|2017 net revenue|$ 626.8|
the net wholesale revenue variance is primarily due to lower net capacity revenues resulting from the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 . the purchased power capacity variance is primarily due to increased expenses due to capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to a decrease in the amount of transmission revenues allocated by miso . the reserve equalization variance is due to the absence of reserve equalization expenses in 2017 as a result of entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement. .
Question: what was the ratio of the change in net revenue to the increase in net income in 2016
Answer: | 16.99736 |
FINQA4459 | Please answer the given financial question based on the context.
Context: the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items . in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s . enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million . while the company was able to make an estimate of the impact of the reduction in the u.s . rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above . special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s . tax reform of $ 7.8 million . during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation . the extent of excess tax benefits is subject to variation in stock price and stock option exercises . in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s . federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters . during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million . the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s . federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions . net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s . jurisdictions . during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million . the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary . a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .
|( millions )|2017|2016|2015|
|balance at beginning of year|$ 75.9|$ 74.6|$ 78.7|
|additions based on tax positions related to the current year|3.2|8.8|5.8|
|additions for tax positions of prior years|-|2.1|0.9|
|reductions for tax positions of prior years|-4.9 ( 4.9 )|-1.0 ( 1.0 )|-8.8 ( 8.8 )|
|reductions for tax positions due to statute of limitations|-14.0 ( 14.0 )|-5.5 ( 5.5 )|-1.6 ( 1.6 )|
|settlements|-10.8 ( 10.8 )|-2.0 ( 2.0 )|-4.2 ( 4.2 )|
|assumed in connection with acquisitions|10.0|-|8.0|
|foreign currency translation|2.1|-1.1 ( 1.1 )|-4.2 ( 4.2 )|
|balance at end of year|$ 61.5|$ 75.9|$ 74.6|
the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 . the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes . during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively . the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .
Question: what was the change in millions in settlements between 2017 and 2016?
Answer: | 8.8 |
FINQA4460 | Please answer the given financial question based on the context.
Context: ( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively . deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes . there was a decrease in deferred income tax assets principally relating to the utilization of u.s . federal alternative minimum tax credits as permitted under tax reform . deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company . of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
|in millions|2018|2017|2016|
|balance at january 1|$ -188 ( 188 )|$ -98 ( 98 )|$ -150 ( 150 )|
|( additions ) reductions based on tax positions related to current year|-7 ( 7 )|-54 ( 54 )|-4 ( 4 )|
|( additions ) for tax positions of prior years|-37 ( 37 )|-40 ( 40 )|-3 ( 3 )|
|reductions for tax positions of prior years|5|4|33|
|settlements|2|6|19|
|expiration of statutes oflimitations|2|1|5|
|currency translation adjustment|3|-7 ( 7 )|2|
|balance at december 31|$ -220 ( 220 )|$ -188 ( 188 )|$ -98 ( 98 )|
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate . the company accrues interest on unrecognized tax benefits as a component of interest expense . penalties , if incurred , are recognized as a component of income tax expense . the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities . the company frequently faces challenges regarding the amount of taxes due . these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions . pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months . the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company . the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) . after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals . the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve . the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained . the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 . international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures . under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis . the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .
Question: unrecognized tax benefits change by what percent between 2017 and 2018?
Answer: | 0.17021 |
FINQA4461 | Please answer the given financial question based on the context.
Context: table of contents interest expense , net of capitalized interest increased $ 64 million , or 9.8% ( 9.8 % ) , to $ 710 million in 2013 from $ 646 million in 2012 primarily due to special charges of $ 92 million to recognize post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes . other nonoperating expense , net of $ 84 million in 2013 consists principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 48 million . other nonoperating income in 2012 consisted principally of a $ 280 million special credit related to the settlement of a commercial dispute partially offset by net foreign currency losses . reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases . the following table summarizes the components included in reorganization items , net on american 2019s consolidated statements of operations for the years ended december 31 , 2013 and 2012 ( in millions ) : .
||2013|2012|
|pension and postretirement benefits|$ 2014|$ -66 ( 66 )|
|labor-related deemed claim ( 1 )|1733|2014|
|aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 )|320|1951|
|fair value of conversion discount ( 4 )|218|2014|
|professional fees|199|227|
|other|170|67|
|total reorganization items net|$ 2640|$ 2179|
( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees . each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes . the total value of this deemed claim was approximately $ 1.7 billion . ( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds . the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim . see note 2 to american 2019s consolidated financial statements in part ii , item 8b for further information . ( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations . as a result , during the year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at jfk , and rejected bonds that financed certain improvements at ord , which are included in the table above . ( 4 ) the plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3.5% ( 3.5 % ) . accordingly , american recorded the fair value of such discount upon the confirmation of the plan by the bankruptcy court. .
Question: in 2013 what was the ratio of the interest expense , net of capitalized interest to the other non operating income net related to debt extinguishm net and currency losses
Answer: | 8.45238 |
FINQA4462 | Please answer the given financial question based on the context.
Context: 74 2013 ppg annual report and form 10-k 22 . separation and merger transaction on january 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax ef ficient reverse morris trust transaction ( the 201ctransaction 201d ) . pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , became a wholly-owned subsidiary of georgia gulf . the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions . the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) . ppg holds no ownership interest in axiall . ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders in the united states and canada . under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer . following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock . accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange . ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) . the completion of this exchange offer was a non-cash financing transaction , which resulted in an increase in "treasury stock" at a cost of $ 1.561 billion based on the ppg closing stock price on january 25 , 2013 . under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above . in addition , ppg received $ 67 million in cash for a preliminary post-closing working capital adjustment under the terms of the transaction agreements . the net assets transferred to axiall included $ 27 million of cash on the books of the business transferred . in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall . during the first quarter of 2013 , ppg recorded a gain of $ 2.2 billion on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business . the transaction resulted in a net partial settlement loss of $ 33 million associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction . the company also incurred $ 14 million of pretax expense , primarily for professional services related to the transaction in 2013 as well as approximately $ 2 million of net expense related to certain retained obligations and post-closing adjustments under the terms of the transaction agreements . the net gain on the transaction includes these related losses and expenses . the results of operations and cash flows of ppg's former commodity chemicals business for january 2013 and the net gain on the transaction are reported as results from discontinued operations for the year -ended december 31 , 2013 . in prior periods presented , the results of operations and cash flows of ppg's former commodity chemicals business have been reclassified from continuing operations and presented as results from discontinued operations . ppg will provide axiall with certain transition services for up to 24 months following the closing date of the transaction . these services include logistics , purchasing , finance , information technology , human resources , tax and payroll processing . the net sales and income before income taxes of the commodity chemicals business that have been reclassified and reported as discontinued operations are presented in the table below: .
|millions|year-ended 2013|year-ended 2012|year-ended 2011|
|net sales|$ 108|$ 1688|$ 1732|
|income from operations before income tax|$ 2014|$ 345|$ 376|
|net gain from separation and merger of commodity chemicals business|2192|2014|2014|
|income tax expense|-5 ( 5 )|117|126|
|income from discontinued operations net of tax|$ 2197|$ 228|$ 250|
|less : net income attributable to non-controlling interests discontinued operations|$ 2014|$ -13 ( 13 )|$ -13 ( 13 )|
|net income from discontinued operations ( attributable to ppg )|$ 2197|$ 215|$ 237|
income from discontinued operations , net of tax $ 2197 $ 228 $ 250 less : net income attributable to non- controlling interests , discontinued operations $ 2014 $ ( 13 ) $ ( 13 ) net income from discontinued operations ( attributable to ppg ) $ 2197 $ 215 $ 237 during 2012 , $ 21 million of business separation costs are included within "income from discontinued operations , net." notes to the consolidated financial statements .
Question: what was the total amount received by ppg in the axiall transaction , in millions?
Answer: | 2767.0 |
FINQA4463 | Please answer the given financial question based on the context.
Context: we cannot assure you that the gener restructuring will be completed or that the terms thereof will not be changed materially . in addition , gener is in the process of restructuring the debt of its subsidiaries , termoandes s.a . ( 2018 2018termoandes 2019 2019 ) and interandes , s.a . ( 2018 2018interandes 2019 2019 ) , and expects that the maturities of these obligations will be extended . under-performing businesses during 2003 we sold or discontinued under-performing businesses and construction projects that did not meet our investment criteria or did not provide reasonable opportunities to restructure . it is anticipated that there will be less ongoing activity related to write-offs of development or construction projects and impairment charges in the future . the businesses , which were affected in 2003 , are listed below . impairment project name project type date location ( in millions ) .
|project name|project type|date|location|impairment ( in millions )|
|ede este ( 1 )|operating|december 2003|dominican republic|$ 60|
|wolf hollow|operating|december 2003|united states|$ 120|
|granite ridge|operating|december 2003|united states|$ 201|
|colombia i|operating|november 2003|colombia|$ 19|
|zeg|construction|december 2003|poland|$ 23|
|bujagali|construction|august 2003|uganda|$ 76|
|el faro|construction|april 2003|honduras|$ 20|
( 1 ) see note 4 2014discontinued operations . improving credit quality our de-leveraging efforts reduced parent level debt by $ 1.2 billion in 2003 ( including the secured equity-linked loan previously issued by aes new york funding l.l.c. ) . we refinanced and paid down near-term maturities by $ 3.5 billion and enhanced our year-end liquidity to over $ 1 billion . our average debt maturity was extended from 2009 to 2012 . at the subsidiary level we continue to pursue limited recourse financing to reduce parent credit risk . these factors resulted in an overall reduced cost of capital , improved credit statistics and expanded access to credit at both aes and our subsidiaries . liquidity at the aes parent level is an important factor for the rating agencies in determining whether the company 2019s credit quality should improve . currency and political risk tend to be biggest variables to sustaining predictable cash flow . the nature of our large contractual and concession-based cash flow from these businesses serves to mitigate these variables . in 2003 , over 81% ( 81 % ) of cash distributions to the parent company were from u.s . large utilities and worldwide contract generation . on february 4 , 2004 , we called for redemption of $ 155049000 aggregate principal amount of outstanding 8% ( 8 % ) senior notes due 2008 , which represents the entire outstanding principal amount of the 8% ( 8 % ) senior notes due 2008 , and $ 34174000 aggregate principal amount of outstanding 10% ( 10 % ) secured senior notes due 2005 . the 8% ( 8 % ) senior notes due 2008 and the 10% ( 10 % ) secured senior notes due 2005 were redeemed on march 8 , 2004 at a redemption price equal to 100% ( 100 % ) of the principal amount plus accrued and unpaid interest to the redemption date . the mandatory redemption of the 10% ( 10 % ) secured senior notes due 2005 was being made with a portion of our 2018 2018adjusted free cash flow 2019 2019 ( as defined in the indenture pursuant to which the notes were issued ) for the fiscal year ended december 31 , 2003 as required by the indenture and was made on a pro rata basis . on february 13 , 2004 we issued $ 500 million of unsecured senior notes . the unsecured senior notes mature on march 1 , 2014 and are callable at our option at any time at a redemption price equal to 100% ( 100 % ) of the principal amount of the unsecured senior notes plus a make-whole premium . the unsecured senior notes were issued at a price of 98.288% ( 98.288 % ) and pay interest semi-annually at an annual .
Question: how many years was the average debt maturity extended for?
Answer: | 3.0 |
FINQA4464 | Please answer the given financial question based on the context.
Context: ventas , inc . notes to consolidated financial statements 2014 ( continued ) we have a combined nol carryforward of $ 66.5 million at december 31 , 2007 related to the trs entities and an nol carryforward reported by the reit of $ 88.6 million . these amounts can be used to offset future taxable income ( and/or taxable income for prior years if audits of any prior year 2019s return determine that amounts are owed ) , if any . the reit will be entitled to utilize nols and tax credit carryforwards only to the extent that reit taxable income exceeds our deduction for dividends paid . the nol carryforwards begin to expire in 2024 with respect to the trs entities and in 2018 for the reit . as a result of the uncertainties relating to the ultimate utilization of existing reit nols , no net deferred tax benefit has been ascribed to reit nol carryforwards as of december 31 , 2007 and 2006 . the irs may challenge our entitlement to these tax attributes during its review of the tax returns for the previous tax years . we believe we are entitled to these tax attributes , but we cannot assure you as to the outcome of these matters . on january 1 , 2007 , we adopted fin 48 . as a result of applying the provisions of fin 48 , we recognized no change in the liability for unrecognized tax benefits , and no adjustment in accumulated earnings as of january 1 , 2007 . our policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense . the following table summarizes the activity related to our unrecognized tax benefits ( in thousands ) : .
|balance as of january 1 2007|$ 2014|
|additions to tax positions related to the current year|9384|
|balance as of december 31 2007|$ 9384|
included in the unrecognized tax benefits of $ 9.4 million at december 31 , 2007 was $ 9.4 million of tax benefits that , if recognized , would reduce our annual effective tax rate . we accrued no potential penalties and interest related to the unrecognized tax benefits during 2007 , and in total , as of december 31 , 2007 , we have recorded no liability for potential penalties and interest . we expect our unrecognized tax benefits to increase by $ 2.7 million during 2008 . note 13 2014commitments and contingencies assumption of certain operating liabilities and litigation as a result of the structure of the sunrise reit acquisition , we may be subject to various liabilities of sunrise reit arising out of the ownership or operation of the sunrise reit properties prior to the acquisition . if the liabilities we have assumed are greater than expected , or if there are obligations relating to the sunrise reit properties of which we were not aware at the time of completion of the sunrise reit acquisition , such liabilities and/or obligations could have a material adverse effect on us . in connection with our spin off of kindred in 1998 , kindred agreed , among other things , to assume all liabilities and to indemnify , defend and hold us harmless from and against certain losses , claims and litigation arising out of the ownership or operation of the healthcare operations or any of the assets transferred to kindred in the spin off , including without limitation all claims arising out of the third-party leases and third-party guarantees assigned to and assumed by kindred at the time of the spin off . under kindred 2019s plan of reorganization , kindred assumed and agreed to fulfill these obligations . the total aggregate remaining minimum rental payments under the third-party leases was approximately $ 16.0 million as of december 31 , 2007 , and we believe that we had no material exposure under the third-party guarantees . similarly , in connection with provident 2019s acquisition of certain brookdale-related and alterra-related entities in 2005 and our subsequent acquisition of provident , brookdale and alterra agreed , among other things .
Question: what was the anticipated balance of in unrecognized tax benefits in 2008 in millions
Answer: | 12.1 |
FINQA4465 | Please answer the given financial question based on the context.
Context: assumed health care cost trend rates for the u.s . retiree health care benefit plan as of december 31 are as follows: .
||2017|2016|
|assumed health care cost trend rate for next year|7.50% ( 7.50 % )|6.75% ( 6.75 % )|
|ultimate trend rate|5.00% ( 5.00 % )|5.00% ( 5.00 % )|
|year in which ultimate trend rate is reached|2028|2024|
a one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the u.s . retiree health care benefit plan as of december 31 , 2017 , by $ 1 million . the service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $ 1 million . deferred compensation arrangements we have a deferred compensation plan that allows u.s . employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation . payments under this plan are made based on the participant 2019s distribution election and plan balance . participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans . as of december 31 , 2017 , our liability to participants of the deferred compensation plans was $ 255 million and is recorded in other long-term liabilities on our consolidated balance sheets . this amount reflects the accumulated participant deferrals and earnings thereon as of that date . as of december 31 , 2017 , we held $ 236 million in mutual funds related to these plans that are recorded in long-term investments on our consolidated balance sheets , and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities . we record changes in the fair value of the liability and the related investment in sg&a as discussed in note 8 . 11 . debt and lines of credit short-term borrowings we maintain a line of credit to support commercial paper borrowings , if any , and to provide additional liquidity through bank loans . as of december 31 , 2017 , we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 2 billion until march 2022 . the interest rate on borrowings under this credit facility , if drawn , is indexed to the applicable london interbank offered rate ( libor ) . as of december 31 , 2017 , our credit facility was undrawn and we had no commercial paper outstanding . long-term debt we retired $ 250 million of maturing debt in march 2017 and another $ 375 million in june 2017 . in may 2017 , we issued an aggregate principal amount of $ 600 million of fixed-rate , long-term debt . the offering consisted of the reissuance of $ 300 million of 2.75% ( 2.75 % ) notes due in 2021 at a premium and the issuance of $ 300 million of 2.625% ( 2.625 % ) notes due in 2024 at a discount . we incurred $ 3 million of issuance and other related costs . the proceeds of the offerings were $ 605 million , net of the original issuance discount and premium , and were used for the repayment of maturing debt and general corporate purposes . in november 2017 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2027 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 494 million , net of the original issuance discount , and were used for general corporate purposes . in may 2016 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2022 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 499 million , net of the original issuance discount , and were used toward the repayment of a portion of $ 1.0 billion of maturing debt retired in may 2016 . in may 2015 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2020 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 498 million , net of the original issuance discount , and were used toward the repayment of a portion of the debt that matured in august 2015 . we retired $ 250 million of maturing debt in april 2015 and another $ 750 million in august 2015 . texas instruments 2022 2017 form 10-k 51 .
Question: what is the net value of liabilities and investments related to these plans that are reported in the balance sheet at the end of 2017?
Answer: | -19.0 |
FINQA4466 | Please answer the given financial question based on the context.
Context: corporate/other corporate/other includes global staff functions ( including finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology , residual corporate treasury and corporate items . at december 31 , 2010 , this segment had approximately $ 272 billion of assets , consisting primarily of citi 2019s liquidity portfolio , including $ 87 billion of cash and deposits with banks. .
|in millions of dollars|2010|2009|2008|
|net interest revenue|$ 1059|$ -1657 ( 1657 )|$ -2671 ( 2671 )|
|non-interest revenue|695|-8898 ( 8898 )|413|
|total revenues net of interest expense|$ 1754|$ -10555 ( 10555 )|$ -2258 ( 2258 )|
|total operating expenses|$ 1953|$ 1418|$ 511|
|provisions for loan losses and for benefits and claims|2014|2014|2014|
|( loss ) from continuing operations before taxes|$ -199 ( 199 )|$ -11973 ( 11973 )|$ -2769 ( 2769 )|
|benefits for income taxes|-153 ( 153 )|-4356 ( 4356 )|-585 ( 585 )|
|( loss ) from continuing operations|$ -46 ( 46 )|$ -7617 ( 7617 )|$ -2184 ( 2184 )|
|income ( loss ) from discontinued operations net of taxes|-68 ( 68 )|-445 ( 445 )|4002|
|net income ( loss ) before attribution of noncontrolling interests|$ -114 ( 114 )|$ -8062 ( 8062 )|$ 1818|
|net ( loss ) attributable to noncontrolling interests|-48 ( 48 )|-2 ( 2 )|2014|
|net income ( loss )|$ -66 ( 66 )|$ -8060 ( 8060 )|$ 1818|
2010 vs . 2009 revenues , net of interest expense increased primarily due to the absence of the loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the exit from the loss-sharing agreement with the u.s . government , each in the fourth quarter of 2009 . revenues also increased due to gains on sales of afs securities , benefits from lower short- term interest rates and other improved treasury results during the current year . these increases were partially offset by the absence of the pretax gain related to citi 2019s public and private exchange offers in 2009 . operating expenses increased primarily due to various legal and related expenses , as well as other non-compensation expenses . 2009 vs . 2008 revenues , net of interest expense declined primarily due to the pretax loss on debt extinguishment related to the repayment of tarp and the exit from the loss-sharing agreement with the u.s . government . revenues also declined due to the absence of the 2008 sale of citigroup global services limited recorded in operations and technology . these declines were partially offset by a pretax gain related to the exchange offers , revenues and higher intersegment eliminations . operating expenses increased primarily due to intersegment eliminations and increases in compensation , partially offset by lower repositioning reserves. .
Question: what was the ratio of total operating expenses to net interest income in 2010?
Answer: | 1.84419 |
FINQA4467 | Please answer the given financial question based on the context.
Context: 26 | 2009 annual report in fiscal 2008 , revenues in the credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007 . all revenue components within the segment experienced growth during fiscal 2008 . license revenue generated the largest dollar growth in revenue as episys ae , our flagship core processing system aimed at larger credit unions , experienced strong sales throughout the year . support and service revenue , which is the largest component of total revenues for the credit union segment , experienced 34 percent growth in eft support and 10 percent growth in in-house support . gross profit in this business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 , due primarily to the increase in license revenue , which carries the highest margins . liquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements . we expect this trend to continue in the future . the company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008 . the following table summarizes net cash from operating activities in the statement of cash flows : 2009 2008 2007 .
|2008|year ended june 30 2009 2008|year ended june 30 2009 2008|year ended june 30 2009|
|net income|$ 103102|$ 104222|$ 104681|
|non-cash expenses|74397|70420|56348|
|change in receivables|21214|-2913 ( 2913 )|-28853 ( 28853 )|
|change in deferred revenue|21943|5100|24576|
|change in other assets and liabilities|-14068 ( 14068 )|4172|17495|
|net cash from operating activities|$ 206588|$ 181001|$ 174247|
year ended june 30 , cash provided by operations increased $ 25587 to $ 206588 for the fiscal year ended june 30 , 2009 as compared to $ 181001 for the fiscal year ended june 30 , 2008 . this increase is primarily attributable to a decrease in receivables compared to the same period a year ago of $ 21214 . this decrease is largely the result of fiscal 2010 annual software maintenance billings being provided to customers earlier than in the prior year , which allowed more cash to be collected before the end of the fiscal year than in previous years . further , we collected more cash overall related to revenues that will be recognized in subsequent periods in the current year than in fiscal 2008 . cash used in investing activities for the fiscal year ended june 2009 was $ 59227 and includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions . cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions . capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008 . cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 during the prior year . net cash used in financing activities for the current fiscal year was $ 94675 and includes the repurchase of 3106 shares of our common stock for $ 58405 , the payment of dividends of $ 26903 and $ 13489 net repayment on our revolving credit facilities . cash used in financing activities was partially offset by proceeds of $ 3773 from the exercise of stock options and the sale of common stock ( through the employee stock purchase plan ) and $ 348 excess tax benefits from stock option exercises . during fiscal 2008 , net cash used in financing activities for the fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities . cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises . beginning during fiscal 2008 , us financial markets and many of the largest us financial institutions have been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities . since that time , these and other such developments have resulted in a broad , global economic downturn . while we , as is the case with most companies , have experienced the effects of this downturn , we have not experienced any significant issues with our current collection efforts , and we believe that any future impact to our liquidity will be minimized by cash generated by recurring sources of revenue and due to our access to available lines of credit. .
Question: what was the percentage change in the company 2019s cash and cash equivalents from june 302008 to 2009
Answer: | 0.80357 |
FINQA4468 | Please answer the given financial question based on the context.
Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market price of and dividends on the registrant 2019s common equity and related stockholder matters market information . our class a common stock is quoted on the nasdaq global select market under the symbol 201cdish . 201d the high and low closing sale prices of our class a common stock during 2014 and 2013 on the nasdaq global select market ( as reported by nasdaq ) are set forth below. .
|2014|high|low|
|first quarter|$ 62.42|$ 54.10|
|second quarter|65.64|56.23|
|third quarter|66.71|61.87|
|fourth quarter|79.41|57.96|
|2013|high|low|
|first quarter|$ 38.02|$ 34.19|
|second quarter|42.52|36.24|
|third quarter|48.09|41.66|
|fourth quarter|57.92|45.68|
as of february 13 , 2015 , there were approximately 8208 holders of record of our class a common stock , not including stockholders who beneficially own class a common stock held in nominee or street name . as of february 10 , 2015 , 213247004 of the 238435208 outstanding shares of our class b common stock were beneficially held by charles w . ergen , our chairman , and the remaining 25188204 were held in trusts established by mr . ergen for the benefit of his family . there is currently no trading market for our class b common stock . dividends . on december 28 , 2012 , we paid a cash dividend of $ 1.00 per share , or approximately $ 453 million , on our outstanding class a and class b common stock to stockholders of record at the close of business on december 14 , 2012 . while we currently do not intend to declare additional dividends on our common stock , we may elect to do so from time to time . payment of any future dividends will depend upon our earnings and capital requirements , restrictions in our debt facilities , and other factors the board of directors considers appropriate . we currently intend to retain our earnings , if any , to support future growth and expansion , although we may repurchase shares of our common stock from time to time . see further discussion under 201citem 7 . management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 201d in this annual report on form 10-k . securities authorized for issuance under equity compensation plans . see 201citem 12 . security ownership of certain beneficial owners and management and related stockholder matters 201d in this annual report on form 10-k. .
Question: what portion of the outstanding shares of our class b common stock were held by the chairman?
Answer: | 0.89436 |
FINQA4469 | Please answer the given financial question based on the context.
Context: guarantees to third parties . we have , however , issued guar- antees and comfort letters of $ 171 million for the debt and other obligations of unconsolidated affiliates , primarily for cpw . in addition , off-balance sheet arrangements are gener- ally limited to the future payments under noncancelable operating leases , which totaled $ 408 million at may 28 , at may 28 , 2006 , we had invested in four variable interest entities ( vies ) . we are the primary beneficiary ( pb ) of general mills capital , inc . ( gm capital ) , a subsidiary that we consolidate as set forth in note eight to the consoli- dated financial statements appearing on pages 43 and 44 in item eight of this report . we also have an interest in a contract manufacturer at our former facility in geneva , illi- nois . even though we are the pb , we have not consolidated this entity because it is not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006 . this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006 . we are not the pb of the remaining two vies . our maximum exposure to loss from these vies is limited to the $ 150 million minority interest in gm capital , the contract manufactur- er 2019s debt and our $ 6 million of equity investments in the two remaining vies . the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period . the majority of the purchase obligations represent commitments for raw mate- rial and packaging to be utilized in the normal course of business and for consumer-directed marketing commit- ments that support our brands . the net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 , based on market values as of that date . future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future . other long-term obligations primarily consist of income taxes , accrued compensation and benefits , and miscella- neous liabilities . we are unable to estimate the timing of the payments for these items . we do not have significant statutory or contractual funding requirements for our defined-benefit retirement and other postretirement benefit plans . further information on these plans , including our expected contributions for fiscal 2007 , is set forth in note thirteen to the consolidated financial statements appearing on pages 47 through 50 in item eight of this report . in millions , payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter .
|in millionspayments dueby fiscal year|total|2007|2008-09|2010-11|2012 andthereafter|
|long-term debt|$ 4546|$ 2131|$ 971|$ 55|$ 1389|
|accrued interest|152|152|2013|2013|2013|
|operating leases|408|92|142|89|85|
|purchaseobligations|2351|2068|144|75|64|
|total|$ 7457|$ 4443|$ 1257|$ 219|$ 1538|
significant accounting estimates for a complete description of our significant accounting policies , please see note one to the consolidated financial statements appearing on pages 35 through 37 in item eight of this report . our significant accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of operations . these poli- cies include our accounting for trade and consumer promotion activities ; goodwill and other intangible asset impairments ; income taxes ; and pension and other postretirement benefits . trade and consumer promotion activities we report sales net of certain coupon and trade promotion costs . the consumer coupon costs recorded as a reduction of sales are based on the estimated redemption value of those coupons , as determined by historical patterns of coupon redemption and consideration of current market conditions such as competitive activity in those product categories . the trade promotion costs include payments to customers to perform merchandising activities on our behalf , such as advertising or in-store displays , discounts to our list prices to lower retail shelf prices , and payments to gain distribution of new products . the cost of these activi- ties is recognized as the related revenue is recorded , which generally precedes the actual cash expenditure . the recog- nition of these costs requires estimation of customer participation and performance levels . these estimates are made based on the quantity of customer sales , the timing and forecasted costs of promotional activities , and other factors . differences between estimated expenses and actual costs are normally insignificant and are recognized as a change in management estimate in a subsequent period . our accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005 . our unit volume in the last week of each quarter is consis- tently higher than the average for the preceding weeks of the quarter . in comparison to the average daily shipments in the first 12 weeks of a quarter , the final week of each quarter has approximately two to four days 2019 worth of incre- mental shipments ( based on a five-day week ) , reflecting increased promotional activity at the end of the quarter . this increased activity includes promotions to assure that our customers have sufficient inventory on hand to support major marketing events or increased seasonal demand early in the next quarter , as well as promotions intended to help achieve interim unit volume targets . if , due to quarter-end promotions or other reasons , our customers purchase more product in any reporting period than end-consumer demand will require in future periods , our sales level in future reporting periods could be adversely affected. .
Question: what portion of the total obligations due by fiscal year 2007 are dedicated for repayment of long-term debt?
Answer: | 0.47963 |
FINQA4470 | Please answer the given financial question based on the context.
Context: contractual obligations the company's significant contractual obligations as of december 31 , 2014 are summarized below: .
|( in thousands )|payments due by period total|payments due by period within 1 year|payments due by period 2 2013 3 years|payments due by period 4 2013 5 years|payments due by period after 5 years|
|global headquarters operating lease ( 1 )|$ 49415|$ 4278|$ 8556|$ 8556|$ 28025|
|other operating leases ( 2 )|29838|10397|12100|4603|2738|
|unconditional purchase obligations ( 3 )|9821|5259|4562|2014|2014|
|obligations related to uncertain tax positions including interest and penalties ( 4 )|209|209|2014|2014|2014|
|other long-term obligations ( 5 )|29861|9206|13378|3611|3666|
|total contractual obligations|$ 119144|$ 29349|$ 38596|$ 16770|$ 34429|
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's new headquarters . the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 . the term of the lease is 183 months , beginning on october 1 , 2014 . the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) , by providing the landlord with at least 18 months' prior written notice of such termination . the company's lease for its prior headquarters expired on december 31 , 2014 . ( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment . ( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2014 . ( 4 ) the company has $ 17.3 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled . as a result , such amounts are excluded from the table above . ( 5 ) other long-term obligations primarily include deferred compensation of $ 18.5 million ( including estimated imputed interest of $ 300000 within 1 year , $ 450000 within 2-3 years and $ 90000 within 4-5 years ) , pension obligations of $ 6.3 million for certain foreign locations of the company and contingent consideration of $ 2.8 million ( including estimated imputed interest of $ 270000 within 1 year and $ 390000 within 2-3 years ) . table of contents .
Question: as of september 2014 what was the percent of the total contractual obligations due within 1 year for the global headquarters operating lease
Answer: | 0.41475 |
FINQA4471 | Please answer the given financial question based on the context.
Context: 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% ( 16 % )|
|average loan and lease receivables|41.7|31.7|32|
|automobile origination volume|27.8|25.3|10|
|automobile market share|6.1% ( 6.1 % )|5.7% ( 5.7 % )|40bp|
|30+ day delinquency rate|1.46|1.54|-8 ( 8 )|
|net charge-off ratio|0.41|0.51|-10 ( 10 )|
|overhead ratio|35|36|-100 ( 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 .
Question: what was the decline from 2002 to 2003 in interest income , in us$ b?
Answer: | 0.21011 |
FINQA4472 | Please answer the given financial question based on the context.
Context: the table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 26 , 2019 and may 27 , 2018 , and the average fair value impact during the year ended may 26 , 2019. .
|in millions|fair value impact may 26 2019|fair value impact averageduringfiscal 2019|fair value impact may 27 2018|
|interest rate instruments|$ 74.4|$ 46.1|$ 33.2|
|foreign currency instruments|16.8|19.0|21.3|
|commodity instruments|4.1|2.5|1.9|
|equity instruments|2.3|2.2|2.0|
.
Question: what is the change in fair value of foreign currency instruments from 2018 to 2019?
Answer: | -4.5 |
FINQA4473 | Please answer the given financial question based on the context.
Context: performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s . companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period . the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
||3/31/2010|3/31/2011|3/31/2012|3/31/2013|3/31/2014|3/31/2015|
|abiomed inc|100|140.79|215.02|180.91|252.33|693.60|
|nasdaq composite index|100|115.98|128.93|136.26|175.11|204.38|
|nasdaq medical equipment sic code 3840-3849|100|108.31|115.05|105.56|123.18|118.95|
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing . transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
Question: did abiomed outperform the nasdaq composite index over the five year period?
Answer: | yes |
FINQA4474 | Please answer the given financial question based on the context.
Context: strategy our mission is to achieve sustainable revenue and earnings growth through providing superior solutions to our customers . our strategy to achieve this has been and will continue to be built on the following pillars : 2022 expand client relationships 2014 the overall market we serve continues to gravitate beyond single-product purchases to multi-solution partnerships . as the market dynamics shift , we expect our clients to rely more on our multidimensional service offerings . our leveraged solutions and processing expertise can drive meaningful value and cost savings to our clients through more efficient operating processes , improved service quality and speed for our clients' customers . 2022 buy , build or partner to add solutions to cross-sell 2014 we continue to invest in growth through internal product development , as well as through product-focused or market-centric acquisitions that complement and extend our existing capabilities and provide us with additional solutions to cross-sell . we also partner from time to time with other entities to provide comprehensive offerings to our customers . by investing in solution innovation and integration , we continue to expand our value proposition to clients . 2022 support our clients through market transformation 2014 the changing market dynamics are transforming the way our clients operate , which is driving incremental demand for our leveraged solutions , consulting expertise , and services around intellectual property . our depth of services capabilities enables us to become involved earlier in the planning and design process to assist our clients as they manage through these changes . 2022 continually improve to drive margin expansion 2014 we strive to optimize our performance through investments in infrastructure enhancements and other measures that are designed to drive organic revenue growth and margin expansion . 2022 build global diversification 2014 we continue to deploy resources in emerging global markets where we expect to achieve meaningful scale . revenues by segment the table below summarizes the revenues by our reporting segments ( in millions ) : .
||2012|2011|2010|
|fsg|$ 2246.4|$ 2076.8|$ 1890.8|
|psg|2380.6|2372.1|2354.2|
|isg|1180.5|1177.6|917.0|
|corporate & other|0.1|-0.9 ( 0.9 )|-16.4 ( 16.4 )|
|total consolidated revenues|$ 5807.6|$ 5625.6|$ 5145.6|
financial solutions group the focus of fsg is to provide the most comprehensive software and services for the core processing , customer channel , treasury services , cash management , wealth management and capital market operations of our financial institution customers in north america . we service the core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders , and independent community and savings institutions . fis offers a broad selection of in-house and outsourced solutions to banking customers that span the range of asset sizes . fsg customers are typically committed under multi-year contracts that provide a stable , recurring revenue base and opportunities for cross-selling additional financial and payments offerings . we employ several business models to provide our solutions to our customers . we typically deliver the highest value to our customers when we combine our software applications and deliver them in one of several types of outsourcing arrangements , such as an application service provider , facilities management processing or an application management arrangement . we are also able to deliver individual applications through a software licensing arrangement . based upon our expertise gained through the foregoing arrangements , some clients also retain us to manage their it operations without using any of our proprietary software . our solutions in this segment include: .
Question: what is the growth rate in the consolidated revenues from 2011 to 2012?
Answer: | 0.03235 |
FINQA4475 | Please answer the given financial question based on the context.
Context: n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries share-based compensation expense for stock options and shares issued under the employee stock purchase plan ( espp ) amounted to $ 24 million ( $ 22 million after tax or $ 0.07 per basic and diluted share ) , $ 23 million ( $ 21 million after tax or $ 0.06 per basic and diluted share ) , and $ 20 million ( $ 18 million after tax or $ 0.05 per basic and diluted share ) for the years ended december 31 , 2008 , 2007 , and 2006 , respectively . for the years ended december 31 , 2008 , 2007 and 2006 , the expense for the restricted stock was $ 101 million ( $ 71 million after tax ) , $ 77 million ( $ 57 million after tax ) , and $ 65 million ( $ 49 million after tax ) , respectively . during 2004 , the company established the ace limited 2004 long-term incentive plan ( the 2004 ltip ) . once the 2004 ltip was approved by shareholders , it became effective february 25 , 2004 . it will continue in effect until terminated by the board . this plan replaced the ace limited 1995 long-term incentive plan , the ace limited 1995 outside directors plan , the ace limited 1998 long-term incentive plan , and the ace limited 1999 replacement long-term incentive plan ( the prior plans ) except as to outstanding awards . during the company 2019s 2008 annual general meeting , shareholders voted to increase the number of common shares authorized to be issued under the 2004 ltip from 15000000 common shares to 19000000 common shares . accordingly , under the 2004 ltip , a total of 19000000 common shares of the company are authorized to be issued pursuant to awards made as stock options , stock appreciation rights , performance shares , performance units , restricted stock , and restricted stock units . the maximum number of shares that may be delivered to participants and their beneficiaries under the 2004 ltip shall be equal to the sum of : ( i ) 19000000 shares ; and ( ii ) any shares that are represented by awards granted under the prior plans that are forfeited , expired , or are canceled after the effective date of the 2004 ltip , without delivery of shares or which result in the forfeiture of the shares back to the company to the extent that such shares would have been added back to the reserve under the terms of the applicable prior plan . as of december 31 , 2008 , a total of 10591090 shares remain available for future issuance under this plan . under the 2004 ltip , 3000000 common shares are authorized to be issued under the espp . as of december 31 , 2008 , a total of 989812 common shares remain available for issuance under the espp . stock options the company 2019s 2004 ltip provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the company 2019s common shares on the date of grant . stock options are generally granted with a 3-year vesting period and a 10-year term . the stock options vest in equal annual installments over the respective vesting period , which is also the requisite service period . included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is the cost related to the unvested portion of the 2005-2008 stock option grants . the fair value of the stock options was estimated on the date of grant using the black-scholes option-pricing model that uses the assumptions noted in the following table . the risk-free inter- est rate is based on the u.s . treasury yield curve in effect at the time of grant . the expected life ( estimated period of time from grant to exercise date ) was estimated using the historical exercise behavior of employees . expected volatility was calculated as a blend of ( a ) historical volatility based on daily closing prices over a period equal to the expected life assumption , ( b ) long- term historical volatility based on daily closing prices over the period from ace 2019s initial public trading date through the most recent quarter , and ( c ) implied volatility derived from ace 2019s publicly traded options . the fair value of the options issued is estimated on the date of grant using the black-scholes option-pricing model , with the following weighted-average assumptions used for grants for the years indicated: .
||2008|2007|2006|
|dividend yield|1.80% ( 1.80 % )|1.78% ( 1.78 % )|1.64% ( 1.64 % )|
|expected volatility|32.20% ( 32.20 % )|27.43% ( 27.43 % )|31.29% ( 31.29 % )|
|risk-free interest rate|3.15% ( 3.15 % )|4.51% ( 4.51 % )|4.60% ( 4.60 % )|
|forfeiture rate|7.5% ( 7.5 % )|7.5% ( 7.5 % )|7.5% ( 7.5 % )|
|expected life|5.7 years|5.6 years|6 years|
.
Question: what is the percentage change in risk-free interest rate from 2007 to 2008?
Answer: | -0.30155 |
FINQA4476 | Please answer the given financial question based on the context.
Context: performance graph the following graph compares the total return , assuming reinvestment of dividends , on an investment in the company , based on performance of the company's common stock , with the total return of the standard & poor's 500 composite stock index and the dow jones united states travel and leisure index for a five year period by measuring the changes in common stock prices from december 31 , 2011 to december 31 , 2016. .
||12/11|12/12|12/13|12/14|12/15|12/16|
|royal caribbean cruises ltd .|100.00|139.36|198.03|350.40|437.09|362.38|
|s&p 500|100.00|116.00|153.58|174.60|177.01|198.18|
|dow jones us travel & leisure|100.00|113.33|164.87|191.85|203.17|218.56|
the stock performance graph assumes for comparison that the value of the company's common stock and of each index was $ 100 on december 31 , 2011 and that all dividends were reinvested . past performance is not necessarily an indicator of future results. .
Question: what is the percentage increase of the s&p 500 from 2011 to 2016?
Answer: | 98.18 |
FINQA4477 | Please answer the given financial question based on the context.
Context: the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis scenario analyses . we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning . see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information about these scenario analyses . these scenarios cover short-term and long-term time horizons using various macroeconomic and firm-specific assumptions , based on a range of economic scenarios . we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital . additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment . balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s . gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies . we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with our assets and better enables investors to assess the liquidity of our assets . the table below presents our balance sheet allocation. .
|$ in millions|as of december 2016|as of december 2015|
|global core liquid assets ( gcla )|$ 226066|$ 199120|
|other cash|9088|9180|
|gcla and cash|235154|208300|
|secured client financing|199387|221325|
|inventory|206988|208836|
|secured financing agreements|65606|63495|
|receivables|29592|39976|
|institutional client services|302186|312307|
|public equity|3224|3991|
|private equity|18224|16985|
|debt|21675|23216|
|loans receivable|49672|45407|
|other|5162|4646|
|investing & lending|97957|94245|
|total inventory and relatedassets|400143|406552|
|other assets|25481|25218|
|total assets|$ 860165|$ 861395|
the following is a description of the captions in the table above : 2030 global core liquid assets and cash . we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment . see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) . in addition to our gcla , we maintain other unrestricted operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity . 2030 secured client financing . we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations . we segregate cash and securities for regulatory and other purposes related to client activity . securities are segregated from our own inventory as well as from collateral obtained through securities borrowed or resale agreements . our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk . 2030 institutional client services . in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products . additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities or use our own inventory to cover transactions in which we or our clients have sold securities that have not yet been purchased . the receivables in institutional client services primarily relate to securities transactions . 2030 investing & lending . in investing & lending , we make investments and originate loans to provide financing to clients . these investments and loans are typically longer- term in nature . we make investments , directly and indirectly through funds that we manage , in debt securities , loans , public and private equity securities , infrastructure , real estate entities and other investments . we also make unsecured loans to individuals through our online platform . debt includes $ 14.23 billion and $ 17.29 billion as of december 2016 and december 2015 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value . loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses . see note 9 to the consolidated financial statements for further information about loans receivable . goldman sachs 2016 form 10-k 67 .
Question: what is the debt-to-total asset ratio in 2015?
Answer: | 0.02695 |
FINQA4478 | Please answer the given financial question based on the context.
Context: edwards lifesciences corporation notes to consolidated financial statements ( continued ) 2 . summary of significant accounting policies ( continued ) in may 2014 , the fasb issued an update to the accounting guidance on revenue recognition . the new guidance provides a comprehensive , principles-based approach to revenue recognition , and supersedes most previous revenue recognition guidance . the core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . the guidance also requires improved disclosures on the nature , amount , timing , and uncertainty of revenue that is recognized . in august 2015 , the fasb issued an update to the guidance to defer the effective date by one year , such that the new standard will be effective for annual reporting periods beginning after december 15 , 2017 and interim periods therein . the new guidance can be applied retrospectively to each prior reporting period presented , or retrospectively with the cumulative effect of the change recognized at the date of the initial application . the company is assessing all of the potential impacts of the revenue recognition guidance and has not yet selected an adoption method . the company will adopt the new guidance effective january 1 , although the company has not yet completed its assessment of the new revenue recognition guidance , the company 2019s analysis of contracts related to the sale of its heart valve therapy products under the new revenue recognition guidance supports the recognition of revenue at a point-in-time , which is consistent with its current revenue recognition model . heart valve therapy sales accounted for approximately 80% ( 80 % ) of the company 2019s sales for the year ended december 31 , 2016 . the company is currently assessing the potential impact of the guidance on contracts related to the sale of its critical care products , specifically sales outside of the united states . 3 . intellectual property litigation expenses ( income ) , net in may 2014 , the company entered into an agreement with medtronic , inc . and its affiliates ( 2018 2018medtronic 2019 2019 ) to settle all outstanding patent litigation between the companies , including all cases related to transcatheter heart valves . pursuant to the agreement , all pending cases or appeals in courts and patent offices worldwide have been dismissed , and the parties will not litigate patent disputes with each other in the field of transcatheter valves for the eight-year term of the agreement . under the terms of a patent cross-license that is part of the agreement , medtronic made a one-time , upfront payment to the company for past damages in the amount of $ 750.0 million . in addition , medtronic will pay the company quarterly license royalty payments through april 2022 . for sales in the united states , subject to certain conditions , the royalty payments will be based on a percentage of medtronic 2019s sales of transcatheter aortic valves , with a minimum annual payment of $ 40.0 million and a maximum annual payment of $ 60.0 million . a separate royalty payment will be calculated based on sales of medtronic transcatheter aortic valves manufactured in the united states but sold elsewhere . the company accounted for the settlement agreement as a multiple-element arrangement and allocated the total consideration to the identifiable elements based upon their relative fair value . the consideration assigned to each element was as follows ( in millions ) : .
|past damages|$ 754.3|
|license agreement|238.0|
|covenant not to sue|77.7|
|total|$ 1070.0|
.
Question: what percentage of the settlement was due to past damages?
Answer: | 0.70495 |
FINQA4479 | Please answer the given financial question based on the context.
Context: as of december 31 , 2013 and 2012 , our liabilities associated with unrecognized tax benefits are not material . we and our subsidiaries file income tax returns in the u.s . federal jurisdiction and various foreign jurisdictions . with few exceptions , the statute of limitations is no longer open for u.s . federal or non-u.s . income tax examinations for the years before 2010 , other than with respect to refunds . u.s . income taxes and foreign withholding taxes have not been provided on earnings of $ 222 million , $ 211 million , and $ 193 million that have not been distributed by our non-u.s . companies as of december 31 , 2013 , 2012 , and 2011 . our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s . if these earnings were remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 50 million in 2013 , $ 45 million in 2012 , and $ 41 million in 2011 . our federal and foreign income tax payments , net of refunds received , were $ 787 million in 2013 , $ 890 million in 2012 , and $ 722 million in 2011 . our 2013 net payments reflect a $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarter of 2012 ; our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback claim ; and our 2011 net payments reflect a $ 250 million refund from the irs related to estimated taxes paid for 2010 . as of december 31 , 2013 and 2012 , we had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on our balance sheet , primarily attributable to our tax-deductible discretionary pension contributions in the fourth quarter of 2013 and 2012 and our debt exchange transaction in the fourth quarter of 2012 . note 9 2013 debt our long-term debt consisted of the following ( in millions ) : .
||2013|2012|
|notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042|$ 5642|$ 5642|
|notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036|916|930|
|notes with a rate of 7.38% ( 7.38 % ) due 2013|2014|150|
|other debt|476|478|
|total long-term debt|7034|7200|
|less : unamortized discounts|-882 ( 882 )|-892 ( 892 )|
|total long-term debt net of unamortized discounts|6152|6308|
|less : current maturities of long-term debt|2014|-150 ( 150 )|
|total long-term debt net|$ 6152|$ 6158|
in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) . in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes . this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method . we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest . interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 . the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness . in september 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering and in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 . in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases . we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net . at december 31 , 2013 and 2012 , we had in place with a group of banks a $ 1.5 billion revolving credit facility that expires in august 2016 . we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million . there were no borrowings outstanding under the credit facility through december 31 , 2013 . borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility . each bank 2019s obligation to make loans under the credit facility is subject .
Question: what was the percentage of the cash paid for the total premium associated with the exchange for new notes in 2012
Answer: | 0.57252 |
FINQA4480 | Please answer the given financial question based on the context.
Context: in 2016 , arconic also recognized discrete income tax benefits related to the release of valuation allowances on certain net deferred tax assets in russia and canada of $ 19 and $ 20 respectively . after weighing all available evidence , management determined that it was more likely than not that the net income tax benefits associated with the underlying deferred tax assets would be realizable based on historic cumulative income and projected taxable income . arconic also recorded additional valuation allowances in australia of $ 93 related to the separation transaction , in spain of $ 163 related to a tax law change and in luxembourg of $ 280 related to the separation transaction as well as a tax law change . these valuation allowances fully offset current year changes in deferred tax asset balances of each respective jurisdiction , resulting in no net impact to tax expense . the need for a valuation allowance will be reassessed on a continuous basis in future periods by each jurisdiction and , as a result , the allowances may increase or decrease based on changes in facts and circumstances . in 2015 , arconic recognized an additional $ 141 discrete income tax charge for valuation allowances on certain deferred tax assets in iceland and suriname . of this amount , an $ 85 valuation allowance was established on the full value of the deferred tax assets in suriname , which were related mostly to employee benefits and tax loss carryforwards . these deferred tax assets have an expiration period ranging from 2016 to 2022 ( as of december 31 , 2015 ) . the remaining $ 56 charge relates to a valuation allowance established on a portion of the deferred tax assets recorded in iceland . these deferred tax assets have an expiration period ranging from 2017 to 2023 . after weighing all available positive and negative evidence , as described above , management determined that it was no longer more likely than not that arconic will realize the tax benefit of either of these deferred tax assets . this was mainly driven by a decline in the outlook of the primary metals business , combined with prior year cumulative losses and a short expiration period . in december 2011 , one of arconic 2019s former subsidiaries in brazil applied for a tax holiday related to its expanded mining and refining operations . during 2013 , the application was amended and re-filed and , separately , a similar application was filed for another one of arconic 2019s former subsidiaries in brazil . the deadline for the brazilian government to deny the application was july 11 , 2014 . since arconic did not receive notice that its applications were denied , the tax holiday took effect automatically on july 12 , 2014 . as a result , the tax rate applicable to qualified holiday income for these subsidiaries decreased significantly ( from 34% ( 34 % ) to 15.25% ( 15.25 % ) ) , resulting in future cash tax savings over the 10-year holiday period ( retroactively effective as of january 1 , 2013 ) . additionally , a portion of one of the subsidiaries net deferred tax assets that reverses within the holiday period was remeasured at the new tax rate ( the net deferred tax asset of the other subsidiary was not remeasured since it could still be utilized against the subsidiary 2019s future earnings not subject to the tax holiday ) . this remeasurement resulted in a decrease to that subsidiary 2019s net deferred tax assets and a noncash charge to earnings of $ 52 ( $ 31 after noncontrolling interests ) . the following table details the changes in the valuation allowance: .
|december 31,|2016|2015|2014|
|balance at beginning of year|$ 1291|$ 1151|$ 1252|
|increase to allowance|772|180|102|
|release of allowance|-209 ( 209 )|-42 ( 42 )|-70 ( 70 )|
|acquisitions and divestitures ( f )|-1 ( 1 )|29|-36 ( 36 )|
|tax apportionment tax rate and tax law changes|106|-15 ( 15 )|-67 ( 67 )|
|foreign currency translation|-19 ( 19 )|-12 ( 12 )|-30 ( 30 )|
|balance at end of year|$ 1940|$ 1291|$ 1151|
the cumulative amount of arconic 2019s foreign undistributed net earnings for which no deferred taxes have been provided was approximately $ 450 at december 31 , 2016 . arconic has a number of commitments and obligations related to the company 2019s growth strategy in foreign jurisdictions . as such , management has no plans to distribute such earnings in the foreseeable future , and , therefore , has determined it is not practicable to determine the related deferred tax liability. .
Question: what was the increase in the increase to allowance value from 2015 to 2016?
Answer: | 328.88889 |
FINQA4481 | Please answer the given financial question based on the context.
Context: construction of cvn-79 john f . kennedy , construction of the u.s . coast guard 2019s fifth national security cutter ( unnamed ) , advance planning efforts for the cvn-72 uss abraham lincoln rcoh , and continued execution of the cvn-71 uss theodore roosevelt rcoh . 2010 2014the value of new contract awards during the year ended december 31 , 2010 , was approximately $ 3.6 billion . significant new awards during this period included $ 480 million for the construction of the u.s . coast guard 2019s fourth national security cutter hamilton , $ 480 million for design and long-lead material procurement activities for the cvn-79 john f . kennedy aircraft carrier , $ 377 million for cvn-78 gerald r . ford , $ 224 million for lha-7 ( unnamed ) , $ 184 million for lpd-26 john p . murtha , $ 114 million for ddg-114 ralph johnson and $ 62 million for long-lead material procurement activities for lpd-27 ( unnamed ) . liquidity and capital resources we endeavor to ensure the most efficient conversion of operating results into cash for deployment in operating our businesses and maximizing stockholder value . we use various financial measures to assist in capital deployment decision making , including net cash provided by operating activities and free cash flow . we believe these measures are useful to investors in assessing our financial performance . the table below summarizes key components of cash flow provided by ( used in ) operating activities: .
|( $ in millions )|year ended december 31 2011|year ended december 31 2010|year ended december 31 2009|
|net earnings ( loss )|$ -94 ( 94 )|$ 135|$ 124|
|goodwill impairment|290|0|0|
|deferred income taxes|27|-19 ( 19 )|-98 ( 98 )|
|depreciation and amortization|190|183|186|
|stock-based compensation|42|0|0|
|retiree benefit funding less than ( in excess of ) expense|122|33|-28 ( 28 )|
|trade working capital decrease ( increase )|-49 ( 49 )|27|-272 ( 272 )|
|net cash provided by ( used in ) operating activities|$ 528|$ 359|$ -88 ( 88 )|
cash flows we discuss below our major operating , investing and financing activities for each of the three years in the period ended december 31 , 2011 , as classified on our consolidated statements of cash flows . operating activities 2011 2014cash provided by operating activities was $ 528 million in 2011 compared with $ 359 million in 2010 . the increase of $ 169 million was due principally to increased earnings net of impairment charges and lower pension contributions , offset by an increase in trade working capital . net cash paid by northrop grumman on our behalf for u.s . federal income tax obligations was $ 53 million . we expect cash generated from operations for 2012 to be sufficient to service debt , meet contract obligations , and finance capital expenditures . although 2012 cash from operations is expected to be sufficient to service these obligations , we may from time to time borrow funds under our credit facility to accommodate timing differences in cash flows . 2010 2014net cash provided by operating activities was $ 359 million in 2010 compared with cash used of $ 88 million in 2009 . the change of $ 447 million was due principally to a decrease in discretionary pension contributions of $ 97 million , a decrease in trade working capital of $ 299 million , and a decrease in deferred income taxes of $ 79 million . in 2009 , trade working capital balances included the unfavorable impact of delayed customer billings associated with the negative performance adjustments on the lpd-22 through lpd-25 contract due to projected cost increases at completion . see note 7 : contract charges in item 8 . the change in deferred taxes was due principally to the timing of contract related deductions . u.s . federal income tax payments made by northrop grumman on our behalf were $ 89 million in 2010. .
Question: what is the percentage change in net income from 2009 to 2010?
Answer: | 0.08871 |
FINQA4482 | Please answer the given financial question based on the context.
Context: notes to consolidated financial statements sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 29.24 billion and $ 32.41 billion as of december 2013 and december 2012 , respectively . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 870 million and $ 300 million of protection had been provided as of december 2013 and december 2012 , respectively . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of corporate loans and commercial mortgage loans . contingent and forward starting resale and securities borrowing agreements/forward starting repurchase and secured lending agreements the firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . investment commitments the firm 2019s investment commitments consist of commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . these commitments include $ 659 million and $ 872 million as of december 2013 and december 2012 , respectively , related to real estate private investments and $ 6.46 billion and $ 6.47 billion as of december 2013 and december 2012 , respectively , related to corporate and other private investments . of these amounts , $ 5.48 billion and $ 6.21 billion as of december 2013 and december 2012 , respectively , relate to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . leases the firm has contractual obligations under long-term noncancelable lease agreements , principally for office space , expiring on various dates through 2069 . certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges . the table below presents future minimum rental payments , net of minimum sublease rentals . in millions december 2013 .
|in millions|as of december 2013|
|2014|$ 387|
|2015|340|
|2016|280|
|2017|271|
|2018|222|
|2019 - thereafter|1195|
|total|$ 2695|
rent charged to operating expense was $ 324 million for 2013 , $ 374 million for 2012 and $ 475 million for 2011 . operating leases include office space held in excess of current requirements . rent expense relating to space held for growth is included in 201coccupancy . 201d the firm records a liability , based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals , for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits . costs to terminate a lease before the end of its term are recognized and measured at fair value on termination . contingencies legal proceedings . see note 27 for information about legal proceedings , including certain mortgage-related matters . certain mortgage-related contingencies . there are multiple areas of focus by regulators , governmental agencies and others within the mortgage market that may impact originators , issuers , servicers and investors . there remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market . 182 goldman sachs 2013 annual report .
Question: what percentage of future minimum rental payments are due in 2014?
Answer: | 0.1436 |
FINQA4483 | Please answer the given financial question based on the context.
Context: table of contents adobe inc . notes to consolidated financial statements ( continued ) the table below represents the preliminary purchase price allocation to the acquired net tangible and intangible assets of marketo based on their estimated fair values as of the acquisition date and the associated estimated useful lives at that date . the fair values assigned to assets acquired and liabilities assumed are based on management 2019s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of valuation analyses pertaining to intangible assets acquired , deferred revenue and tax liabilities assumed including the calculation of deferred tax assets and liabilities . ( in thousands ) amount weighted average useful life ( years ) .
|( in thousands )|amount|weighted average useful life ( years )|
|customer contracts and relationships|$ 576900|11|
|purchased technology|444500|7|
|backlog|105800|2|
|non-competition agreements|12100|2|
|trademarks|328500|9|
|total identifiable intangible assets|1467800||
|net liabilities assumed|-191288 ( 191288 )|n/a|
|goodwill ( 1 )|3459751|n/a|
|total estimated purchase price|$ 4736263||
_________________________________________ ( 1 ) non-deductible for tax-purposes . identifiable intangible assets 2014customer relationships consist of marketo 2019s contractual relationships and customer loyalty related to their enterprise and commercial customers as well as technology partner relationships . the estimated fair value of the customer contracts and relationships was determined based on projected cash flows attributable to the asset . purchased technology acquired primarily consists of marketo 2019s cloud-based engagement marketing software platform . the estimated fair value of the purchased technology was determined based on the expected future cost savings resulting from ownership of the asset . backlog relates to subscription contracts and professional services . non-compete agreements include agreements with key marketo employees that preclude them from competing against marketo for a period of two years from the acquisition date . trademarks include the marketo trade name , which is well known in the marketing ecosystem . we amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives . goodwill 2014approximately $ 3.46 billion has been allocated to goodwill , and has been allocated in full to the digital experience reportable segment . goodwill represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets . the factors that contributed to the recognition of goodwill included securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a marketplace participant , acquiring a talented workforce and cost savings opportunities . net liabilities assumed 2014marketo 2019s tangible assets and liabilities as of october 31 , 2018 were reviewed and adjusted to their fair value as necessary . the net liabilities assumed included , among other items , $ 100.1 million in accrued expenses , $ 74.8 million in deferred revenue and $ 182.6 million in deferred tax liabilities , which were partially offset by $ 54.9 million in cash and cash equivalents and $ 72.4 million in trade receivables acquired . deferred revenue 2014included in net liabilities assumed is marketo 2019s deferred revenue which represents advance payments from customers related to subscription contracts and professional services . we estimated our obligation related to the deferred revenue using the cost build-up approach . the cost build-up approach determines fair value by estimating the direct and indirect costs related to supporting the obligation plus an assumed operating margin . the sum of the costs and assumed operating profit approximates , in theory , the amount that marketo would be required to pay a third party to assume the obligation . the estimated costs to fulfill the obligation were based on the near-term projected cost structure for subscription and professional services . as a result , we recorded an adjustment to reduce marketo 2019s carrying value of deferred revenue to $ 74.8 million , which represents our estimate of the fair value of the contractual obligations assumed based on a preliminary valuation. .
Question: what portion of the total estimated purchase price is dedicated to goodwill?
Answer: | 0.73048 |
FINQA4484 | Please answer the given financial question based on the context.
Context: united parcel service , inc . and subsidiaries management's discussion and analysis of financial condition and results of operations issuances of debt in 2014 and 2013 consisted primarily of longer-maturity commercial paper . issuances of debt in 2012 consisted primarily of senior fixed rate note offerings totaling $ 1.75 billion . repayments of debt in 2014 and 2013 consisted primarily of the maturity of our $ 1.0 and $ 1.75 billion senior fixed rate notes that matured in april 2014 and january 2013 , respectively . the remaining repayments of debt during the 2012 through 2014 time period included paydowns of commercial paper and scheduled principal payments on our capitalized lease obligations . we consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt . we had $ 772 million of commercial paper outstanding at december 31 , 2014 , and no commercial paper outstanding at december 31 , 2013 and 2012 . the amount of commercial paper outstanding fluctuates throughout each year based on daily liquidity needs . the average commercial paper balance was $ 1.356 billion and the average interest rate paid was 0.10% ( 0.10 % ) in 2014 ( $ 1.013 billion and 0.07% ( 0.07 % ) in 2013 , and $ 962 million and 0.07% ( 0.07 % ) in 2012 , respectively ) . the variation in cash received from common stock issuances to employees was primarily due to level of stock option exercises in the 2012 through 2014 period . the cash outflows in other financing activities were impacted by several factors . cash inflows ( outflows ) from the premium payments and settlements of capped call options for the purchase of ups class b shares were $ ( 47 ) , $ ( 93 ) and $ 206 million for 2014 , 2013 and 2012 , respectively . cash outflows related to the repurchase of shares to satisfy tax withholding obligations on vested employee stock awards were $ 224 , $ 253 and $ 234 million for 2014 , 2013 and 2012 , respectively . in 2013 , we paid $ 70 million to purchase the noncontrolling interest in a joint venture that operates in the middle east , turkey and portions of the central asia region . in 2012 , we settled several interest rate derivatives that were designated as hedges of the senior fixed-rate debt offerings that year , which resulted in a cash outflow of $ 70 million . sources of credit see note 7 to the audited consolidated financial statements for a discussion of our available credit and debt covenants . guarantees and other off-balance sheet arrangements we do not have guarantees or other off-balance sheet financing arrangements , including variable interest entities , which we believe could have a material impact on financial condition or liquidity . contractual commitments we have contractual obligations and commitments in the form of capital leases , operating leases , debt obligations , purchase commitments , and certain other liabilities . we intend to satisfy these obligations through the use of cash flow from operations . the following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of december 31 , 2014 ( in millions ) : .
|commitment type|2015|2016|2017|2018|2019|after 2019|total|
|capital leases|$ 75|$ 74|$ 67|$ 62|$ 59|$ 435|$ 772|
|operating leases|323|257|210|150|90|274|1304|
|debt principal|876|8|377|752|1000|7068|10081|
|debt interest|295|293|293|282|260|4259|5682|
|purchase commitments|269|195|71|19|8|26|588|
|pension fundings|1030|1161|344|347|400|488|3770|
|other liabilities|43|23|10|5|2014|2014|81|
|total|$ 2911|$ 2011|$ 1372|$ 1617|$ 1817|$ 12550|$ 22278|
.
Question: what percent of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2014 , is debt principal?
Answer: | 0.45251 |
FINQA4485 | Please answer the given financial question based on the context.
Context: jpmorgan chase & co./2014 annual report 125 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to meet the financing needs of its customers . the contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the firm fulfills its obligations under these guarantees , and the counterparties subsequently fail to perform according to the terms of these contracts . in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual future credit exposure or funding requirements . in determining the amount of credit risk exposure the firm has to wholesale lending-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contingent exposure that is expected , based on average portfolio historical experience , to become drawn upon in an event of a default by an obligor . the loan-equivalent amount of the firm 2019s lending- related commitments was $ 229.6 billion and $ 218.9 billion as of december 31 , 2014 and 2013 , respectively . clearing services the firm provides clearing services for clients entering into securities and derivative transactions . 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 central counterparties ( 201cccps 201d ) . 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 , see note 29 . derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities . derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets . the firm also uses derivative instruments to manage its own credit 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 transactions through the use of legally enforceable master netting arrangements and collateral agreements . for further discussion of derivative contracts , counterparties and settlement types , see note 6 . the following table summarizes the net derivative receivables for the periods presented . derivative receivables .
|december 31 ( in millions )|2014|2013|
|interest rate|$ 33725|$ 25782|
|credit derivatives|1838|1516|
|foreign exchange|21253|16790|
|equity|8177|12227|
|commodity|13982|9444|
|total net of cash collateral|78975|65759|
|liquid securities and other cash collateral held against derivative receivables|-19604 ( 19604 )|-14435 ( 14435 )|
|total net of all collateral|$ 59371|$ 51324|
derivative receivables reported on the consolidated balance sheets were $ 79.0 billion and $ 65.8 billion at december 31 , 2014 and 2013 , respectively . these amounts 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 g7 government bonds ) and other cash collateral held by the firm aggregating $ 19.6 billion and $ 14.4 billion at december 31 , 2014 and 2013 , 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 transactions move in the firm 2019s favor . as of december 31 , 2014 and 2013 , the firm held $ 48.6 billion and $ 50.8 billion , respectively , of this additional collateral . the prior period amount has been revised to conform with the current period presentation . 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 , see note 6. .
Question: what was the annual average number of liquid securities and other cash considerations?
Answer: | 17019.5 |
FINQA4486 | Please answer the given financial question based on the context.
Context: the significant changes from december 31 , 2008 to december 31 , 2009 in level 3 assets and liabilities are due to : a net decrease in trading securities of $ 10.8 billion that was driven by : 2022 net transfers of $ 6.5 billion , due mainly to the transfer of debt 2013 securities from level 3 to level 2 due to increased liquidity and pricing transparency ; and net settlements of $ 5.8 billion , due primarily to the liquidations of 2013 subprime securities of $ 4.1 billion . the change in net trading derivatives driven by : 2022 a net loss of $ 4.9 billion relating to complex derivative contracts , 2013 such as those linked to credit , equity and commodity exposures . these losses include both realized and unrealized losses during 2009 and are partially offset by gains recognized in instruments that have been classified in levels 1 and 2 ; and net increase in derivative assets of $ 4.3 billion , which includes cash 2013 settlements of derivative contracts in an unrealized loss position , notably those linked to subprime exposures . the decrease in level 3 investments of $ 6.9 billion primarily 2022 resulted from : a reduction of $ 5.0 billion , due mainly to paydowns on debt 2013 securities and sales of private equity investments ; the net transfer of investment securities from level 3 to level 2 2013 of $ 1.5 billion , due to increased availability of observable pricing inputs ; and net losses recognized of $ 0.4 billion due mainly to losses on non- 2013 marketable equity securities including write-downs on private equity investments . the decrease in securities sold under agreements to repurchase of 2022 $ 9.1 billion is driven by a $ 8.6 billion net transfers from level 3 to level 2 as effective maturity dates on structured repos have shortened . the decrease in long-term debt of $ 1.5 billion is driven mainly by 2022 $ 1.3 billion of net terminations of structured notes . transfers between level 1 and level 2 of the fair value hierarchy the company did not have any significant transfers of assets or liabilities between levels 1 and 2 of the fair value hierarchy during 2010 . items measured at fair value on a nonrecurring basis certain assets and liabilities are measured at fair value on a nonrecurring basis and therefore are not included in the tables above . these include assets measured at cost that have been written down to fair value during the periods as a result of an impairment . in addition , these assets include loans held-for-sale that are measured at locom that were recognized at fair value below cost at the end of the period . the fair value of loans measured on a locom basis is determined where possible using quoted secondary-market prices . such loans are generally classified as level 2 of the fair value hierarchy given the level of activity in the market and the frequency of available quotes . if no such quoted price exists , the fair value of a loan is determined using quoted prices for a similar asset or assets , adjusted for the specific attributes of that loan . the following table presents all loans held-for-sale that are carried at locom as of december 31 , 2010 and 2009 : in billions of dollars aggregate cost fair value level 2 level 3 .
|in billions of dollars|aggregate cost|fair value|level 2|level 3|
|december 31 2010|$ 3.1|$ 2.5|$ 0.7|$ 1.8|
|december 31 2009|$ 2.5|$ 1.6|$ 0.3|$ 1.3|
.
Question: what is the difference in billions of all loans held-for-sale that are carried at locom level 3 between 2009 and 2010?
Answer: | 0.5 |
FINQA4487 | Please answer the given financial question based on the context.
Context: 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 282006|may 292005|
|notes payable|$ 1503|$ 299|
|current portion of long-term debt|2131|1638|
|long-term debt|2415|4255|
|total debt|6049|6192|
|minority interests|1136|1133|
|stockholders 2019 equity|5772|5676|
|total capital|$ 12957|$ 13001|
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. .
Question: what is the average price per share for the repurchased shares during 2006?
Answer: | 46.94737 |
FINQA4488 | Please answer the given financial question based on the context.
Context: securities have historically returned approximately 10% ( 10 % ) annually over long periods of time , while u.s . debt securities have returned approximately 6% ( 6 % ) annually over long periods . application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 7.25% ( 7.25 % ) and 8.75% ( 8.75 % ) and is one point of reference , among many other factors , that is taken into consideration . we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment . recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns . while annual returns can vary significantly ( actual returns for 2012 , 2011 , and 2010 were +15.29% ( +15.29 % ) , +.11% ( +.11 % ) , and +14.87% ( +14.87 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns . acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others . in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date . taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7.75% ( 7.75 % ) , the same as it was for 2011 . after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 7.50% ( 7.50 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as the impact is amortized into results of operations . we currently estimate a pretax pension expense of $ 73 million in 2013 compared with pretax expense of $ 89 million in 2012 . this year-over-year expected decrease reflects the impact of favorable returns on plan assets experienced in 2012 as well as the effects of the lower discount rate required to be used in the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2013 estimated expense as a baseline . table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ) .
|change in assumption ( a )|estimatedincrease to 2013pensionexpense ( in millions )|
|.5% ( .5 % ) decrease in discount rate|$ 21|
|.5% ( .5 % ) decrease in expected long-term return on assets|$ 19|
|.5% ( .5 % ) increase in compensation rate|$ 2|
( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2013 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report . the pnc financial services group , inc . 2013 form 10-k 77 .
Question: by what percentage did the pension pretax expenses decrease from 2012 to 2013?
Answer: | 17.97753 |
FINQA4489 | Please answer the given financial question based on the context.
Context: the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 the table below sets forth the pre-tax accumulated other comprehensive income ( loss ) expected to be recognized as an increase ( decrease ) to income from continuing operations before income taxes over the next twelve months as of december 31 , 2011 for the following types of derivative instruments : accumulated other comprehensive income ( loss ) ( 1 ) ( in millions ) .
||accumulated other comprehensive income ( loss ) ( 1 ) ( in millions )|
|interest rate derivatives|$ -101 ( 101 )|
|cross currency derivatives|$ -1 ( 1 )|
|foreign currency derivatives|$ 7|
|commodity and other derivatives|$ -1 ( 1 )|
( 1 ) excludes a loss of $ 94 million expected to be recognized as part of the sale of cartagena , which closed on february 9 , 2012 , and is further discussed in note 23 2014acquisitions and dispositions . the balance in accumulated other comprehensive loss related to derivative transactions will be reclassified into earnings as interest expense is recognized for interest rate hedges and cross currency swaps ( except for the amount reclassified to foreign currency transaction gains and losses to offset the remeasurement of the foreign currency-denominated debt being hedged by the cross currency swaps ) , as depreciation is recognized for interest rate hedges during construction , as foreign currency transaction gains and losses are recognized for hedges of foreign currency exposure , and as electricity sales and fuel purchases are recognized for hedges of forecasted electricity and fuel transactions . these balances are included in the consolidated statements of cash flows as operating and/or investing activities based on the nature of the underlying transaction . for the years ended december 31 , 2011 , 2010 and 2009 , pre-tax gains ( losses ) of $ 0 million , $ ( 1 ) million , and $ 0 million net of noncontrolling interests , respectively , were reclassified into earnings as a result of the discontinuance of a cash flow hedge because it was probable that the forecasted transaction would not occur by the end of the originally specified time period ( as documented at the inception of the hedging relationship ) or within an additional two-month time period thereafter. .
Question: what is total aoci ( in millions ) for 2011?
Answer: | -96.0 |
FINQA4490 | Please answer the given financial question based on the context.
Context: mortgage banking activities the company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding . these commitments are referred to as interest rate lock commitments ( 201cirlcs 201d ) . irlcs on loans that the company intends to sell are considered to be derivatives and are , therefore , recorded at fair value with changes in fair value recorded in earnings . for purposes of determining fair value , the company estimates the fair value of an irlc based on the estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the irlc . the fair value excludes the market value associated with the anticipated sale of servicing rights related to each loan commitment . the fair value of these irlcs was a $ 0.06 million and a $ 0.02 million liability at december 31 , 2007 and 2006 , respectively . the company also designates fair value relationships of closed loans held-for-sale against a combination of mortgage forwards and short treasury positions . short treasury relationships are economic hedges , rather than fair value or cash flow hedges . short treasury positions are marked-to-market , but do not receive hedge accounting treatment under sfas no . 133 , as amended . the mark-to-market of the mortgage forwards is included in the net change of the irlcs and the related hedging instruments . the fair value of the mark-to-market on closed loans was a $ 1.2 thousand and $ 1.7 million asset at december 31 , 2007 and 2006 , respectively . irlcs , as well as closed loans held-for-sale , expose the company to interest rate risk . the company manages this risk by selling mortgages or mortgage-backed securities on a forward basis referred to as forward sale agreements . changes in the fair value of these derivatives are included as gain ( loss ) on loans and securities , net in the consolidated statement of income ( loss ) . the net change in irlcs , closed loans , mortgage forwards and the short treasury positions generated a net loss of $ 2.4 million in 2007 , a net gain of $ 1.6 million in 2006 and a net loss of $ 0.4 million in 2005 . credit risk credit risk is managed by limiting activity to approved counterparties and setting aggregate exposure limits for each approved counterparty . the credit risk , or maximum exposure , which results from interest rate swaps and purchased interest rate options is represented by the fair value of contracts that have unrealized gains at the reporting date . conversely , we have $ 197.5 million of derivative contracts with unrealized losses at december 31 , 2007 . the company pledged approximately $ 87.4 million of its mortgage-backed securities as collateral of derivative contracts . while the company does not expect that any counterparty will fail to perform , the following table shows the maximum exposure associated with each counterparty to interest rate swaps and purchased interest rate options at december 31 , 2007 ( dollars in thousands ) : counterparty credit .
|counterparty|credit risk|
|bank of america|$ 48161|
|lehman brothers|29136|
|jp morgan|18878|
|union bank of switzerland|15562|
|credit suisse first boston|11047|
|royal bank of scotland|6164|
|morgan stanley|2215|
|salomon brothers|1943|
|total exposure|$ 133106|
.
Question: what percentage of counterparty exposure at december 31 2007 is represented by union bank of switzerland?
Answer: | 0.11691 |
FINQA4491 | Please answer the given financial question based on the context.
Context: on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro to provide the company with catastrophe reinsurance coverage . this agreement is a multi-year reinsurance contract which covers specified earthquake events . the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada . on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage . these agreements are multi-year reinsurance contracts which cover named storm and earthquake events . the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada . the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada . on april 13 , 2017 the company entered into six collateralized reinsurance agreements with kilimanjaro to provide the company with annual aggregate catastrophe reinsurance coverage . the initial three agreements are four year reinsurance contracts which cover named storm and earthquake events . these agreements provide up to $ 225000 thousand , $ 400000 thousand and $ 325000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada . the subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events . these agreements provide up to $ 50000 thousand , $ 75000 thousand and $ 175000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada . recoveries under these collateralized reinsurance agreements with kilimanjaro are primarily dependent on estimated industry level insured losses from covered events , as well as , the geographic location of the events . the estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses . as of december 31 , 2017 , none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery . in addition , the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery . however , if the published estimates for insured losses for the covered 2017 events increase , the aggregate losses may exceed the aggregate event retentions under the agreements , resulting in a recovery . kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated , external investors . on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) . on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) . on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) . on april 13 , 2017 , kilimanjaro issued $ 950000 thousand of notes ( 201cseries 2017-1 notes ) and $ 300000 thousand of notes ( 201cseries 2017-2 notes ) . the proceeds from the issuance of the notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s . 9 . operating lease agreements the future minimum rental commitments , exclusive of cost escalation clauses , at december 31 , 2017 , for all of the company 2019s operating leases with remaining non-cancelable terms in excess of one year are as follows : ( dollars in thousands ) .
|2018|$ 16990|
|2019|17964|
|2020|17115|
|2021|8035|
|2022|7669|
|thereafter|24668|
|net commitments|$ 92440|
|( some amounts may not reconcile due to rounding. )||
.
Question: what is the percent of the company 2019s operating leases that would be due after 2022 as part of the net commitments
Answer: | 0.26685 |
FINQA4492 | Please answer the given financial question based on the context.
Context: advance auto parts , inc . and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 . inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 . under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years . the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth . accordingly , the cost to replace inventory is less than the lifo balances carried for similar product . as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 . the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method . core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor . additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods . the company capitalizes certain purchasing and warehousing costs into inventory . purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively . inventories consist of the following : december 30 , december 31 , 2006 2005 .
||december 30 2006|december 31 2005|
|inventories at fifo net|$ 1380573|$ 1294310|
|adjustments to state inventories at lifo|82767|72789|
|inventories at lifo net|$ 1463340|$ 1367099|
replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 . inventory quantities are tracked through a perpetual inventory system . the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory . the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program . the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions . the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit . the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs . the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively . 9 . property and equipment : property and equipment are stated at cost , less accumulated depreciation . expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized . when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations . depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .
Question: what is the percentage increase in inventories due to the adoption of lifo in 2006?
Answer: | 0.05995 |
FINQA4493 | Please answer the given financial question based on the context.
Context: 2 0 0 8 a n n u a l r e p o r t stock performance graph the following graph sets forth the performance of our series a common , series b common stock , and series c common stock for the period september 18 , 2008 through december 31 , 2008 as compared with the performance of the standard and poor 2019s 500 index and a peer group index which consists of the walt disney company , time warner inc. , cbs corporation class b common stock , viacom , inc . class b common stock , news corporation class a common stock , and scripps network interactive , inc . the graph assumes $ 100 originally invested on september 18 , 2006 and that all subsequent dividends were reinvested in additional shares . september 18 , september 30 , december 31 , 2008 2008 2008 .
||september 18 2008|september 30 2008|december 31 2008|
|disca|$ 100.00|$ 103.19|$ 102.53|
|discb|$ 100.00|$ 105.54|$ 78.53|
|disck|$ 100.00|$ 88.50|$ 83.69|
|s&p 500|$ 100.00|$ 96.54|$ 74.86|
|peer group|$ 100.00|$ 92.67|$ 68.79|
s&p 500 peer group .
Question: what was the percentage cumulative total shareholder return on disca common stock from september 18 , 2008 to december 31 , 2008?
Answer: | 0.0253 |
FINQA4494 | Please answer the given financial question based on the context.
Context: note 21 . expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million . ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account . the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value . the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account . during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts . although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts . we have no ongoing commitment or intent to provide support to these accounts . the securities are carried in investment securities available for sale in our consolidated statement of condition . the components of other expenses were as follows for the years ended december 31: .
|( in millions )|2008|2007|2006|
|customer indemnification obligation|$ 200|||
|securities processing|187|$ 79|$ 37|
|other|505|399|281|
|total other expenses|$ 892|$ 478|$ 318|
in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings . while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities . in the then current market environment , the market value of the underlying collateral had declined . during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure . the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 . the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .
Question: what portion of the total other expenses is related to securities processing in 2007?
Answer: | 0.16527 |
FINQA4495 | Please answer the given financial question based on the context.
Context: does not believe are in our and our stockholders 2019 best interest . the rights plan is intended to protect stockholders in the event of an unfair or coercive offer to acquire the company and to provide our board of directors with adequate time to evaluate unsolicited offers . the rights plan may prevent or make takeovers or unsolicited corporate transactions with respect to our company more difficult , even if stockholders may consider such transactions favorable , possibly including transactions in which stockholders might otherwise receive a premium for their shares . item 1b . unresolved staff comments item 2 . properties as of december 31 , 2016 , our significant properties used in connection with switching centers , data centers , call centers and warehouses were as follows: .
||approximate number|approximate size in square feet|
|switching centers|57|1400000|
|data centers|8|600000|
|call center|16|1300000|
|warehouses|16|500000|
as of december 31 , 2016 , we leased approximately 60000 cell sites . as of december 31 , 2016 , we leased approximately 2000 t-mobile and metropcs retail locations , including stores and kiosks ranging in size from approximately 100 square feet to 17000 square feet . we currently lease office space totaling approximately 950000 square feet for our corporate headquarters in bellevue , washington . we use these offices for engineering and administrative purposes . we also lease space throughout the u.s. , totaling approximately 1200000 square feet as of december 31 , 2016 , for use by our regional offices primarily for administrative , engineering and sales purposes . item 3 . legal proceedings see note 12 2013 commitments and contingencies of the notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for information regarding certain legal proceedings in which we are involved . item 4 . mine safety disclosures part ii . item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market information our common stock is traded on the nasdaq global select market of the nasdaq stock market llc ( 201cnasdaq 201d ) under the symbol 201ctmus . 201d as of december 31 , 2016 , there were 309 registered stockholders of record of our common stock , but we estimate the total number of stockholders to be much higher as a number of our shares are held by brokers or dealers for their customers in street name. .
Question: as of 2016 , what was the average size of data centers?
Answer: | 75000.0 |
FINQA4496 | Please answer the given financial question based on the context.
Context: contributions and future benefit payments we expect to make contributions of $ 28.1 million to our defined benefit , other postretirement , and postemployment benefits plans in fiscal 2009 . actual 2009 contributions could exceed our current projections , as influenced by our decision to undertake discretionary funding of our benefit trusts versus other competing investment priorities and future changes in government requirements . estimated benefit payments , which reflect expected future service , as appropriate , are expected to be paid from fiscal 2009-2018 as follows : in millions defined benefit pension postretirement benefit plans gross payments medicare subsidy receipts postemployment benefit ......................................................................................................................................................................................... .
|in millions|defined benefit pension plans|other postretirement benefit plans gross payments|medicare subsidy receipts|postemployment benefit plans|
|2009|$ 176.3|$ 56.0|$ -6.1 ( 6.1 )|$ 16.6|
|2010|182.5|59.9|-6.7 ( 6.7 )|17.5|
|2011|189.8|63.3|-7.3 ( 7.3 )|18.1|
|2012|197.5|67.0|-8.0 ( 8.0 )|18.8|
|2013|206.6|71.7|-8.7 ( 8.7 )|19.4|
|2014 2013 2018|1187.3|406.8|-55.3 ( 55.3 )|106.3|
defined contribution plans the general mills savings plan is a defined contribution plan that covers salaried and nonunion employees . it had net assets of $ 2309.9 million as of may 25 , 2008 and $ 2303.0 million as of may 27 , 2007.this plan is a 401 ( k ) savings plan that includes a number of investment funds and an employee stock ownership plan ( esop ) . we sponsor another savings plan for certain hourly employees with net assets of $ 16.0 million as of may 25 , 2008 . our total recognized expense related to defined contribution plans was $ 61.9 million in fiscal 2008 , $ 48.3 million in fiscal 2007 , and $ 45.5 million in fiscal 2006 . the esop originally purchased our common stock principally with funds borrowed from third parties and guaranteed by us.the esop shares are included in net shares outstanding for the purposes of calculating eps . the esop 2019s third-party debt was repaid on june 30 , 2007 . the esop 2019s only assets are our common stock and temporary cash balances.the esop 2019s share of the total defined contribution expense was $ 52.3 million in fiscal 2008 , $ 40.1 million in fiscal 2007 , and $ 37.6 million in fiscal 2006 . the esop 2019s expensewas calculated by the 201cshares allocated 201dmethod . the esop used our common stock to convey benefits to employees and , through increased stock ownership , to further align employee interests with those of stockholders.wematched a percentage of employee contributions to the general mills savings plan with a base match plus a variable year end match that depended on annual results . employees received our match in the form of common stock . our cash contribution to the esop was calculated so as to pay off enough debt to release sufficient shares to make our match . the esop used our cash contributions to the plan , plus the dividends received on the esop 2019s leveraged shares , to make principal and interest payments on the esop 2019s debt . as loan payments were made , shares became unencumbered by debt and were committed to be allocated . the esop allocated shares to individual employee accounts on the basis of the match of employee payroll savings ( contributions ) , plus reinvested dividends received on previously allocated shares . the esop incurred net interest of less than $ 1.0 million in each of fiscal 2007 and 2006 . the esop used dividends of $ 2.5 million in fiscal 2007 and $ 3.9 million in 2006 , along with our contributions of less than $ 1.0 million in each of fiscal 2007 and 2006 to make interest and principal payments . the number of shares of our common stock allocated to participants in the esop was 5.2 million as of may 25 , 2008 , and 5.4 million as of may 27 , 2007 . annual report 2008 81 .
Question: what is the total estimated benefit payment for 2009?
Answer: | 242.8 |
FINQA4497 | Please answer the given financial question based on the context.
Context: 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|$ 4566|$ 4337|$ 4336|
|accounts receivable net|$ 766|$ 565|$ 466|
|inventory|$ 56|$ 45|$ 11|
|working capital|$ 3530|$ 3730|$ 3625|
|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. .
Question: what was the lowest inventory amount , in millions?
Answer: | 11.0 |
FINQA4498 | Please answer the given financial question based on the context.
Context: restricted unit awards in 2010 and 2009 , the hartford issued restricted units as part of the hartford 2019s 2005 stock plan . restricted stock unit awards under the plan have historically been settled in shares , but under this award will be settled in cash and are thus referred to as 201crestricted units 201d . the economic value recipients will ultimately realize will be identical to the value that would have been realized if the awards had been settled in shares , i.e. , upon settlement , recipients will receive cash equal to the hartford 2019s share price multiplied by the number of restricted units awarded . because restricted units will be settled in cash , the awards are remeasured at the end of each reporting period until settlement . awards granted in 2009 vested after a three year period . awards granted in 2010 include both graded and cliff vesting restricted units which vest over a three year period . the graded vesting attribution method is used to recognize the expense of the award over the requisite service period . for example , the graded vesting attribution method views one three-year grant with annual graded vesting as three separate sub-grants , each representing one third of the total number of awards granted . the first sub-grant vests over one year , the second sub-grant vests over two years and the third sub-grant vests over three years . there were no restricted units awarded for 2013 or 2012 . as of december 31 , 2013 and 2012 , 27 thousand and 832 thousand restricted units were outstanding , respectively . deferred stock unit plan effective july 31 , 2009 , the compensation and management development committee of the board authorized the hartford deferred stock unit plan ( 201cdeferred stock unit plan 201d ) , and , on october 22 , 2009 , it was amended . the deferred stock unit plan provides for contractual rights to receive cash payments based on the value of a specified number of shares of stock . the deferred stock unit plan provides for two award types , deferred units and restricted units . deferred units are earned ratably over a year , based on the number of regular pay periods occurring during such year . deferred units are credited to the participant's account on a quarterly basis based on the market price of the company 2019s common stock on the date of grant and are fully vested at all times . deferred units credited to employees prior to january 1 , 2010 ( other than senior executive officers hired on or after october 1 , 2009 ) are not paid until after two years from their grant date . deferred units credited on or after january 1 , 2010 ( and any credited to senior executive officers hired on or after october 1 , 2009 ) are paid in three equal installments after the first , second and third anniversaries of their grant date . restricted units are intended to be incentive compensation and , unlike deferred units , vest over time , generally three years , and are subject to forfeiture . the deferred stock unit plan is structured consistent with the limitations and restrictions on employee compensation arrangements imposed by the emergency economic stabilization act of 2008 and the tarp standards for compensation and corporate governance interim final rule issued by the u.s . department of treasury on june 10 , 2009 . there were no deferred stock units awarded in 2013 or 2012 . a summary of the status of the company 2019s non-vested awards under the deferred stock unit plan as of december 31 , 2013 , is presented below : non-vested units restricted units ( in thousands ) weighted-average grant-date fair value .
|non-vested units|restricted units ( in thousands )|weighted-average grant-date fair value|
|non-vested at beginning of year|309|25.08|
|granted|2014|2014|
|vested|-306 ( 306 )|25.04|
|forfeited|-3 ( 3 )|28.99|
|non-vested at end of year|2014|$ 2014|
subsidiary stock plan in 2013 the hartford established a subsidiary stock-based compensation plan similar to the hartford 2010 incentive stock plan except that it awards non-public subsidiary stock as compensation . the company recognized stock-based compensation plans expense of $ 1 in the year ended december 31 , 2013 for the subsidiary stock plan . upon employee vesting of subsidiary stock , the company will recognize a noncontrolling equity interest . employees will be restricted from selling vested subsidiary stock to other than the company and the company will have discretion on the amount of stock to repurchase . therefore the subsidiary stock will be classified as equity because it is not mandatorily redeemable . table of contents the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 19 . stock compensation plans ( continued ) .
Question: what is the total value of the vested units?
Answer: | 7662.24 |
FINQA4499 | Please answer the given financial question based on the context.
Context: certain options to purchase shares of devon 2019s common stock were excluded from the dilution calculations because the options were antidilutive . these excluded options totaled 2 million , 3 million and 0.2 million in 2007 , 2006 and 2005 , respectively . foreign currency translation adjustments the u.s . dollar is the functional currency for devon 2019s consolidated operations except its canadian subsidiaries , which use the canadian dollar as the functional currency . therefore , the assets and liabilities of devon 2019s canadian subsidiaries are translated into u.s . dollars based on the current exchange rate in effect at the balance sheet dates . canadian income and expenses are translated at average rates for the periods presented . translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders 2019 equity . the following table presents the balances of devon 2019s cumulative translation adjustments included in accumulated other comprehensive income ( in millions ) . .
|december 31 2004|$ 1054|
|december 31 2005|$ 1216|
|december 31 2006|$ 1219|
|december 31 2007|$ 2566|
statements of cash flows for purposes of the consolidated statements of cash flows , devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents . commitments and contingencies liabilities for loss contingencies arising from claims , assessments , litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated . liabilities for environmental remediation or restoration claims are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated . expenditures related to such environmental matters are expensed or capitalized in accordance with devon 2019s accounting policy for property and equipment . reference is made to note 8 for a discussion of amounts recorded for these liabilities . recently issued accounting standards not yet adopted in december 2007 , the financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards no . 141 ( r ) , business combinations , which replaces statement no . 141 . statement no . 141 ( r ) retains the fundamental requirements of statement no . 141 that an acquirer be identified and the acquisition method of accounting ( previously called the purchase method ) be used for all business combinations . statement no . 141 ( r ) 2019s scope is broader than that of statement no . 141 , which applied only to business combinations in which control was obtained by transferring consideration . by applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses , statement no . 141 ( r ) improves the comparability of the information about business combinations provided in financial reports . statement no . 141 ( r ) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired , liabilities assumed and any noncontrolling interest in the acquiree , as well as any resulting goodwill . statement no . 141 ( r ) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 . devon will evaluate how the new requirements of statement no . 141 ( r ) would impact any business combinations completed in 2009 or thereafter . in december 2007 , the fasb also issued statement of financial accounting standards no . 160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no . 51 . a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent . statement no . 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary . under statement no . 160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity . additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement . statement no . 160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited . devon does not expect the adoption of statement no . 160 to have a material impact on its financial statements and related disclosures. .
Question: what was devon's average translation adjustments included in accumulated other comprehensive income ( in millions ) from 2004 through 2007?
Answer: | 1513.75 |
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