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1 |
what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009?
|
administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors .our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 .this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year .at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years .over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year .we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results .the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation .after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 .occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 .we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands .other operating expenses were up $ 3.3 million from 2007 .we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services .reductions in travel and charitable contributions partially offset these increases .our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 .this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .
[['', '2007', '2008', 'change'], ['capital gain distributions received', '$ 22.1', '$ 5.6', '$ -16.5 ( 16.5 )'], ['other than temporary impairments recognized', '-.3 ( .3 )', '-91.3 ( 91.3 )', '-91.0 ( 91.0 )'], ['net gains ( losses ) realized onfund dispositions', '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 adverse market conditions .in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 .lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s .treasury notes that we sold in december 2008 at a $ 2.6 million gain .the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 .c a p i t a l r e s o u r c e s a n d l i q u i d i t y .during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion .we repurchased nearly 2.3 million common shares for $ 67 million in 2009 .tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion .given the availability of these financial resources , we do not maintain an available external source of liquidity .on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million .we funded the acquisition from our cash holdings .in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 .we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows .22 t .rowe price group annual report 2009 .
|
64%
| 1,273 | 1 |
2 |
what is the percentage change in the total expense related to the defined contribution plan for u.s employees in 2010?
|
the following is a schedule of future minimum rental payments required under long-term operating leases at october 30 , 2010 : fiscal years operating leases .
[['fiscal years', 'operating leases'], ['2011', '$ 21871'], ['2012', '12322'], ['2013', '9078'], ['2014', '6381'], ['2015', '5422'], ['later years', '30655'], ['total', '$ 85729']]
12 .commitments and contingencies from time to time in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage and personnel and employment disputes .as to such claims and litigation , the company can give no assurance that it will prevail .the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows .13 .retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees .the company maintains a defined contribution plan for the benefit of its eligible u.s .employees .this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation .in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation .the total expense related to the defined contribution plan for u.s .employees was $ 20.5 million in fiscal 2010 , $ 21.5 million in fiscal 2009 and $ 22.6 million in fiscal 2008 .the company also has various defined benefit pension and other retirement plans for certain non-u.s .employees that are consistent with local statutory requirements and practices .the total expense related to the various defined benefit pension and other retirement plans for certain non-u.s .employees was $ 11.7 million in fiscal 2010 , $ 10.9 million in fiscal 2009 and $ 13.9 million in fiscal 2008 .during fiscal 2009 , the measurement date of the plan 2019s funded status was changed from september 30 to the company 2019s fiscal year end .non-u.s .plan disclosures the company 2019s funding policy for its foreign defined benefit pension plans is consistent with the local requirements of each country .the plans 2019 assets consist primarily of u.s .and non-u.s .equity securities , bonds , property and cash .the benefit obligations and related assets under these plans have been measured at october 30 , 2010 and october 31 , 2009 .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
-4.7%
| 722 | 2 |
3 |
what is the annual cash flow cost of the cc series preferred stock , in m?
|
jpmorgan chase & co./2017 annual report 89 the table below reflects the firm 2019s assessed level of capital allocated to each line of business as of the dates indicated .line of business equity ( allocated capital ) .
[['( in billions )', 'january 12018', 'december 31 , 2017', 'december 31 , 2016'], ['consumer & community banking', '$ 51.0', '$ 51.0', '$ 51.0'], ['corporate & investment bank', '70.0', '70.0', '64.0'], ['commercial banking', '20.0', '20.0', '16.0'], ['asset & wealth management', '9.0', '9.0', '9.0'], ['corporate', '79.6', '79.6', '88.1'], ['total common stockholders 2019 equity', '$ 229.6', '$ 229.6', '$ 228.1']]
planning and stress testing comprehensive capital analysis and review the federal reserve requires large bank holding companies , including the firm , to submit a capital plan on an annual basis .the federal reserve uses the ccar and dodd-frank act stress test processes to ensure that large bhcs have sufficient capital during periods of economic and financial stress , and have robust , forward-looking capital assessment and planning processes in place that address each bhc 2019s unique risks to enable it to absorb losses under certain stress scenarios .through the ccar , the federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) , as well as its plans to make capital distributions , such as dividend payments or stock repurchases .on june 28 , 2017 , the federal reserve informed the firm that it did not object , on either a quantitative or qualitative basis , to the firm 2019s 2017 capital plan .for information on actions taken by the firm 2019s board of directors following the 2017 ccar results , see capital actions on pages 89-90 .the firm 2019s ccar process is integrated into and employs the same methodologies utilized in the firm 2019s icaap process , as discussed below .internal capital adequacy assessment process semiannually , the firm completes the icaap , which provides management with a view of the impact of severe and unexpected events on earnings , balance sheet positions , reserves and capital .the firm 2019s icaap integrates stress testing protocols with capital planning .the process assesses the potential impact of alternative economic and business scenarios on the firm 2019s earnings and capital .economic scenarios , and the parameters underlying those scenarios , are defined centrally and applied uniformly across the businesses .these scenarios are articulated in terms of macroeconomic factors , which are key drivers of business results ; global market shocks , which generate short-term but severe trading losses ; and idiosyncratic operational risk events .the scenarios are intended to capture and stress key vulnerabilities and idiosyncratic risks facing the firm .however , when defining a broad range of scenarios , actual events can always be worse .accordingly , management considers additional stresses outside these scenarios , as necessary .icaap results are reviewed by management and the audit committee .capital actions preferred stock preferred stock dividends declared were $ 1.7 billion for the year ended december 31 , 2017 .on october 20 , 2017 , the firm issued $ 1.3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc , with an initial dividend rate of 4.625% ( 4.625 % ) .on december 1 , 2017 , the firm redeemed all $ 1.3 billion of its outstanding 5.50% ( 5.50 % ) non-cumulative preferred stock , series o .for additional information on the firm 2019s preferred stock , see note 20 .trust preferred securities on december 18 , 2017 , the delaware trusts that issued seven series of outstanding trust preferred securities were liquidated , $ 1.6 billion of trust preferred and $ 56 million of common securities originally issued by those trusts were cancelled , and the junior subordinated debentures previously held by each trust issuer were distributed pro rata to the holders of the corresponding series of trust preferred and common securities .the firm redeemed $ 1.6 billion of trust preferred securities in the year ended december 31 , 2016 .common stock dividends the firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook , desired dividend payout ratio , capital objectives , and alternative investment opportunities .on september 19 , 2017 , the firm announced that its board of directors increased the quarterly common stock dividend to $ 0.56 per share , effective with the dividend paid on october 31 , 2017 .the firm 2019s dividends are subject to the board of directors 2019 approval on a quarterly basis .for information regarding dividend restrictions , see note 20 and note 25. .
|
60.1
| 1,196 | 3 |
4 |
what is the growth rate in the balance of cash and cash equivalents on hand from 2016 to 2017?
|
liquidity and capital resources we currently expect to fund all of our cash requirements which are reasonably foreseeable for 2018 , including scheduled debt repayments , new investments in the business , share repurchases , dividend payments , possible business acquisitions and pension contributions , with cash from operating activities , and as needed , additional short-term and/or long-term borrowings .we continue to expect our operating cash flow to remain strong .as of december 31 , 2017 , we had $ 211 million of cash and cash equivalents on hand , of which $ 151 million was held outside of the as of december 31 , 2016 , we had $ 327 million of cash and cash equivalents on hand , of which $ 184 million was held outside of the u.s .as of december 31 , 2015 , we had $ 26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with the legacy nalco entities and legacy champion entities that we intended to repatriate .these liabilities were recorded as part of the respective purchase price accounting of each transaction .the remaining foreign earnings were repatriated in 2016 , reducing the deferred tax liabilities to zero at december 31 , 2016 .as of december 31 , 2017 we had a $ 2.0 billion multi-year credit facility , which expires in november 2022 .the credit facility has been established with a diverse syndicate of banks .there were no borrowings under our credit facility as of december 31 , 2017 or 2016 .the credit facility supports our $ 2.0 billion u.s .commercial paper program and $ 2.0 billion european commercial paper program .combined borrowing under these two commercial paper programs may not exceed $ 2.0 billion .at year-end , we had no amount outstanding under the european commercial paper program and no amount outstanding under the u.s .commercial paper program .additionally , we have uncommitted credit lines of $ 660 million with major international banks and financial institutions to support our general global funding needs .most of these lines are used to support global cash pooling structures .approximately $ 643 million of these credit lines were available for use as of year-end 2017 .bank supported letters of credit , surety bonds and guarantees total $ 198 million and represent commercial business transactions .we do not have any other significant unconditional purchase obligations or commercial commitments .as of december 31 , 2017 , our short-term borrowing program was rated a-2 by standard & poor 2019s and p-2 by moody 2019s .as of december 31 , 2017 , standard & poor 2019s and moody 2019s rated our long-term credit at a- ( stable outlook ) and baa1 ( stable outlook ) , respectively .a reduction in our credit ratings could limit or preclude our ability to issue commercial paper under our current programs , or could also adversely affect our ability to renew existing , or negotiate new , credit facilities in the future and could increase the cost of these facilities .should this occur , we could seek additional sources of funding , including issuing additional term notes or bonds .in addition , we have the ability , at our option , to draw upon our $ 2.0 billion of committed credit facility .we are in compliance with our debt covenants and other requirements of our credit agreements and indentures .a schedule of our various obligations as of december 31 , 2017 are summarized in the following table: .
[['( millions )', 'total', 'payments due by period less than 1 year', 'payments due by period 2-3 years', 'payments due by period 4-5 years', 'payments due by period more than 5 years'], ['notes payable', '$ 15', '$ 15', '$ -', '$ -', '$ -'], ['one-time transition tax', '160', '13', '26', '26', '95'], ['long-term debt', '7303', '549', '696', '1513', '4545'], ['capital lease obligations', '5', '1', '1', '1', '2'], ['operating leases', '617', '131', '211', '160', '115'], ['interest*', '2753', '242', '436', '375', '1700'], ['total', '$ 10853', '$ 951', '$ 1370', '$ 2075', '$ 6457']]
* interest on variable rate debt was calculated using the interest rate at year-end 2017 .during the fourth quarter of 2017 , we recorded a one-time transition tax related to enactment of the tax act .the expense is primarily related to the one-time transition tax , which is payable over eight years .as discussed further in note 12 , this balance is a provisional amount and is subject to adjustment during the measurement period of up to one year following the enactment of the tax act , as provided by recent sec guidance .as of december 31 , 2017 , our gross liability for uncertain tax positions was $ 68 million .we are not able to reasonably estimate the amount by which the liability will increase or decrease over an extended period of time or whether a cash settlement of the liability will be required .therefore , these amounts have been excluded from the schedule of contractual obligations. .
|
-35.5%
| 1,251 | 4 |
5 |
what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2007 for the year of 2008 are due to maturities of long-term debt?
|
exchanged installment notes totaling approximately $ 4.8 billion and approximately $ 400 million of inter- national paper promissory notes for interests in enti- ties formed to monetize the notes .international paper determined that it was not the primary benefi- ciary of these entities , and therefore should not consolidate its investments in these entities .during 2006 , these entities acquired an additional $ 4.8 bil- lion of international paper debt securities for cash , resulting in a total of approximately $ 5.2 billion of international paper debt obligations held by these entities at december 31 , 2006 .since international paper has , and intends to affect , a legal right to offset its obligations under these debt instruments with its investments in the entities , international paper has offset $ 5.0 billion of interest in the entities against $ 5.0 billion of international paper debt obligations held by the entities as of december 31 , 2007 .international paper also holds variable interests in two financing entities that were used to monetize long-term notes received from sales of forestlands in 2002 and 2001 .see note 8 of the notes to consolidated financial statements in item 8 .financial statements and supplementary data for a further discussion of these transactions .capital resources outlook for 2008 international paper expects to be able to meet pro- jected capital expenditures , service existing debt and meet working capital and dividend requirements during 2008 through current cash balances and cash from operations , supplemented as required by its various existing credit facilities .international paper has approximately $ 2.5 billion of committed bank credit agreements , which management believes is adequate to cover expected operating cash flow variability during our industry 2019s economic cycles .the agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon international paper 2019s credit rating .the agreements include a $ 1.5 billion fully commit- ted revolving bank credit agreement that expires in march 2011 and has a facility fee of 0.10% ( 0.10 % ) payable quarterly .these agreements also include up to $ 1.0 billion of available commercial paper-based financ- ings under a receivables securitization program that expires in october 2009 with a facility fee of 0.10% ( 0.10 % ) .at december 31 , 2007 , there were no borrowings under either the bank credit agreements or receiv- ables securitization program .the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .funding decisions will be guided by our capi- tal structure planning objectives .the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .the company was in compliance with all its debt covenants at december 31 , 2007 .principal financial covenants include maintenance of a minimum net worth , defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock , plus any goodwill impairment charges , of $ 9 billion ; and a maximum total debt to capital ratio , defined as total debt divided by total debt plus net worth , of 60% ( 60 % ) .maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .at december 31 , 2007 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by standard & poor 2019s ( s&p ) and moody 2019s investor services ( moody 2019s ) , respectively .the company currently has short-term credit ratings by s&p and moody 2019s of a-2 and p-3 , respectively .contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2007 , were as follows : in millions 2008 2009 2010 2011 2012 thereafter maturities of long-term debt ( a ) $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 debt obligations with right of offset ( b ) 2013 2013 2013 2013 2013 5000 .
[['in millions', '2008', '2009', '2010', '2011', '2012', 'thereafter'], ['maturities of long-term debt ( a )', '$ 267', '$ 1300', '$ 1069', '$ 396', '$ 532', '$ 3056'], ['debt obligations with right of offset ( b )', '2013', '2013', '2013', '2013', '2013', '5000'], ['lease obligations', '136', '116', '101', '84', '67', '92'], ['purchase obligations ( c )', '1953', '294', '261', '235', '212', '1480'], ['total ( d )', '$ 2356', '$ 1710', '$ 1431', '$ 715', '$ 811', '$ 9628']]
( a ) total debt includes scheduled principal payments only .( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to affect , a legal right to offset these obligations with investments held in the entities .accordingly , in its con- solidated balance sheet at december 31 , 2007 , international paper has offset approximately $ 5.0 billion of interests in the entities against this $ 5.0 billion of debt obligations held by the entities ( see note 8 in the accompanying consolidated financial statements ) .( c ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales .( d ) not included in the above table are unrecognized tax benefits of approximately $ 280 million. .
|
11%
| 1,489 | 5 |
6 |
what is the percent of the sfas 158 adoption adjustments for the deferred taxes to the amount prior to the adjustments
|
part ii , item 8 20 .pension and other benefit plans adoption of sfas 158 in september 2006 , the financial accounting standards board issued sfas 158 ( employer 2019s accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no .87 , 88 , 106 and 132 ( r ) ) .sfas 158 required schlumberger to recognize the funded status ( i.e. , the difference between the fair value of plan assets and the benefit obligation ) of its defined benefit pension and other postretirement plans ( collectively 201cpostretirement benefit plans 201d ) in its december 31 , 2006 consolidated balance sheet , with a corresponding adjustment to accumulated other comprehensive income , net of tax .the adjustment to accumulated other comprehensive income at adoption represents the net unrecognized actuarial losses and unrecognized prior service costs which were previously netted against schlumberger 2019s postretirement benefit plans 2019 funded status in the consolidated balance sheet pursuant to the provisions of sfas 87 ( employers 2019 accounting for pensions ) and sfas 106 ( employer 2019s accounting for postretirement benefits other than pensions ) .these amounts will subsequently be recognized as net periodic postretirement cost consistent with schlumberger 2019s historical accounting policy for amortizing such amounts .the adoption of sfas 158 had no effect on schlumberger 2019s consolidated statement of income for the year ended december 31 , 2006 , or for any prior period , and it will not affect schlumberger 2019s operating results in future periods .additionally , sfas 158 did not have an effect on schlumberger 2019s consolidated balance sheet at december 31 , sfas 158 also required companies to measure the fair value of plan assets and benefit obligations as of the date of the fiscal year-end balance sheet .this provision of sfas 158 is not applicable as schlumberger already uses a measurement date of december 31 for its postretirement benefit plans .the incremental effect of applying sfas 158 on the consolidated balance sheet at december 31 , 2006 for all of schlumberger 2019s postretirement benefit plans is presented in the following table : ( stated in millions ) prior to application of sfas 158 sfas 158 adoption adjustments application of sfas 158 .
[['', 'prior to application of sfas 158', 'sfas 158 adoption adjustments', 'after application of sfas 158'], ['deferred taxes ( current )', '$ 191', '$ -28 ( 28 )', '$ 163'], ['deferred taxes ( long-term )', '$ 186', '$ 227', '$ 413'], ['other assets', '$ 416', '$ -243 ( 243 )', '$ 173'], ['accounts payable and accrued liabilities', '$ 3925', '$ -77 ( 77 )', '$ 3848'], ['postretirement benefits', '$ 713', '$ 323', '$ 1036'], ['accumulated other comprehensive loss', '$ -879 ( 879 )', '$ -290 ( 290 )', '$ -1169 ( 1169 )']]
as a result of the adoption of sfas 158 , schlumberger 2019s total liabilities increased by approximately 2% ( 2 % ) and stockholders 2019 equity decreased by approximately 3% ( 3 % ) .the impact on schlumberger 2019s total assets was insignificant .united states defined benefit pension plans schlumberger and its united states subsidiary sponsor several defined benefit pension plans that cover substantially all employees hired prior to october 1 , 2004 .the benefits are based on years of service and compensation on a career-average pay basis .the funding policy with respect to qualified pension plans is to annually contribute amounts that are based upon a number of factors including the actuarial accrued liability , amounts that are deductible for income tax purposes , legal funding requirements and available cash flow .these contributions are intended to provide for benefits earned to date and those expected to be earned in the future. .
|
14.7%
| 1,020 | 6 |
7 |
what was the ratio of the net terminations of structured notes to the decrease in long-term debt
|
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']]
.
|
0.86
| 858 | 7 |
8 |
what is the yearly amortization expense related acquired technology?
|
reach in the united states , adding a 1400-person direct sales force , over 300000 merchants and $ 130 billion in annual payments volume .goodwill of $ 3.2 billion arising from the merger , included in the north america segment , was attributable to expected growth opportunities , potential synergies from combining our existing businesses and an assembled workforce , and is not deductible for income tax purposes .due to the timing of our merger with heartland , we are still in the process of assigning goodwill to our reporting units .during the year ended may 31 , 2016 , we incurred transaction costs in connection with the merger of $ 24.4 million , which are recorded in selling , general and administrative expenses in the consolidated statements of income .the following reflects the preliminary estimated fair values of the identified intangible assets ( in thousands ) : .
[['customer-related intangible assets', '$ 977400'], ['acquired technology', '457000'], ['trademarks and trade names', '176000'], ['covenants-not-to-compete', '28640'], ['total estimated acquired intangible assets', '$ 1639040']]
the preliminary estimated fair value of customer-related intangible assets was determined using the income approach , which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows .the discount rate used is the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .other significant assumptions include terminal value margin rates , future capital expenditures and future working capital requirements .acquired technology was valued using the replacement cost method , which required us to estimate the cost to construct an asset of equivalent utility at prices available at the time of the valuation analysis , with adjustments in value for physical deterioration and functional and economic obsolescence .trademarks and trade names were valued using the relief-from-royalty approach .this method assumes that trade marks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them .this method required us to estimate the future revenue for the related brands , the appropriate royalty rate and the weighted-average cost of capital .the discount rate used is the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .the weighted-average estimated amortization period for the total estimated acquired intangible assets is approximately 11 years .the customer-related intangible assets have an estimated amortization period range of 7-20 years .the acquired technology has an estimated amortization period of 5 years .the trademarks and trade names have an estimated amortization period of 7 years .covenants-not-to-compete have an estimated amortization period range of 1-4 years .heartland 2019s revenues and operating income represented approximately 4% ( 4 % ) and less than 0.5% ( 0.5 % ) of our total consolidated revenues and operating income , respectively , for the year ended may 31 , 2016 .the following unaudited pro forma information shows the results of our operations for the years ended may 31 , 2016 and may 31 , 2015 as if our merger with heartland had occurred on june 1 , 2014 .the unaudited pro forma information reflects the effects of applying our accounting policies and certain pro forma adjustments to the combined historical financial information of global payments and heartland .the pro forma adjustments include incremental amortization and depreciation expense , incremental interest expense associated with new long-term debt , a reduction of revenues and operating expenses associated with fair value adjustments made in applying the acquisition-method of accounting and the elimination of nonrecurring transaction costs directly related to the merger .global payments inc .| 2016 form 10-k annual report 2013 67 .
|
91400.0
| 864 | 8 |
9 |
what percent did purchase issuances and settlements increase from year ended 2009 to year ended 2010?
|
notes to the consolidated financial statements non-financial assets and liabilities measured at fair value on a non-recurring basis during 2009 , we classified the atlantic star as held for sale and recognized a charge of $ 7.1 million to reduce the carrying value of the ship to its fair value less cost to sell based on a firm offer received during 2009 .this amount was recorded within other operating expenses in our consolidated statement of operations .we determined the fair market value of the atlantic star as of december 31 , 2010 based on comparable ship sales adjusted for the condition , age and size of the ship .we have categorized these inputs as level 3 because they are largely based on our own assump- tions .as of december 31 , 2010 , the carrying amount of the atlantic star which we still believe represents its fair value was $ 46.4 million .the following table presents a reconciliation of the company 2019s fuel call options 2019 beginning and ending balances as follows ( in thousands ) : fair value fair value measurements measurements using significant using significant unobservable unobservable year ended december 31 , 2010 inputs ( level 3 ) year ended december 31 , 2009 inputs ( level 3 ) fuel call options fuel call options balance at january 1 , 2010 $ 9998 balance at january 1 , 2009 $ 2007 2007 2007 2007 2014 total gains or losses ( realized/ unrealized ) total gains or losses ( realized/ unrealized ) .
[['year ended december 31 2010 balance at january 1 2010', 'fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 9998', 'year ended december 31 2009 balance at january 1 2009', 'fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 2014'], ['total gains or losses ( realized /unrealized )', '', 'total gains or losses ( realized /unrealized )', ''], ['included in other income ( expense )', '-2824 ( 2824 )', 'included in other income ( expense )', '-2538 ( 2538 )'], ['purchases issuances and settlements', '24539', 'purchases issuances and settlements', '12536'], ['transfers in and/or ( out ) of level 3', '-31713 ( 31713 )', 'transfers in and/or ( out ) of level 3', '2014'], ['balance at december 31 2010', '$ 2014', 'balance at december 31 2009', '$ 9998'], ['the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at thereporting date', '$ -2824 ( 2824 )', 'the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held atthe reporting date', '$ -2538 ( 2538 )']]
the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ ( 2824 ) the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ ( 2538 ) during the fourth quarter of 2010 , we changed our valuation technique for fuel call options to a market approach method which employs inputs that are observable .the fair value for fuel call options is determined by using the prevailing market price for the instruments consisting of published price quotes for similar assets based on recent transactions in an active market .we believe that level 2 categorization is appropriate due to an increase in the observability and transparency of significant inputs .previously , we derived the fair value of our fuel call options using standard option pricing models with inputs based on the options 2019 contract terms and data either readily available or formulated from public market informa- tion .the fuel call options were categorized as level 3 because certain inputs , principally volatility , were unobservable .net transfers in and/or out of level 3 are reported as having occurred at the end of the quarter in which the transfer occurred ; therefore , gains or losses reflected in the table above for 2010 include fourth quarter fuel call option gains or losses .the reported fair values are based on a variety of factors and assumptions .accordingly , the fair values may not represent actual values of the financial instru- ments and long-lived assets that could have been realized as of december 31 , 2010 or december 31 , 2009 , or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement .derivative instruments we are exposed to market risk attributable to changes in interest rates , foreign currency exchange rates and fuel prices .we manage these risks through a combi- nation of our normal operating and financing activities and through the use of derivative financial instruments pursuant to our hedging practices and policies .the financial impact of these hedging instruments is pri- marily offset by corresponding changes in the under- lying exposures being hedged .we achieve this by closely matching the amount , term and conditions of the derivative instrument with the underlying risk being hedged .we do not hold or issue derivative financial instruments for trading or other speculative purposes .we monitor our derivative positions using techniques including market valuations and sensitivity analyses. .
|
95.75%
| 1,317 | 9 |
10 |
based on the review of the activity between the company and the entities what was the ratio of the revenue to expense in 2013
|
is downgraded below a specified threshold , the new bank is required to provide credit support for its obligation .fees of $ 5 million were incurred in connection with this replacement .on november 29 , 2011 , standard and poor's reduced its credit rating of senior unsecured long-term debt of lloyds tsb bank plc , which issued letters of credit that support $ 1.2 billion of the timber notes , below the specified threshold .the letters of credit were successfully replaced by another qualifying institution .fees of $ 4 million were incurred in connection with this replacement .on january 23 , 2012 , standard and poor's reduced its credit rating of senior unsecured long-term debt of soci e9t e9 g e9n e9rale sa , which issued letters of credit that support $ 666 million of the timber notes , below the specified threshold .the letters of credit were successfully replaced by another qualifying institution .fees of $ 5 million were incurred in connection with this replacement .on june 21 , 2012 , moody's investor services reduced its credit rating of senior unsecured long-term debt of bnp paribas , which issued letters of credit that support $ 707 million of timber notes , below the specified threshold .on december 19 , 2012 , the company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit , terminable upon 30 days notice .activity between the company and the entities was as follows: .
[['in millions', '2013', '2012', '2011'], ['revenue ( loss ) ( a )', '$ 45', '$ 49', '$ 49'], ['expense ( a )', '79', '90', '79'], ['cash receipts ( b )', '33', '36', '28'], ['cash payments ( c )', '84', '87', '79']]
( a ) the net expense related to the company 2019s interest in the entities is included in interest expense , net in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .( b ) the cash receipts are equity distributions from the entities to international paper .( c ) the semi-annual payments are related to interest on the associated debt obligations discussed above .based on an analysis of the entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest , international paper determined that it is not the primary beneficiary of the entities , and therefore , should not consolidate its investments in these entities .it was also determined that the source of variability in the structure is the value of the timber notes , the assets most significantly impacting the structure 2019s economic performance .the credit quality of the timber notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% ( 100 % ) cash collateralized .international paper analyzed which party has control over the economic performance of each entity , and concluded international paper does not have control over significant decisions surrounding the timber notes and letters of credit and therefore is not the primary beneficiary .the company 2019s maximum exposure to loss equals the value of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure is remote .international paper also held variable interests in two financing entities that were used to monetize long-term notes received from the sale of forestlands in 2001 and 2002 .international paper transferred notes ( the monetized notes , with an original maturity of 10 years from inception ) and cash of approximately $ 1.0 billion to these entities in exchange for preferred interests , and accounted for the transfers as a sale of the notes with no associated gain or loss .in the same period , the entities acquired approximately $ 1.0 billion of international paper debt obligations for cash .international paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended december 31 , 2013 , 2012 or 2011 .the 2001 monetized notes of $ 499 million matured on march 16 , 2011 .following their maturity , international paper purchased the class a preferred interest in the 2001 financing entities from an external third-party for $ 21 million .as a result of the purchase , effective march 16 , 2011 , international paper owned 100% ( 100 % ) of the 2001 financing entities .based on an analysis performed by the company after the purchase , under guidance that considers the potential magnitude of the variability in the structure and which party has a controlling financial interest , international paper determined that it was the primary beneficiary of the 2001 financing entities and thus consolidated the entities effective march 16 , 2011 .effective april 30 , 2011 , international paper liquidated its interest in the 2001 financing entities .activity between the company and the 2001 financing entities during 2011 was immaterial. .
|
57%
| 1,165 | 10 |
11 |
what is the growth rate in net reserves in 2006?
|
development of prior year incurred losses was $ 135.6 million unfavorable in 2006 , $ 26.4 million favorable in 2005 and $ 249.4 million unfavorable in 2004 .such losses were the result of the reserve development noted above , as well as inher- ent uncertainty in establishing loss and lae reserves .reserves for asbestos and environmental losses and loss adjustment expenses as of year end 2006 , 7.4% ( 7.4 % ) of reserves reflect an estimate for the company 2019s ultimate liability for a&e claims for which ulti- mate value cannot be estimated using traditional reserving techniques .the company 2019s a&e liabilities stem from mt .mckinley 2019s direct insurance business and everest re 2019s assumed reinsurance business .there are significant uncertainties in estimating the amount of the company 2019s potential losses from a&e claims .see item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014asbestos and environmental exposures 201d and note 3 of notes to consolidated financial statements .mt .mckinley 2019s book of direct a&e exposed insurance is relatively small and homogenous .it also arises from a limited period , effective 1978 to 1984 .the book is based principally on excess liability policies , thereby limiting exposure analysis to a lim- ited number of policies and forms .as a result of this focused structure , the company believes that it is able to comprehen- sively analyze its exposures , allowing it to identify , analyze and actively monitor those claims which have unusual exposure , including policies in which it may be exposed to pay expenses in addition to policy limits or non-products asbestos claims .the company endeavors to be actively engaged with every insured account posing significant potential asbestos exposure to mt .mckinley .such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements .sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments .the company 2019s mt .mckinley operation is currently managing eight sip agreements , three of which were executed prior to the acquisition of mt .mckinley in 2000 .the company 2019s preference with respect to coverage settlements is to exe- cute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty .the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active .those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity .the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders , including those that may not have reported significant a&e losses .everest re 2019s book of assumed reinsurance is relatively concentrated within a modest number of a&e exposed relationships .it also arises from a limited period , effectively 1977 to 1984 .because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities .the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies .this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies .as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention .however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers .this furnished information is not always timely or accurate and can impact the accuracy and timeli- ness of the company 2019s ultimate loss projections .the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the years ended december 31: .
[['( dollars in millions )', '2006', '2005', '2004'], ['case reserves reported by ceding companies', '$ 135.6', '$ 125.2', '$ 148.5'], ['additional case reserves established by the company ( assumed reinsurance ) ( 1 )', '152.1', '157.6', '151.3'], ['case reserves established by the company ( direct insurance )', '213.7', '243.5', '272.1'], ['incurred but not reported reserves', '148.7', '123.3', '156.4'], ['gross reserves', '650.1', '649.6', '728.3'], ['reinsurance receivable', '-138.7 ( 138.7 )', '-199.1 ( 199.1 )', '-221.6 ( 221.6 )'], ['net reserves', '$ 511.4', '$ 450.5', '$ 506.7']]
( 1 ) additional reserves are case specific reserves determined by the company to be needed over and above those reported by the ceding company .81790fin_a 4/13/07 11:08 am page 15 .
|
13.5%
| 1,336 | 11 |
12 |
during 2016 what was the average price paid for the shares repurchased by the company?
|
edwards lifesciences corporation notes to consolidated financial statements ( continued ) 12 .employee benefit plans ( continued ) equity and debt securities are valued at fair value based on quoted market prices reported on the active markets on which the individual securities are traded .the insurance contracts are valued at the cash surrender value of the contracts , which is deemed to approximate its fair value .the following benefit payments , which reflect expected future service , as appropriate , at december 31 , 2016 , are expected to be paid ( in millions ) : .
[['2017', '$ 4.5'], ['2018', '4.0'], ['2019', '4.0'], ['2020', '4.6'], ['2021', '4.5'], ['2021-2025', '44.6']]
as of december 31 , 2016 , expected employer contributions for 2017 are $ 6.1 million .defined contribution plans the company 2019s employees in the united states and puerto rico are eligible to participate in a qualified defined contribution plan .in the united states , participants may contribute up to 25% ( 25 % ) of their eligible compensation ( subject to tax code limitation ) to the plan .edwards lifesciences matches the first 3% ( 3 % ) of the participant 2019s annual eligible compensation contributed to the plan on a dollar-for-dollar basis .edwards lifesciences matches the next 2% ( 2 % ) of the participant 2019s annual eligible compensation to the plan on a 50% ( 50 % ) basis .in puerto rico , participants may contribute up to 25% ( 25 % ) of their annual compensation ( subject to tax code limitation ) to the plan .edwards lifesciences matches the first 4% ( 4 % ) of participant 2019s annual eligible compensation contributed to the plan on a 50% ( 50 % ) basis .the company also provides a 2% ( 2 % ) profit sharing contribution calculated on eligible earnings for each employee .matching contributions relating to edwards lifesciences employees were $ 17.3 million , $ 15.3 million , and $ 12.8 million in 2016 , 2015 , and 2014 , respectively .the company also has nonqualified deferred compensation plans for a select group of employees .the plans provide eligible participants the opportunity to defer eligible compensation to future dates specified by the participant with a return based on investment alternatives selected by the participant .the amount accrued under these nonqualified plans was $ 46.7 million and $ 35.5 million at december 31 , 2016 and 2015 , respectively .13 .common stock treasury stock in july 2014 , the board of directors approved a stock repurchase program authorizing the company to purchase up to $ 750.0 million of the company 2019s common stock .in november 2016 , the board of directors approved a new stock repurchase program providing for an additional $ 1.0 billion of repurchases of our common stock .the repurchase programs do not have an expiration date .stock repurchased under these programs may be used to offset obligations under the company 2019s employee stock-based benefit programs and stock-based business acquisitions , and will reduce the total shares outstanding .during 2016 , 2015 , and 2014 , the company repurchased 7.3 million , 2.6 million , and 4.4 million shares , respectively , at an aggregate cost of $ 662.3 million , $ 280.1 million , and $ 300.9 million , respectively , including .
|
90.73
| 864 | 12 |
13 |
considering the years 2016-2018 , what is the average expense for the significant plans in the u.k.?
|
( 3 ) refer to note 2 201csummary of significant accounting principles and practices 201d for further information .13 .employee benefitsp y defined contribution savings plans aon maintains defined contribution savings plans for the benefit of its employees .the expense recognized for these plans is included in compensation and benefits in the consolidated statements of income .the expense for the significant plans in the u.s. , u.k. , netherlands and canada is as follows ( in millions ) : .
[['years ended december 31', '2018', '2017', '2016'], ['u.s .', '$ 98', '$ 105', '$ 121'], ['u.k .', '45', '43', '43'], ['netherlands and canada', '25', '25', '27'], ['total', '$ 168', '$ 173', '$ 191']]
pension and other postretirement benefits the company sponsors defined benefit pension and postretirement health and welfare plans that provide retirement , medical , and life insurance benefits .the postretirement health care plans are contributory , with retiree contributions adjusted annually , and the aa life insurance and pension plans are generally noncontributory .the significant u.s. , u.k. , netherlands and canadian pension plans are closed to new entrants. .
|
43.66
| 330 | 13 |
14 |
what percentage of total purchase price consideration was allocated to identifiable intangible assets?
|
synopsys , inc .notes to consolidated financial statements 2014 ( continued ) and other electronic applications markets .the company believes the acquisition will expand its technology portfolio , channel reach and total addressable market by adding complementary products and expertise for fpga solutions and rapid asic prototyping .purchase price .synopsys paid $ 8.00 per share for all outstanding shares including certain vested options of synplicity for an aggregate cash payment of $ 223.3 million .additionally , synopsys assumed certain employee stock options and restricted stock units , collectively called 201cstock awards . 201d the total purchase consideration consisted of: .
[['', '( in thousands )'], ['cash paid net of cash acquired', '$ 180618'], ['fair value of assumed vested or earned stock awards', '4169'], ['acquisition related costs', '8016'], ['total purchase price consideration', '$ 192803']]
acquisition related costs consist primarily of professional services , severance and employee related costs and facilities closure costs of which $ 6.8 million have been paid as of october 31 , 2009 .fair value of stock awards assumed .an aggregate of 4.7 million shares of synplicity stock options and restricted stock units were exchanged for synopsys stock options and restricted stock units at an exchange ratio of 0.3392 per share .the fair value of stock options assumed was determined using a black-scholes valuation model .the fair value of stock awards vested or earned of $ 4.2 million was included as part of the purchase price .the fair value of unvested awards of $ 5.0 million will be recorded as operating expense over the remaining service periods on a straight-line basis .purchase price allocation .the company allocated $ 80.0 million of the purchase price to identifiable intangible assets to be amortized over two to seven years .in-process research and development expense related to these acquisitions was $ 4.8 million .goodwill , representing the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired , was $ 120.3 million and will not be amortized .goodwill primarily resulted from the company 2019s expectation of cost synergies and sales growth from the integration of synplicity 2019s technology with the company 2019s technology and operations to provide an expansion of products and market reach .fiscal 2007 acquisitions during fiscal year 2007 , the company completed certain purchase acquisitions for cash .the company allocated the total purchase considerations of $ 54.8 million ( which included acquisition related costs of $ 1.4 million ) to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 36.6 million .acquired identifiable intangible assets of $ 14.3 million are being amortized over two to nine years .in-process research and development expense related to these acquisitions was $ 3.2 million. .
|
41%
| 682 | 14 |
15 |
what percent of total freight revenues was the chemicals group in 2008?
|
notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad that operates in the united states .we have 32094 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .the following table provides revenue by commodity group : millions of dollars 2009 2008 2007 .
[['millions of dollars', '2009', '2008', '2007'], ['agricultural', '$ 2666', '$ 3174', '$ 2605'], ['automotive', '854', '1344', '1458'], ['chemicals', '2102', '2494', '2287'], ['energy', '3118', '3810', '3134'], ['industrial products', '2147', '3273', '3077'], ['intermodal', '2486', '3023', '2925'], ['total freight revenues', '$ 13373', '$ 17118', '$ 15486'], ['other revenues', '770', '852', '797'], ['total operating revenues', '$ 14143', '$ 17970', '$ 16283']]
although our revenues are principally derived from customers domiciled in the united states , the ultimate points of origination or destination for some products transported are outside the united states .basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the united states of america ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .subsequent events evaluation 2013 we evaluated the effects of all subsequent events through february 5 , 2010 , the date of this report , which is concurrent with the date we file this report with the u.s .securities and exchange commission ( sec ) .2 .significant accounting policies change in accounting principle 2013 we have historically accounted for rail grinding costs as a capital asset .beginning in the first quarter of 2010 , we will change our accounting policy for rail grinding costs .
|
15%
| 805 | 15 |
16 |
in 2019 , what percent of the total balance did tax positions taken in the current year amount to?
|
westrock company notes to consolidated financial statements 2014 ( continued ) consistent with prior years , we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly .however , we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested .accordingly , we have not provided for any taxes that would be due .as of september 30 , 2019 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.6 billion .the components of the outside basis difference are comprised of purchase accounting adjustments , undistributed earnings , and equity components .except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes , we have not provided for any taxes that would be due upon the reversal of the outside basis differences .however , in the event of a distribution in the form of dividends or dispositions of the subsidiaries , we may be subject to incremental u.s .income taxes , subject to an adjustment for foreign tax credits , and withholding taxes or income taxes payable to the foreign jurisdictions .as of september 30 , 2019 , the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis differences is not practicable .a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in millions ) : .
[['', '2019', '2018', '2017'], ['balance at beginning of fiscal year', '$ 127.1', '$ 148.9', '$ 166.8'], ['additions related to purchase accounting ( 1 )', '1.0', '3.4', '7.7'], ['additions for tax positions taken in current year ( 2 )', '103.8', '3.1', '5.0'], ['additions for tax positions taken in prior fiscal years', '1.8', '18.0', '15.2'], ['reductions for tax positions taken in prior fiscal years', '( 0.5 )', '( 5.3 )', '( 25.6 )'], ['reductions due to settlement ( 3 )', '( 4.0 )', '( 29.4 )', '( 14.1 )'], ['( reductions ) additions for currency translation adjustments', '-1.7 ( 1.7 )', '-9.6 ( 9.6 )', '2.0'], ['reductions as a result of a lapse of the applicable statute oflimitations', '( 3.2 )', '( 2.0 )', '( 8.1 )'], ['balance at end of fiscal year', '$ 224.3', '$ 127.1', '$ 148.9']]
( 1 ) amounts in fiscal 2019 relate to the kapstone acquisition .amounts in fiscal 2018 and 2017 relate to the mps acquisition .( 2 ) additions for tax positions taken in current fiscal year includes primarily positions taken related to foreign subsidiaries .( 3 ) amounts in fiscal 2019 relate to the settlements of state and foreign audit examinations .amounts in fiscal 2018 relate to the settlement of state audit examinations and federal and state amended returns filed related to affirmative adjustments for which there was a reserve .amounts in fiscal 2017 relate to the settlement of federal and state audit examinations with taxing authorities .as of september 30 , 2019 and 2018 , the total amount of unrecognized tax benefits was approximately $ 224.3 million and $ 127.1 million , respectively , exclusive of interest and penalties .of these balances , as of september 30 , 2019 and 2018 , if we were to prevail on all unrecognized tax benefits recorded , approximately $ 207.5 million and $ 108.7 million , respectively , would benefit the effective tax rate .we regularly evaluate , assess and adjust the related liabilities in light of changing facts and circumstances , which could cause the effective tax rate to fluctuate from period to period .resolution of the uncertain tax positions could have a material adverse effect on our cash flows or materially benefit our results of operations in future periods depending upon their ultimate resolution .see 201cnote 18 .commitments and contingencies 2014 brazil tax liability 201d we recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of income .as of september 30 , 2019 , we had liabilities of $ 80.0 million related to estimated interest and penalties for unrecognized tax benefits .as of september 30 , 2018 , we had liabilities of $ 70.4 million , related to estimated interest and penalties for unrecognized tax benefits .our results of operations for the fiscal year ended september 30 , 2019 , 2018 and 2017 include expense of $ 9.7 million , $ 5.8 million and $ 7.4 million , respectively , net of indirect benefits , related to estimated interest and penalties with respect to the liability for unrecognized tax benefits .as of september 30 , 2019 , it is reasonably possible that our unrecognized tax benefits will decrease by up to $ 8.7 million in the next twelve months due to expiration of various statues of limitations and settlement of issues. .
|
46.28%
| 1,232 | 16 |
17 |
what percentage of total purchase allocation is goodwill?
|
synopsys , inc .notes to consolidated financial statements 2014continued the aggregate purchase price consideration was approximately us$ 417.0 million .as of october 31 , 2012 , the total purchase consideration and the preliminary purchase price allocation were as follows: .
[['', '( in thousands )'], ['cash paid', '$ 373519'], ['fair value of shares to be acquired through a follow-on merger', '34054'], ['fair value of equity awards allocated to purchase consideration', '9383'], ['total purchase consideration', '$ 416956'], ['goodwill', '247482'], ['identifiable intangibles assets acquired', '108867'], ['cash and other assets acquired', '137222'], ['liabilities assumed', '-76615 ( 76615 )'], ['total purchase allocation', '$ 416956']]
goodwill of $ 247.5 million , which is generally not deductible for tax purposes , primarily resulted from the company 2019s expectation of sales growth and cost synergies from the integration of springsoft 2019s technology and operations with the company 2019s technology and operations .identifiable intangible assets , consisting primarily of technology , customer relationships , backlog and trademarks , were valued using the income method , and are being amortized over three to eight years .acquisition-related costs directly attributable to the business combination were $ 6.6 million for fiscal 2012 and were expensed as incurred in the consolidated statements of operations .these costs consisted primarily of employee separation costs and professional services .fair value of equity awards : pursuant to the merger agreement , the company assumed all the unvested outstanding stock options of springsoft upon the completion of the merger and the vested options were exchanged for cash in the merger .on october 1 , 2012 , the date of the completion of the tender offer , the fair value of the awards to be assumed and exchanged was $ 9.9 million , calculated using the black-scholes option pricing model .the black-scholes option-pricing model incorporates various subjective assumptions including expected volatility , expected term and risk-free interest rates .the expected volatility was estimated by a combination of implied and historical stock price volatility of the options .non-controlling interest : non-controlling interest represents the fair value of the 8.4% ( 8.4 % ) of outstanding springsoft shares that were not acquired during the tender offer process completed on october 1 , 2012 and the fair value of the option awards that were to be assumed or exchanged for cash upon the follow-on merger .the fair value of the non-controlling interest included as part of the aggregate purchase consideration was $ 42.8 million and is disclosed as a separate line in the october 31 , 2012 consolidated statements of stockholders 2019 equity .during the period between the completion of the tender offer and the end of the company 2019s fiscal year on october 31 , 2012 , the non-controlling interest was adjusted by $ 0.5 million to reflect the non-controlling interest 2019s share of the operating loss of springsoft in that period .as the amount is not significant , it has been included as part of other income ( expense ) , net , in the consolidated statements of operations. .
|
59%
| 757 | 17 |
18 |
what is the percentage change in accrued interest liability from 2015 to 2016?
|
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. .
|
-5.0%
| 1,566 | 18 |
19 |
what was the ratio of the 25 basis point decrease in discount rate to the expected return on assets expense in 2012
|
discount rate 2014the assumed discount rate is used to determine the current retirement related benefit plan expense and obligations , and represents the interest rate that is used to determine the present value of future cash flows currently expected to be required to effectively settle a plan 2019s benefit obligations .the discount rate assumption is determined for each plan by constructing a portfolio of high quality bonds with cash flows that match the estimated outflows for future benefit payments to determine a single equivalent discount rate .benefit payments are not only contingent on the terms of a plan , but also on the underlying participant demographics , including current age , and assumed mortality .we use only bonds that are denominated in u.s .dollars , rated aa or better by two of three nationally recognized statistical rating agencies , have a minimum outstanding issue of $ 50 million as of the measurement date , and are not callable , convertible , or index linked .since bond yields are generally unavailable beyond 30 years , we assume those rates will remain constant beyond that point .taking into consideration the factors noted above , our weighted average discount rate for pensions was 5.23% ( 5.23 % ) and 5.84% ( 5.84 % ) , as of december 31 , 2011 and 2010 , respectively .our weighted average discount rate for other postretirement benefits was 4.94% ( 4.94 % ) and 5.58% ( 5.58 % ) as of december 31 , 2011 and 2010 , respectively .expected long-term rate of return 2014the expected long-term rate of return on assets is used to calculate net periodic expense , and is based on such factors as historical returns , targeted asset allocations , investment policy , duration , expected future long-term performance of individual asset classes , inflation trends , portfolio volatility , and risk management strategies .while studies are helpful in understanding current trends and performance , the assumption is based more on longer term and prospective views .in order to reflect expected lower future market returns , we have reduced the expected long-term rate of return assumption from 8.50% ( 8.50 % ) , used to record 2011 expense , to 8.00% ( 8.00 % ) for 2012 .the decrease in the expected return on assets assumption is primarily related to lower bond yields and updated return assumptions for equities .unless plan assets and benefit obligations are subject to remeasurement during the year , the expected return on pension assets is based on the fair value of plan assets at the beginning of the year .an increase or decrease of 25 basis points in the discount rate and the expected long-term rate of return assumptions would have had the following approximate impacts on pensions : ( $ in millions ) increase ( decrease ) in 2012 expense increase ( decrease ) in december 31 , 2011 obligations .
[['( $ in millions )', 'increase ( decrease ) in 2012 expense', 'increase ( decrease ) in december 31 2011 obligations'], ['25 basis point decrease in discount rate', '$ 18', '$ 146'], ['25 basis point increase in discount rate', '-17 ( 17 )', '-154 ( 154 )'], ['25 basis point decrease in expected return on assets', '8', 'n.a .'], ['25 basis point increase in expected return on assets', '-8 ( 8 )', 'n.a .']]
differences arising from actual experience or changes in assumptions might materially affect retirement related benefit plan obligations and the funded status .actuarial gains and losses arising from differences from actual experience or changes in assumptions are deferred in accumulated other comprehensive income .this unrecognized amount is amortized to the extent it exceeds 10% ( 10 % ) of the greater of the plan 2019s benefit obligation or plan assets .the amortization period for actuarial gains and losses is the estimated average remaining service life of the plan participants , which is approximately 10 years .cas expense 2014in addition to providing the methodology for calculating retirement related benefit plan costs , cas also prescribes the method for assigning those costs to specific periods .while the ultimate liability for such costs under fas and cas is similar , the pattern of cost recognition is different .the key drivers of cas pension expense include the funded status and the method used to calculate cas reimbursement for each of our plans as well as our expected long-term rate of return on assets assumption .unlike fas , cas requires the discount rate to be consistent with the expected long-term rate of return on assets assumption , which changes infrequently given its long-term nature .as a result , changes in bond or other interest rates generally do not impact cas .in addition , unlike under fas , we can only allocate pension costs for a plan under cas until such plan is fully funded as determined under erisa requirements .other fas and cas considerations 2014we update our estimates of future fas and cas costs at least annually based on factors such as calendar year actual plan asset returns , final census data from the end of the prior year , and other actual and projected experience .a key driver of the difference between fas and cas expense ( and consequently , the fas/cas adjustment ) is the pattern of earnings and expense recognition for gains and losses that arise when our asset and liability experiences differ from our assumptions under each set of requirements .under fas , our net gains and losses exceeding the 10% ( 10 % ) corridor are amortized .
|
2.25
| 1,213 | 19 |
20 |
what percent of future minimum lease payments are projected to be paid off in 2016?
|
table of contents finance lease obligations the company has a non-cancelable lease agreement for a building with approximately 164000 square feet located in alajuela , costa rica , to be used as a manufacturing and office facility .the company was responsible for a significant portion of the construction costs , and in accordance with asc 840 , leases , subsection 40-15-5 , the company was deemed to be the owner of the building during the construction period .the building was completed in fiscal 2008 , and the company has recorded the fair market value of the building and land of $ 15.1 million within property and equipment on its consolidated balance sheets .at september 24 , 2011 , the company has recorded $ 1.6 million in accrued expenses and $ 16.9 million in other long-term liabilities related to this obligation in the consolidated balance sheet .the term of the lease , which commenced in may 2008 , is for a period of approximately ten years with the option to extend for two consecutive 5-year terms .at the completion of the construction period , the company reviewed the lease for potential sale-leaseback treatment in accordance with asc 840 , subsection 40 , sale-leaseback transactions .based on its analysis , the company determined that the lease did not qualify for sale-leaseback treatment .therefore , the building , leasehold improvements and associated liabilities remain on the company 2019s financial statements throughout the lease term , and the building and leasehold improvements are being depreciated on a straight line basis over their estimated useful lives of 35 years .future minimum lease payments , including principal and interest , under this lease were as follows at september 24 , 2011: .
[['fiscal 2012', '$ 1616'], ['fiscal 2013', '1672'], ['fiscal 2014', '1731'], ['fiscal 2015', '1791'], ['fiscal 2016', '1854'], ['thereafter', '3643'], ['total minimum payments', '12307'], ['less-amount representing interest', '-4017 ( 4017 )'], ['total', '$ 8290']]
the company also has to a non-cancelable lease agreement for a building with approximately 146000 square feet located in marlborough , massachusetts , to be principally used as an additional manufacturing facility .as part of the lease agreement , the lessor agreed to allow the company to make significant renovations to the facility to prepare the facility for the company 2019s manufacturing needs .the company was responsible for a significant amount of the construction costs and therefore in accordance with asc 840-40-15-5 was deemed to be the owner of the building during the construction period .the $ 13.2 million fair market value of the facility is included within property and equipment on the consolidated balance sheet .at september 24 , 2011 , the company has recorded $ 1.0 million in accrued expenses and $ 15.9 million in other long-term liabilities related to this obligation in the consolidated balance sheet .the term of the lease is for a period of approximately 12 years commencing on november 14 , 2006 with the option to extend for two consecutive 5-year terms .based on its asc 840-40 analysis , the company determined that the lease did not qualify for sale-leaseback treatment .therefore , the improvements and associated liabilities will remain on the company 2019s financial statements throughout the lease term , and the leasehold improvements are being depreciated on a straight line basis over their estimated useful lives of up to 35 years .source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .past financial performance is no guarantee of future results. .
|
22.4%
| 954 | 20 |
21 |
how much of the additional costs from the california state coastal conservancy is awk expected to collect in 2015?
|
the authorized costs of $ 76 are to be recovered via a surcharge over a twenty-year period beginning october 2012 .surcharges collected as of december 31 , 2015 and 2014 were $ 4 and $ 5 , respectively .in addition to the authorized costs , the company expects to incur additional costs totaling $ 34 , which will be recovered from contributions made by the california state coastal conservancy .contributions collected as of december 31 , 2015 and 2014 were $ 8 and $ 5 , respectively .regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until they are collected from customers or are refunded .regulatory balancing accounts include low income programs and purchased power and water accounts .debt expense is amortized over the lives of the respective issues .call premiums on the redemption of long- term debt , as well as unamortized debt expense , are deferred and amortized to the extent they will be recovered through future service rates .purchase premium recoverable through rates is primarily the recovery of the acquisition premiums related to an asset acquisition by the company 2019s california subsidiary during 2002 , and acquisitions in 2007 by the company 2019s new jersey subsidiary .as authorized for recovery by the california and new jersey pucs , these costs are being amortized to depreciation and amortization in the consolidated statements of operations through november 2048 .tank painting costs are generally deferred and amortized to operations and maintenance expense in the consolidated statements of operations on a straight-line basis over periods ranging from five to fifteen years , as authorized by the regulatory authorities in their determination of rates charged for service .other regulatory assets include certain deferred business transformation costs , construction costs for treatment facilities , property tax stabilization , employee-related costs , business services project expenses , coastal water project costs , rate case expenditures and environmental remediation costs among others .these costs are deferred because the amounts are being recovered in rates or are probable of recovery through rates in future periods .regulatory liabilities the regulatory liabilities generally represent probable future reductions in revenues associated with amounts that are to be credited or refunded to customers through the rate-making process .the following table summarizes the composition of regulatory liabilities as of december 31: .
[['', '2015', '2014'], ['removal costs recovered through rates', '$ 311', '$ 301'], ['pension and other postretirement benefitbalancing accounts', '59', '54'], ['other', '32', '37'], ['total regulatory liabilities', '$ 402', '$ 392']]
removal costs recovered through rates are estimated costs to retire assets at the end of their expected useful life that are recovered through customer rates over the life of the associated assets .in december 2008 , the company 2019s subsidiary in new jersey , at the direction of the new jersey puc , began to depreciate $ 48 of the total balance into depreciation and amortization expense in the consolidated statements of operations via straight line amortization through november 2048 .pension and other postretirement benefit balancing accounts represent the difference between costs incurred and costs authorized by the puc 2019s that are expected to be refunded to customers. .
|
24%
| 733 | 21 |
22 |
what was the percentage change in net gains ( losses ) realized on fund dispositions between 2007 and 2008?
|
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 .
|
-182%
| 1,280 | 22 |
23 |
how is the cashflow from operations affected by the change in inventories at fifo net?
|
advance auto parts , inc .and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income .the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows .in january 2010 , the fasb issued asu no .2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy .the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value .the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 .the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .3 .inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 .under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years .as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively .prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively .inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870 .
[['', 'december 312011', 'january 12011'], ['inventories at fifo net', '$ 1941055', '$ 1737059'], ['adjustments to state inventories at lifo', '102103', '126811'], ['inventories at lifo net', '$ 2043158', '$ 1863870']]
advance auto parts , inc .and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income .the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows .in january 2010 , the fasb issued asu no .2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy .the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value .the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 .the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .3 .inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 .under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years .as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively .prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively .inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870 .
|
-203996
| 1,958 | 23 |
24 |
as of december 31 , 2008 , how much of the collateral related to short sales , repo's , or securities lending agreements?
|
jpmorgan chase & co ./ 2008 annual report 175jpmorgan chase & co ./ 2008 annual report 175jpmorgan chase & co ./ 2008 annual report 175jpmorgan chase & co ./ 2008 annual report 175jpmorgan chase & co ./ 2008 annual report 175 securities borrowed and securities lent are recorded at the amount of cash collateral advanced or received .securities borrowed consist primarily of government and equity securities .jpmorgan chase moni- tors the market value of the securities borrowed and lent on a daily basis and calls for additional collateral when appropriate .fees received or paid in connection with securities borrowed and lent are recorded in interest income or interest expense .the following table details the components of collateralized financings. .
[['december 31 ( in millions )', '2008', '2007'], ['securities purchased under resale agreements ( a )', '$ 200265', '$ 169305'], ['securities borrowed ( b )', '124000', '84184'], ['securities sold under repurchase agreements ( c )', '$ 174456', '$ 126098'], ['securities loaned', '6077', '10922']]
( a ) includes resale agreements of $ 20.8 billion and $ 19.1 billion accounted for at fair value at december 31 , 2008 and 2007 , respectively .( b ) includes securities borrowed of $ 3.4 billion accounted for at fair value at december 31 , 2008 .( c ) includes repurchase agreements of $ 3.0 billion and $ 5.8 billion accounted for at fair value at december 31 , 2008 and 2007 , respectively .jpmorgan chase pledges certain financial instruments it owns to col- lateralize repurchase agreements and other securities financings .pledged securities that can be sold or repledged by the secured party are identified as financial instruments owned ( pledged to various parties ) on the consolidated balance sheets .at december 31 , 2008 , the firm received securities as collateral that could be repledged , delivered or otherwise used with a fair value of approximately $ 511.9 billion .this collateral was generally obtained under resale or securities borrowing agreements .of these securities , approximately $ 456.6 billion were repledged , delivered or otherwise used , generally as collateral under repurchase agreements , securities lending agreements or to cover short sales .note 14 2013 loans the accounting for a loan may differ based upon whether it is origi- nated or purchased and as to whether the loan is used in an invest- ing or trading strategy .for purchased loans held-for-investment , the accounting also differs depending on whether a loan is credit- impaired at the date of acquisition .purchased loans with evidence of credit deterioration since the origination date and for which it is probable , at acquisition , that all contractually required payments receivable will not be collected are considered to be credit-impaired .the measurement framework for loans in the consolidated financial statements is one of the following : 2022 at the principal amount outstanding , net of the allowance for loan losses , unearned income and any net deferred loan fees or costs , for loans held for investment ( other than purchased credit- impaired loans ) ; 2022 at the lower of cost or fair value , with valuation changes record- ed in noninterest revenue , for loans that are classified as held- for-sale ; or 2022 at fair value , with changes in fair value recorded in noninterest revenue , for loans classified as trading assets or risk managed on a fair value basis ; 2022 purchased credit-impaired loans held for investment are account- ed for under sop 03-3 and initially measured at fair value , which includes estimated future credit losses .accordingly , an allowance for loan losses related to these loans is not recorded at the acquisition date .see note 5 on pages 156 2013158 of this annual report for further information on the firm 2019s elections of fair value accounting under sfas 159 .see note 6 on pages 158 2013160 of this annual report for further information on loans carried at fair value and classified as trading assets .for loans held for investment , other than purchased credit-impaired loans , interest income is recognized using the interest method or on a basis approximating a level rate of return over the term of the loan .loans within the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio .transfers to held-for-sale are recorded at the lower of cost or fair value on the date of transfer .credit-related losses are charged off to the allowance for loan losses and losses due to changes in interest rates , or exchange rates , are recognized in noninterest revenue .loans within the held-for-sale portfolio that management decides to retain are transferred to the held-for-investment portfolio at the lower of cost or fair value .these loans are subsequently assessed for impairment based on the firm 2019s allowance methodology .for a fur- ther discussion of the methodologies used in establishing the firm 2019s allowance for loan losses , see note 15 on pages 178 2013180 of this annual report .nonaccrual loans are those on which the accrual of interest is dis- continued .loans ( other than certain consumer and purchased credit- impaired loans discussed below ) are placed on nonaccrual status immediately if , in the opinion of management , full payment of princi- pal or interest is in doubt , or when principal or interest is 90 days or more past due and collateral , if any , is insufficient to cover principal and interest .loans are charged off to the allowance for loan losses when it is highly certain that a loss has been realized .interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income .in addition , the amortiza- tion of net deferred loan fees is suspended .interest income on nonaccrual loans is recognized only to the extent it is received in cash .however , where there is doubt regarding the ultimate col- lectibility of loan principal , all cash thereafter received is applied to reduce the carrying value of such loans ( i.e. , the cost recovery method ) .loans are restored to accrual status only when future pay- ments of interest and principal are reasonably assured .consumer loans , other than purchased credit-impaired loans , are generally charged to the allowance for loan losses upon reaching specified stages of delinquency , in accordance with the federal financial institutions examination council policy .for example , credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiv- ing notification of the filing of bankruptcy , whichever is earlier .residential mortgage products are generally charged off to net real- izable value at no later than 180 days past due .other consumer .
|
89.2%
| 1,587 | 24 |
25 |
what percentage of consumer packaging sales cam from european consumer packaging net sales in 2006?
|
asian industrial packaging net sales for 2007 were $ 265 million compared with $ 180 million in 2006 .in 2005 , net sales were $ 105 million sub- sequent to international paper 2019s acquisition of a majority interest in this business in august 2005 .operating profits totaled $ 6 million in 2007 and $ 3 million in 2006 , compared with a loss of $ 4 million in consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity .in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .consumer packaging net sales increased 12% ( 12 % ) compared with 2006 and 24% ( 24 % ) compared with 2005 .operating profits rose 15% ( 15 % ) from 2006 and 24% ( 24 % ) from 2005 levels .benefits from improved average sales price realizations ( $ 52 million ) , higher sales volumes for u.s .and european coated paperboard ( $ 9 million ) , favorable mill operations ( $ 14 million ) and contributions from international paper & sun cartonboard co. , ltd .acquired in 2006 ( $ 16 million ) , were partially offset by higher raw material and energy costs ( $ 53 million ) , an unfavorable mix of products sold ( $ 4 million ) , increased freight costs ( $ 5 million ) and other costs ( $ 3 million ) .consumer packaging in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['sales', '$ 3015', '$ 2685', '$ 2435'], ['operating profit', '$ 198', '$ 172', '$ 160']]
north american consumer packaging net sales were $ 2.4 billion in both 2007 and 2006 com- pared with $ 2.2 billion in 2005 .operating earnings of $ 143 million in 2007 improved from $ 129 million in 2006 and $ 121 million in 2005 .coated paperboard sales volumes increased in 2007 compared with 2006 , particularly for folding carton board , reflecting improved demand .average sales price realizations substantially improved in 2007 for both folding carton board and cup stock .the impact of the higher sales prices combined with improved manufacturing performance at our mills more than offset the negative effects of higher wood and energy costs .foodservice sales volumes were slightly higher in 2007 than in 2006 .average sales prices were also higher reflecting the realization of price increases implemented to recover raw material cost increases .in addition , a more favorable mix of hot cups and food containers led to higher average margins .raw material costs for bleached board and polystyrene were higher than in 2006 , but these increases were partially offset by improved manufacturing costs reflecting increased productivity and reduced waste .shorewood sales volumes in 2007 declined from 2006 levels due to weak demand in the home enter- tainment , tobacco and display markets , although demand was stronger in the consumer products segment .sales margins declined from 2006 reflect- ing a less favorable mix of products sold .raw material costs were higher for bleached board , but this impact was more than offset by improved manufacturing operations and lower operating costs .charges to restructure operations also impacted 2007 results .entering 2008 , coated paperboard sales volumes are expected to be about even with the fourth quarter of 2007 , while average sales price realizations are expected to slightly improve .earnings should bene- fit from fewer planned mill maintenance outages compared with the 2007 fourth quarter .however , costs for wood , polyethylene and energy are expected to be higher .foodservice results are expected to benefit from increased sales volumes and higher sales price realizations .shorewood sales volumes for the first quarter 2008 are expected to seasonally decline , but this negative impact should be partially offset by benefits from cost improve- ments associated with prior-year restructuring actions .european consumer packaging net sales in 2007 were $ 280 million compared with $ 230 million in 2006 and $ 190 million in 2005 .sales volumes in 2007 were higher than in 2006 reflecting stronger market demand and improved productivity at our kwidzyn mill .average sales price realizations also improved in 2007 .operating earnings in 2007 of $ 37 million declined from $ 41 million in 2006 and $ 39 million in 2005 .the additional contribution from higher net sales was more than offset by higher input costs for wood , energy and freight .entering 2008 , sales volumes and prices are expected to be comparable to the fourth quarter .machine performance and sales mix are expected to improve ; however , wood costs are expected to be higher , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher. .
|
9%
| 1,226 | 25 |
26 |
in 2010 what was the percent of the early extinguishment charge to the amount of the outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011
|
2010 .on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 .the redemption resulted in a $ 5 million early extinguishment charge .receivables securitization facility 2013 at december 31 , 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility .( see further discussion of our receivables securitization facility in note 10. ) 15 .variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities ) and have no other activities , assets or liabilities outside of the lease transactions .within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .as such , we have no control over activities that could materially impact the fair value of the leased assets .we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .the future minimum lease payments associated with the vie leases totaled $ 4.2 billion as of december 31 , 2010 .16 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2010 and 2009 included $ 2520 million , net of $ 901 million of accumulated depreciation , and $ 2754 million , net of $ 927 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2010 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2011', '$ 613', '$ 311'], ['2012', '526', '251'], ['2013', '461', '253'], ['2014', '382', '261'], ['2015', '340', '262'], ['later years', '2599', '1355'], ['total minimum lease payments', '$ 4921', '$ 2693'], ['amount representing interest', 'n/a', '-784 ( 784 )'], ['present value of minimum lease payments', 'n/a', '$ 1909']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 624 million in 2010 , $ 686 million in 2009 , and $ 747 million in 2008 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant. .
|
1.25%
| 960 | 26 |
27 |
what was the increase in payroll and related withholdings in 2014 , in millions?
|
american tower corporation and subsidiaries notes to consolidated financial statements acquisition accounting upon closing of the acquisition .based on current estimates , the company expects the value of potential contingent consideration payments required to be made under these agreements to be between zero and $ 4.4 million .during the year ended december 31 , 2014 , the company ( i ) recorded a decrease in fair value of $ 1.7 million in other operating expenses in the accompanying consolidated statements of operations , ( ii ) recorded settlements under these agreements of $ 3.5 million , ( iii ) reduced its contingent consideration liability by $ 0.7 million as a portion of the company 2019s obligations was assumed by the buyer in conjunction with the sale of operations in panama and ( iv ) recorded additional liability of $ 0.1 million .as a result , the company estimates the value of potential contingent consideration payments required under these agreements to be $ 2.3 million using a probability weighted average of the expected outcomes as of december 31 , 2014 .other u.s . 2014in connection with other acquisitions in the united states , the company is required to make additional payments if certain pre-designated tenant leases commence during a specified period of time .during the year ended december 31 , 2014 , the company recorded $ 6.3 million of contingent consideration liability as part of the preliminary acquisition accounting upon closing of certain acquisitions .during the year ended december 31 , 2014 , the company recorded settlements under these agreements of $ 0.4 million .based on current estimates , the company expects the value of potential contingent consideration payments required to be made under these agreements to be between zero and $ 5.9 million and estimates it to be $ 5.9 million using a probability weighted average of the expected outcomes as of december 31 , 2014 .for more information regarding contingent consideration , see note 12 .7 .accrued expenses accrued expenses consists of the following as of december 31 , ( in thousands ) : .
[['', '2014', '2013 ( 1 )'], ['accrued property and real estate taxes', '$ 61206', '$ 54529'], ['payroll and related withholdings', '57110', '50843'], ['accrued construction costs', '46024', '52446'], ['accrued rent', '34074', '28456'], ['other accrued expenses', '219340', '234914'], ['balance as of december 31,', '$ 417754', '$ 421188']]
( 1 ) december 31 , 2013 balances have been revised to reflect purchase accounting measurement period adjustments. .
|
6267
| 642 | 27 |
28 |
what is the percent change in cash flows provided by operating activities between 2017 and 2016?
|
zimmer biomet holdings , inc .2018 form 10-k annual report ( 8 ) we have incurred other various expenses from specific events or projects that we consider highly variable or have a significant impact to our operating results that we have excluded from our non-gaap financial measures .this includes legal entity and operational restructuring as well as our costs of complying with our dpa with the u.s .government related to certain fcpa matters involving biomet and certain of its subsidiaries .under the dpa , which has a three-year term , we are subject to oversight by an independent compliance monitor , which monitorship commenced in july 2017 .the excluded costs include the fees paid to the independent compliance monitor and to external legal counsel assisting in the matter .( 9 ) represents the tax effects on the previously specified items .the tax effect for the u.s .jurisdiction is calculated based on an effective rate considering federal and state taxes , as well as permanent items .for jurisdictions outside the u.s. , the tax effect is calculated based upon the statutory rates where the items were incurred .( 10 ) the 2016 period includes negative effects from finalizing the tax accounts for the biomet merger .under the applicable u.s .gaap rules , these measurement period adjustments are recognized on a prospective basis in the period of change .( 11 ) the 2017 tax act resulted in a net favorable provisional adjustment due to the reduction of deferred tax liabilities for unremitted earnings and revaluation of deferred tax liabilities to a 21 percent rate , which was partially offset by provisional tax charges related to the toll charge provision of the 2017 tax act .in 2018 , we finalized our estimates of the effects of the 2017 tax act based upon final guidance issued by u.s .tax authorities .( 12 ) other certain tax adjustments in 2018 primarily related to changes in tax rates on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting and adjustments from internal restructuring transactions that provide us access to offshore funds in a tax efficient manner .in 2017 , other certain tax adjustments relate to tax benefits from lower tax rates unrelated to the impact of the 2017 tax act , net favorable resolutions of various tax matters and net favorable adjustments from internal restructuring transactions .the 2016 adjustment primarily related to a favorable adjustment to certain deferred tax liabilities recognized as part of acquisition-related accounting and favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide us access to offshore funds in a tax efficient manner .( 13 ) diluted share count used in adjusted diluted eps : year ended december 31 , 2018 .
[['', 'year endeddecember 31 2018'], ['diluted shares', '203.5'], ['dilutive shares assuming net earnings', '1.5'], ['adjusted diluted shares', '205.0']]
liquidity and capital resources cash flows provided by operating activities were $ 1747.4 million in 2018 compared to $ 1582.3 million and $ 1632.2 million in 2017 and 2016 , respectively .the increase in operating cash flows in 2018 compared to 2017 was driven by additional cash flows from our sale of accounts receivable in certain countries , lower acquisition and integration expenses and lower quality remediation expenses , as well as certain significant payments made in the 2017 period .in the 2017 period , we made payments related to the u.s .durom cup settlement program , and we paid $ 30.5 million in settlement payments to resolve previously-disclosed fcpa matters involving biomet and certain of its subsidiaries as discussed in note 19 to our consolidated financial statements included in item 8 of this report .the decline in operating cash flows in 2017 compared to 2016 was driven by additional investments in inventory , additional expenses for quality remediation and the significant payments made in the 2017 period as discussed in the previous sentence .these unfavorable items were partially offset by $ 174.0 million of incremental cash flows in 2017 from our sale of accounts receivable in certain countries .cash flows used in investing activities were $ 416.6 million in 2018 compared to $ 510.8 million and $ 1691.5 million in 2017 and 2016 , respectively .instrument and property , plant and equipment additions reflected ongoing investments in our product portfolio and optimization of our manufacturing and logistics network .in 2018 , we entered into receive-fixed-rate , pay-fixed-rate cross-currency interest rate swaps .our investing cash flows reflect the net cash inflows from the fixed- rate interest rate receipts/payments , as well as the termination of certain of these swaps that were in a gain position in the year .the 2016 period included cash outflows for the acquisition of ldr holding corporation ( 201cldr 201d ) and other business acquisitions .additionally , the 2016 period reflects the maturity of available-for-sale debt securities .as these investments matured , we used the cash to pay off debt and have not reinvested in any additional debt securities .cash flows used in financing activities were $ 1302.2 million in 2018 .our primary use of available cash in 2018 was for debt repayment .we received net proceeds of $ 749.5 million from the issuance of additional senior notes and borrowed $ 400.0 million from our multicurrency revolving facility to repay $ 1150.0 million of senior notes that became due on april 2 , 2018 .we subsequently repaid the $ 400.0 million of multicurrency revolving facility borrowings .also in 2018 , we borrowed another $ 675.0 million under a new u.s .term loan c and used the cash proceeds along with cash generated from operations throughout the year to repay an aggregate of $ 835.0 million on u.s .term loan a , $ 450.0 million on u.s .term loan b , and we subsequently repaid $ 140.0 million on u.s .term loan c .overall , we had approximately $ 1150 million of net principal repayments on our senior notes and term loans in 2018 .in 2017 , our primary use of available cash was also for debt repayment compared to 2016 when we were not able to repay as much debt due to financing requirements to complete the ldr and other business acquisitions .additionally in 2017 , we had net cash inflows of $ 103.5 million on factoring programs that had not been remitted to the third party .in 2018 , we had net cash outflows related to these factoring programs as we remitted the $ 103.5 million and collected only $ 66.8 million which had not yet been remitted by the end of the year .since our factoring programs started at the end of 2016 , we did not have similar cash flows in that year .in january 2019 , we borrowed an additional $ 200.0 million under u.s .term loan c and used those proceeds , along with cash on hand , to repay the remaining $ 225.0 million outstanding under u.s .term loan b .in february , may , august and december 2018 , our board of directors declared cash dividends of $ 0.24 per share .we expect to continue paying cash dividends on a quarterly basis ; however , future dividends are subject to approval of the board of directors and may be adjusted as business needs or market conditions change .as further discussed in note 11 to our consolidated financial statements , our debt facilities restrict the payment of dividends in certain circumstances. .
|
-3%
| 1,754 | 28 |
29 |
what is the growth rate in net revenue in 2017?
|
the regulatory credit resulting from reduction of the federal corporate income tax rate variance is due to the reduction of the vidalia purchased power agreement regulatory liability by $ 30.5 million and the reduction of the louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million as a result of the enactment of the tax cuts and jobs act , in december 2017 , which lowered the federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) .the effects of the tax cuts and jobs act are discussed further in note 3 to the financial statements .the grand gulf recovery variance is primarily due to increased recovery of higher operating costs .the louisiana act 55 financing savings obligation variance results from a regulatory charge in 2016 for tax savings to be shared with customers per an agreement approved by the lpsc .the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales , partially offset by an increase in industrial usage .the increase in industrial usage is primarily due to new customers in the primary metals industry and expansion projects and an increase in demand for existing customers in the chlor-alkali industry .entergy wholesale commodities following is an analysis of the change in net revenue comparing 2017 to 2016 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2016 net revenue', '$ 1542'], ['fitzpatrick sale', '-158 ( 158 )'], ['nuclear volume', '-89 ( 89 )'], ['fitzpatrick reimbursement agreement', '57'], ['nuclear fuel expenses', '108'], ['other', '9'], ['2017 net revenue', '$ 1469']]
as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 73 million in 2017 primarily due to the absence of net revenue from the fitzpatrick plant after it was sold to exelon in march 2017 and lower volume in the entergy wholesale commodities nuclear fleet resulting from more outage days in 2017 as compared to 2016 .the decrease was partially offset by an increase resulting from the reimbursement agreement with exelon pursuant to which exelon reimbursed entergy for specified out-of-pocket costs associated with preparing for the refueling and operation of fitzpatrick that otherwise would have been avoided had entergy shut down fitzpatrick in january 2017 and a decrease in nuclear fuel expenses primarily related to the impairments of the indian point 2 , indian point 3 , and palisades plants and related assets .revenues received from exelon in 2017 under the reimbursement agreement are offset by other operation and maintenance expenses and taxes other than income taxes and had no effect on net income .see note 14 to the financial statements for discussion of the sale of fitzpatrick , the reimbursement agreement with exelon , and the impairments and related charges .entergy corporation and subsidiaries management 2019s financial discussion and analysis .
|
-4.7%
| 741 | 29 |
30 |
what is the growth rate in net revenue in 2016 for entergy louisiana?
|
entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 175.4 million primarily due to the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense .also contributing to the increase were lower other operation and maintenance expenses , higher net revenue , and higher other income .the increase was partially offset by higher depreciation and amortization expenses , higher interest expense , and higher nuclear refueling outage expenses .2015 compared to 2014 net income increased slightly , by $ 0.6 million , primarily due to higher net revenue and a lower effective income tax rate , offset by higher other operation and maintenance expenses , higher depreciation and amortization expenses , lower other income , and higher interest expense .net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .following is an analysis of the change in net revenue comparing 2016 to 2015 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2015 net revenue', '$ 2408.8'], ['retail electric price', '69.0'], ['transmission equalization', '-6.5 ( 6.5 )'], ['volume/weather', '-6.7 ( 6.7 )'], ['louisiana act 55 financing savings obligation', '-17.2 ( 17.2 )'], ['other', '-9.0 ( 9.0 )'], ['2016 net revenue', '$ 2438.4']]
the retail electric price variance is primarily due to an increase in formula rate plan revenues , 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 .see note 2 to the financial statements for further discussion .the transmission equalization variance is primarily due to changes in transmission investments , including entergy louisiana 2019s exit from the system agreement in august 2016 .the volume/weather variance is primarily due to the effect of less favorable weather on residential sales , partially offset by an increase in industrial usage and an increase in volume during the unbilled period .the increase .
|
1.2%
| 584 | 30 |
31 |
did the cme group outperform the s&p 500?
|
performance graph the following graph compares the cumulative five-year total return provided shareholders on our class a common stock relative to the cumulative total returns of the s&p 500 index and two customized peer groups .the old peer group includes intercontinentalexchange , inc. , nyse euronext and the nasdaq omx group inc .the new peer group is the same as the old peer group with the addition of cboe holdings , inc .which completed its initial public offering in june 2010 .an investment of $ 100 ( with reinvestment of all dividends ) is assumed to have been made in our class a common stock , in the peer groups and the s&p 500 index on december 31 , 2005 and its relative performance is tracked through december 31 , 2010 .comparison of 5 year cumulative total return* among cme group inc. , the s&p 500 index , an old peer group and a new peer group 12/05 12/06 12/07 12/08 12/09 12/10 cme group inc .s&p 500 old peer group *$ 100 invested on 12/31/05 in stock or index , including reinvestment of dividends .fiscal year ending december 31 .copyright a9 2011 s&p , a division of the mcgraw-hill companies inc .all rights reserved .new peer group the stock price performance included in this graph is not necessarily indicative of future stock price performance .
[['', '2006', '2007', '2008', '2009', '2010'], ['cme group inc .', '$ 139.48', '$ 188.81', '$ 58.66', '$ 96.37', '$ 93.73'], ['s&p 500', '115.80', '122.16', '76.96', '97.33', '111.99'], ['old peer group', '155.58', '190.78', '72.25', '76.11', '87.61'], ['new peer group', '155.58', '190.78', '72.25', '76.11', '87.61']]
.
|
no
| 573 | 31 |
32 |
operating expenses for 2012 , were what percent of pre- tax earnings?
|
management 2019s discussion and analysis net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of $ 494 million on the sale of our hedge fund administration business .in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .these increases were offset by lower commissions and fees , reflecting declines in the united states , europe and asia .our average daily volumes during 2012 were lower in each of these regions compared with 2011 , consistent with listed cash equity market volumes .during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .in addition , the u.s .economy posted stable to improving economic data , including favorable developments in unemployment and housing .these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .also , uncertainty over financial regulatory reform persisted .operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .pre- tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .these investments , some of which are consolidated , and loans are typically longer-term in nature .we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , and real estate entities .the table below presents the operating results of our investing & lending segment. .
[['in millions', 'year ended december 2013', 'year ended december 2012', 'year ended december 2011'], ['equity securities', '$ 3930', '$ 2800', '$ 603'], ['debt securities and loans', '1947', '1850', '96'], ['other', '1141', '1241', '1443'], ['total net revenues', '7018', '5891', '2142'], ['operating expenses', '2684', '2666', '2673'], ['pre-tax earnings/ ( loss )', '$ 4334', '$ 3225', '$ -531 ( 531 )']]
2013 versus 2012 .net revenues in investing & lending were $ 7.02 billion for 2013 , 19% ( 19 % ) higher than 2012 , reflecting a significant increase in net gains from investments in equity securities , driven by company-specific events and stronger corporate performance , as well as significantly higher global equity prices .in addition , net gains and net interest income from debt securities and loans were slightly higher , while other net revenues , related to our consolidated investments , were lower compared with 2012 .if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .operating expenses were $ 2.68 billion for 2013 , essentially unchanged compared with 2012 .operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments , partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012 .pre-tax earnings were $ 4.33 billion in 2013 , 34% ( 34 % ) higher than 2012 .52 goldman sachs 2013 annual report .
|
221%
| 1,117 | 32 |
33 |
what percent of total gross profit in fiscal 2007 was contributed by consumer foods?
|
consumer foods net sales increased $ 303 million , or 5% ( 5 % ) , for the year to $ 6.8 billion .results reflect an increase of three percentage points from improved net pricing and product mix and two percentage points of improvement from higher volumes .net pricing and volume improvements were achieved in many of the company 2019s priority investment and enabler brands .the impact of product recalls partially offset these improvements .the company implemented significant price increases for many consumer foods products during the fourth quarter of fiscal 2008 .continued net sales improvements are expected into fiscal 2009 when the company expects to receive the benefit of these pricing actions for full fiscal periods .sales of some of the company 2019s most significant brands , including chef boyardee ae , david ae , egg beaters ae , healthy choice ae , hebrew national ae , hunt 2019s ae , marie callender 2019s ae , manwich ae , orville redenbacher 2019s ae , pam ae , ro*tel ae , rosarita ae , snack pack ae , swiss miss ae , wesson ae , and wolf ae grew in fiscal 2008 .sales of act ii ae , andy capp ae , banquet ae , crunch 2018n munch ae , kid cuisine ae , parkay ae , pemmican ae , reddi-wip ae , and slim jim ae declined in fiscal 2008 .net sales in the consumer foods segment are not comparable across periods due to a variety of factors .the company initiated a peanut butter recall in the third quarter of fiscal 2007 and reintroduced peter pan ae peanut butter products in august 2007 .sales of all peanut butter products , including both branded and private label , in fiscal 2008 were $ 14 million lower than comparable amounts in fiscal 2007 .consumer foods net sales were also adversely impacted by the recall of banquet ae and private label pot pies in the second quarter of fiscal 2008 .net sales of pot pies were lower by approximately $ 22 million in fiscal 2008 , relative to fiscal 2007 , primarily due to product returns and lost sales of banquet ae and private label pot pies .sales from alexia foods and lincoln snacks , businesses acquired in fiscal 2008 , totaled $ 66 million in fiscal 2008 .the company divested a refrigerated pizza business during the first half of fiscal 2007 .sales from this business were $ 17 million in fiscal food and ingredients net sales were $ 4.1 billion in fiscal 2008 , an increase of $ 706 million , or 21% ( 21 % ) .increased sales are reflective of higher sales prices in the company 2019s milling operations due to higher grain prices , and price and volume increases in the company 2019s potato and dehydrated vegetable operations .the fiscal 2007 divestiture of an oat milling operation resulted in a reduction of sales of $ 27 million for fiscal 2008 , partially offset by increased sales of $ 18 million from the acquisition of watts brothers in february 2008 .international foods net sales increased $ 65 million to $ 678 million .the strengthening of foreign currencies relative to the u.s .dollar accounted for approximately $ 36 million of this increase .the segment achieved a 5% ( 5 % ) increase in sales volume in fiscal 2008 , primarily reflecting increased unit sales in canada and mexico , and modest increases in net pricing .gross profit ( net sales less cost of goods sold ) ( $ in millions ) reporting segment fiscal 2008 gross profit fiscal 2007 gross profit % ( % ) increase/ ( decrease ) .
[['reporting segment', 'fiscal 2008 gross profit', 'fiscal 2007 gross profit', '% ( % ) increase/ ( decrease )'], ['consumer foods', '$ 1802', '$ 1923', '( 6 ) % ( % )'], ['food and ingredients', '724', '590', '23% ( 23 % )'], ['international foods', '190', '180', '6% ( 6 % )'], ['total', '$ 2716', '$ 2693', '1% ( 1 % )']]
the company 2019s gross profit for fiscal 2008 was $ 2.7 billion , an increase of $ 23 million , or 1% ( 1 % ) , over the prior year .the increase in gross profit was largely driven by results in the food and ingredients segment , reflecting higher margins in the company 2019s milling and specialty potato operations , largely offset by reduced gross profits in the consumer foods segment .costs of implementing the company 2019s restructuring plans reduced gross profit by $ 4 million and $ 46 million in fiscal 2008 and fiscal 2007 , respectively. .
|
71%
| 1,144 | 33 |
34 |
what was the percentage gained by investing $ 100 into global payments in comparison to the technology index?
|
stock performance graph the following graph compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 index for the year ended december 31 , 2017 , the 2016 fiscal transition period , and the years ended may 31 , 2016 , 2015 , 2014 and 2013 .the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s information technology index on may 31 , 2012 and assumes reinvestment of all dividends .5/12 5/165/155/145/13 global payments inc .s&p 500 s&p information technology 12/16 12/17 comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index * $ 100 invested on may 31 , 2012 in stock or index , including reinvestment of dividends .copyright a9 2018 standard & poor 2019s , a division of s&p global .all rights reserved .global payments 500 index information technology .
[['', 'globalpayments', 's&p500 index', 's&pinformationtechnology index'], ['may 31 2012', '$ 100.00', '$ 100.00', '$ 100.00'], ['may 31 2013', '113.10', '127.28', '115.12'], ['may 31 2014', '161.90', '153.30', '142.63'], ['may 31 2015', '246.72', '171.40', '169.46'], ['may 31 2016', '367.50', '174.34', '174.75'], ['december 31 2016', '328.42', '188.47', '194.08'], ['december 31 2017', '474.52', '229.61', '269.45']]
30 2013 global payments inc .| 2017 form 10-k annual report .
|
205.07% increase
| 636 | 34 |
35 |
what percent of increases in extensions , discoveries , and other additions was associated with the expansion of proved areas and wells to sales from unproved categories in oklahoma?
|
supplementary information on oil and gas producing activities ( unaudited ) 2018 proved reserves decreased by 168 mmboe primarily due to the following : 2022 revisions of previous estimates : increased by 84 mmboe including an increase of 108 mmboe associated with the acceleration of higher economic wells in the u.s .resource plays into the 5-year plan and an increase of 15 mmboe associated with wells to sales that were additions to the plan , partially offset by a decrease of 39 mmboe due to technical revisions across the business .2022 extensions , discoveries , and other additions : increased by 102 mmboe primarily in the u.s .resource plays due to an increase of 69 mmboe associated with the expansion of proved areas and an increase of 33 mmboe associated with wells to sales from unproved categories .2022 production : decreased by 153 mmboe .2022 sales of reserves in place : decreased by 201 mmboe including 196 mmboe associated with the sale of our subsidiary in libya , 4 mmboe associated with divestitures of certain conventional assets in new mexico and michigan , and 1 mmboe associated with the sale of the sarsang block in kurdistan .2017 proved reserves decreased by 647 mmboe primarily due to the following : 2022 revisions of previous estimates : increased by 49 mmboe primarily due to the acceleration of higher economic wells in the bakken into the 5-year plan resulting in an increase of 44 mmboe , with the remainder being due to revisions across the business .2022 extensions , discoveries , and other additions : increased by 116 mmboe primarily due to an increase of 97 mmboe associated with the expansion of proved areas and wells to sales from unproved categories in oklahoma .2022 purchases of reserves in place : increased by 28 mmboe from acquisitions of assets in the northern delaware basin in new mexico .2022 production : decreased by 145 mmboe .2022 sales of reserves in place : decreased by 695 mmboe including 685 mmboe associated with the sale of our canadian business and 10 mmboe associated with divestitures of certain conventional assets in oklahoma and colorado .see item 8 .financial statements and supplementary data - note 5 to the consolidated financial statements for information regarding these dispositions .2016 proved reserves decreased by 67 mmboe primarily due to the following : 2022 revisions of previous estimates : increased by 63 mmboe primarily due to an increase of 151 mmboe associated with the acceleration of higher economic wells in the u.s .resource plays into the 5-year plan and a decrease of 64 mmboe due to u.s .technical revisions .2022 extensions , discoveries , and other additions : increased by 60 mmboe primarily associated with the expansion of proved areas and new wells to sales from unproven categories in oklahoma .2022 purchases of reserves in place : increased by 34 mmboe from acquisition of stack assets in oklahoma .2022 production : decreased by 144 mmboe .2022 sales of reserves in place : decreased by 84 mmboe associated with the divestitures of certain wyoming and gulf of mexico assets .changes in proved undeveloped reserves as of december 31 , 2018 , 529 mmboe of proved undeveloped reserves were reported , a decrease of 17 mmboe from december 31 , 2017 .the following table shows changes in proved undeveloped reserves for 2018 : ( mmboe ) .
[['beginning of year', '546'], ['revisions of previous estimates', '47'], ['extensions discoveries and other additions', '61'], ['dispositions', '-19 ( 19 )'], ['transfers to proved developed', '-106 ( 106 )'], ['end of year', '529']]
.
|
83.6%
| 959 | 35 |
36 |
what is the net change in the balance of allowance for doubtful accounts from 2016 to 2017?
|
cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .accounts receivable and allowance for doubtful accounts accounts receivable are carried at the invoiced amounts , less an allowance for doubtful accounts , and generally do not bear interest .the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .the company 2019s estimates include separately providing for customer receivables based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .account balances are written off against the allowance when it is determined the receivable will not be recovered .the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million , $ 14 million and $ 15 million as of december 31 , 2017 , 2016 , and 2015 , respectively .returns and credit activity is recorded directly to sales as a reduction .the following table summarizes the activity in the allowance for doubtful accounts: .
[['( millions )', '2017', '2016', '2015'], ['beginning balance', '$ 67.6', '$ 75.3', '$ 77.5'], ['bad debt expense', '17.1', '20.1', '25.8'], ['write-offs', '-15.7 ( 15.7 )', '-24.6 ( 24.6 )', '-21.9 ( 21.9 )'], ['other ( a )', '2.5', '-3.2 ( 3.2 )', '-6.1 ( 6.1 )'], ['ending balance', '$ 71.5', '$ 67.6', '$ 75.3']]
( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .inventory valuations inventories are valued at the lower of cost or net realizable value .certain u.s .inventory costs are determined on a last-in , first-out ( 201clifo 201d ) basis .lifo inventories represented 39% ( 39 % ) and 40% ( 40 % ) of consolidated inventories as of december 31 , 2017 and 2016 , respectively .all other inventory costs are determined using either the average cost or first-in , first-out ( 201cfifo 201d ) methods .inventory values at fifo , as shown in note 5 , approximate replacement cost .property , plant and equipment property , plant and equipment assets are stated at cost .merchandising and customer equipment consists principally of various dispensing systems for the company 2019s cleaning and sanitizing products , dishwashing machines and process control and monitoring equipment .certain dispensing systems capitalized by the company are accounted for on a mass asset basis , whereby equipment is capitalized and depreciated as a group and written off when fully depreciated .the company capitalizes both internal and external costs of development or purchase of computer software for internal use .costs incurred for data conversion , training and maintenance associated with capitalized software are expensed as incurred .expenditures for major renewals and improvements , which significantly extend the useful lives of existing plant and equipment , are capitalized and depreciated .expenditures for repairs and maintenance are charged to expense as incurred .upon retirement or disposition of plant and equipment , the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income .depreciation is charged to operations using the straight-line method over the assets 2019 estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements , 3 to 20 years for machinery and equipment , 3 to 15 years for merchandising and customer equipment and 3 to 7 years for capitalized software .the straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the company in each reporting period .depreciation expense was $ 586 million , $ 561 million and $ 560 million for 2017 , 2016 and 2015 , respectively. .
|
3.9
| 983 | 36 |
37 |
what would 2016 net revenue have been if it was impacted by the same higher other operation and maintenance expenses that impacted the prior year ( in millions ) ?
|
entergy arkansas , inc .and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .2015 compared to 2014 net income decreased $ 47.1 million primarily due to higher other operation and maintenance expenses , partially offset by higher net revenue .net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .following is an analysis of the change in net revenue comparing 2016 to 2015 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2015 net revenue', '$ 1362.2'], ['retail electric price', '161.5'], ['other', '-3.2 ( 3.2 )'], ['2016 net revenue', '$ 1520.5']]
the retail electric price variance is primarily due to an increase in base rates , as approved by the apsc .the new base rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 .a significant portion of the increase is related to the purchase of power block 2 of the union power station .see note 2 to the financial statements for further discussion of the rate case .see note 14 to the financial statements for further discussion of the union power station purchase. .
|
1473.4
| 481 | 37 |
38 |
what is the total cost of equity compensation plans approved by stockholders?
|
dividends and distributions we pay regular quarterly dividends to holders of our common stock .on february 16 , 2007 , our board of directors declared the first quarterly installment of our 2007 dividend in the amount of $ 0.475 per share , payable on march 30 , 2007 to stockholders of record on march 20 , 2007 .we expect to distribute 100% ( 100 % ) or more of our taxable net income to our stockholders for 2007 .our board of directors normally makes decisions regarding the frequency and amount of our dividends on a quarterly basis .because the board considers a number of factors when making these decisions , we cannot assure you that we will maintain the policy stated above .please see 201ccautionary statements 201d and the risk factors included in part i , item 1a of this annual report on form 10-k for a description of other factors that may affect our distribution policy .our stockholders may reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our distribution reinvestment and stock purchase plan , subject to the terms of the plan .see 201cnote 15 2014capital stock 201d of the notes to consolidated financial statements included in item 8 of this annual report on form 10-k .director and employee stock sales certain of our directors , executive officers and other employees have adopted and may , from time to time in the future , adopt non-discretionary , written trading plans that comply with rule 10b5-1 under the exchange act , or otherwise monetize their equity-based compensation .securities authorized for issuance under equity compensation plans the following table summarizes information with respect to our equity compensation plans as of december 31 , 2006 : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) equity compensation plans approved by stockholders ( 1 ) ..1118051 $ 24.27 8373727 equity compensation plans not approved by stockholders ( 2 ) ..18924 n/a 1145354 .
[['plan category', '( a ) number of securities to be issued upon exercise of outstanding options warrants andrights', '( b ) weighted average exercise price of outstanding options warrants and rights', '( c ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a )'], ['equity compensation plans approved by stockholders ( 1 )', '1118051', '$ 24.27', '8373727'], ['equity compensation plans not approved by stockholders ( 2 )', '18924', 'n/a', '1145354'], ['total', '1136975', '$ 24.27', '9519081']]
( 1 ) these plans consist of ( i ) the 1987 incentive compensation program ( employee plan ) ; ( ii ) the theratx , incorporated 1996 stock option/stock issuance plan ; ( iii ) the 2000 incentive compensation plan ( employee plan ) ( formerly known as the 1997 incentive compensation plan ) ; ( iv ) the 2004 stock plan for directors ( which amended and restated the 2000 stock option plan for directors ( formerly known as the 1997 stock option plan for non-employee directors ) ) ; ( v ) the employee and director stock purchase plan ; ( vi ) the 2006 incentive plan ; and ( vii ) the 2006 stock plan for directors .( 2 ) these plans consist of ( i ) the common stock purchase plan for directors , under which our non-employee directors may receive common stock in lieu of directors 2019 fees , ( ii ) the nonemployee director deferred stock compensation plan , under which our non-employee directors may receive units convertible on a one-for-one basis into common stock in lieu of director fees , and ( iii ) the executive deferred stock compensation plan , under which our executive officers may receive units convertible on a one-for-one basis into common stock in lieu of compensation. .
|
$ 27135097.77
| 988 | 38 |
39 |
what is the net change in cash in 2013?
|
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses decreased slightly during 2012 by $ 4.7 to $ 137.3 compared to 2011 , primarily due to lower office and general expenses , partially offset by an increase in temporary help to support our information-technology system-upgrade initiatives .liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .
[['cash flow data', 'years ended december 31 , 2013', 'years ended december 31 , 2012', 'years ended december 31 , 2011'], ['net income adjusted to reconcile net income to net cashprovided by operating activities1', '$ 598.4', '$ 697.2', '$ 735.7'], ['net cash used in working capital b2', '-9.6 ( 9.6 )', '-293.2 ( 293.2 )', '-359.4 ( 359.4 )'], ['changes in other non-current assets and liabilities using cash', '4.1', '-46.8 ( 46.8 )', '-102.8 ( 102.8 )'], ['net cash provided by operating activities', '$ 592.9', '$ 357.2', '$ 273.5'], ['net cash used in investing activities', '-224.5 ( 224.5 )', '-210.2 ( 210.2 )', '-58.8 ( 58.8 )'], ['net cash ( used in ) provided by financing activities', '-1212.3 ( 1212.3 )', '131.3', '-541.0 ( 541.0 )']]
1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash loss related to early extinguishment of debt , and deferred income taxes .2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .operating activities net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income .due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies .net cash provided by operating activities during 2012 was $ 357.2 , which was an increase of $ 83.7 as compared to 2011 , primarily as a result of a decrease in working capital usage of $ 66.2 .the net working capital usage in 2012 was primarily impacted by our media businesses .the timing of media buying on behalf of our clients affects our working capital and operating cash flow .in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .to the extent possible we pay production and media charges after we have received funds from our clients .the amounts involved substantially exceed our revenues , and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .our accrued liabilities are also affected by the timing of certain other payments .for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures and acquisitions .capital expenditures of $ 173.0 relate primarily to computer hardware and software and leasehold improvements .we made payments of $ 61.5 related to acquisitions completed during 2013. .
|
-843.9
| 998 | 39 |
40 |
did the annual interest savings on the redemption of the 6.5% ( 6.5 % ) notes exceed the cost of the early extinguishment?
|
the redemptions resulted in an early extinguishment charge of $ 5 million .on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 .the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 .on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 .the redemption resulted in a $ 5 million early extinguishment charge .receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility .( see further discussion of our receivables securitization facility in note 10 ) .15 .variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions .within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .as such , we have no control over activities that could materially impact the fair value of the leased assets .we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 .16 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2012', '$ 525', '$ 297'], ['2013', '489', '269'], ['2014', '415', '276'], ['2015', '372', '276'], ['2016', '347', '262'], ['later years', '2380', '1179'], ['total minimum leasepayments', '$ 4528', '$ 2559'], ['amount representing interest', 'n/a', '-685 ( 685 )'], ['present value of minimum leasepayments', 'n/a', '$ 1874']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant. .
|
no
| 1,035 | 40 |
41 |
what was the change in derivative gains included in ig segment income from 2004 , compared to 2003 , in millions?
|
rm&t segment we do not attempt to qualify commodity derivative instruments used in our rm&t operations for hedge accounting .as a result , we recognize all changes in the fair value of derivatives used in our rm&t operations in income , although most of these derivatives have an underlying physical commodity transaction .generally , derivative losses occur when market prices increase , which are offset by gains on the underlying physical commodity transactions .conversely , derivative gains occur when market prices decrease , which are offset by losses on the underlying physical commodity transactions .derivative gains or losses included in rm&t segment income for each of the last three years are summarized in the following table : strategy ( in millions ) 2004 2003 2002 .
[['strategy ( in millions )', '2004', '2003', '2002'], ['mitigate price risk', '$ -106 ( 106 )', '$ -112 ( 112 )', '$ -95 ( 95 )'], ['protect carrying values of excess inventories', '-98 ( 98 )', '-57 ( 57 )', '-41 ( 41 )'], ['protect margin on fixed price sales', '8', '5', '11'], ['protect crack spread values', '-76 ( 76 )', '6', '1'], ['trading activities', '8', '-4 ( 4 )', '2013'], ['total net derivative losses', '$ -264 ( 264 )', '$ -162 ( 162 )', '$ -124 ( 124 )']]
during 2004 , using derivative instruments map sold crack spreads forward through the fourth quarter 2005 at values higher than the company thought sustainable in the actual months these contracts expire .included in the $ 76 million derivative loss for 2004 noted in the above table for the 2018 2018protect crack spread values 2019 2019 strategy was approximately an $ 8 million gain due to changes in the fair value of crack-spread derivatives that will expire throughout 2005 .in addition , natural gas options are in place to manage the price risk associated with approximately 41 percent of the first quarter 2005 anticipated natural gas purchases for refinery use .ig segment we have used derivative instruments to convert the fixed price of a long-term gas sales contract to market prices .the underlying physical contract is for a specified annual quantity of gas and matures in 2008 .similarly , we will use derivative instruments to convert shorter term ( typically less than a year ) fixed price contracts to market prices in our ongoing purchase for resale activity ; and to hedge purchased gas injected into storage for subsequent resale .derivative gains included in ig segment income were $ 17 million in 2004 , compared to gains of $ 19 million in 2003 and losses of $ 8 million in 2002 .trading activity in the ig segment resulted in losses of $ 2 million in 2004 , compared to losses of $ 7 million in 2003 and gains of $ 4 million in 2002 and have been included in the aforementioned amounts .other commodity risk we are impacted by basis risk , caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity .natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets .for example , new york mercantile exchange ( 2018 2018nymex 2019 2019 ) contracts for natural gas are priced at louisiana 2019s henry hub , while the underlying quantities of natural gas may be produced and sold in the western united states at prices that do not move in strict correlation with nymex prices .if commodity price changes in one region are not reflected in other regions , derivative commodity instruments may no longer provide the expected hedge , resulting in increased exposure to basis risk .these regional price differences could yield favorable or unfavorable results .otc transactions are being used to manage exposure to a portion of basis risk .we are impacted by liquidity risk , caused by timing delays in liquidating contract positions due to a potential inability to identify a counterparty willing to accept an offsetting position .due to the large number of active participants , liquidity risk exposure is relatively low for exchange-traded transactions. .
|
-2
| 995 | 41 |
42 |
what is the expected growth rate in operating leases from 2020 to 2021?
|
note 11 .commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts .this facility encompasses most of the company fffds u.s .operations , including research and development , manufacturing , sales and marketing and general and administrative departments .in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) .future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .
[['fiscal years ending march 31,', 'operating leases ( in $ 000s )'], ['2019', '$ 2078'], ['2020', '1888'], ['2021', '1901'], ['2022', '1408'], ['2023', '891'], ['thereafter', '1923'], ['total minimum lease payments', '$ 10089']]
in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 .in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 .the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer .in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 .the annual rent expense for this lease agreement is estimated to be $ 0.4 million .in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 .the annual rent expense for the lease is estimated to be $ 0.3 million .in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 .the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan .the annual rent expense for the lease is estimated to be $ 0.9 million .license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices .pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million .through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement .any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones .contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types .in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures .the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated .the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate .if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss .if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .
|
0.7%
| 954 | 42 |
43 |
what is the total return of an investment of $ 1000000 in teleflex incorporated in 2010 and sold in 2015?
|
stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard & poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index .the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december 31 , 2010 and that all dividends were reinvested .market performance .
[['company / index', '2010', '2011', '2012', '2013', '2014', '2015'], ['teleflex incorporated', '100', '117', '138', '185', '229', '266'], ['s&p 500 index', '100', '102', '118', '157', '178', '181'], ['s&p 500 healthcare equipment & supply index', '100', '99', '116', '148', '187', '199']]
s&p 500 healthcare equipment & supply index 100 99 116 148 187 199 .
|
1660000
| 350 | 43 |
44 |
for the restricted stock units ( 201crsus 201d ) granted in connection with the ipo , what would the total deemed proceeds be to the company assuming the rsus were vested at the average price per unit?
|
cdw corporation and subsidiaries notes to consolidated financial statements holders of class b common units in connection with the distribution is subject to any vesting provisions previously applicable to the holder 2019s class b common units .class b common unit holders received 3798508 shares of restricted stock with respect to class b common units that had not yet vested at the time of the distribution .for the year ended december 31 , 2013 , 1200544 shares of such restricted stock vested/settled and 5931 shares were forfeited .as of december 31 , 2013 , 2592033 shares of restricted stock were outstanding .stock options in addition , in connection with the ipo , the company issued 1268986 stock options to the class b common unit holders to preserve their fully diluted equity ownership percentage .these options were issued with a per-share exercise price equal to the ipo price of $ 17.00 and are also subject to the same vesting provisions as the class b common units to which they relate .the company also granted 19412 stock options under the 2013 ltip during the year ended december 31 , 2013 .restricted stock units ( 201crsus 201d ) in connection with the ipo , the company granted 1416543 rsus under the 2013 ltip at a weighted- average grant-date fair value of $ 17.03 per unit .the rsus cliff-vest at the end of four years .valuation information the company attributes the value of equity-based compensation awards to the various periods during which the recipient must perform services in order to vest in the award using the straight-line method .post-ipo equity awards the company has elected to use the black-scholes option pricing model to estimate the fair value of stock options granted .the black-scholes option pricing model incorporates various assumptions including volatility , expected term , risk-free interest rates and dividend yields .the assumptions used to value the stock options granted during the year ended december 31 , 2013 are presented below .year ended december 31 , assumptions 2013 .
[['assumptions', 'year ended december 31 2013'], ['weighted-average grant date fair value', '$ 4.75'], ['weighted-average volatility ( 1 )', '35.00% ( 35.00 % )'], ['weighted-average risk-free rate ( 2 )', '1.58% ( 1.58 % )'], ['dividend yield', '1.00% ( 1.00 % )'], ['expected term ( in years ) ( 3 )', '5.4']]
expected term ( in years ) ( 3 ) .........................5.4 ( 1 ) based upon an assessment of the two-year , five-year and implied volatility for the company 2019s selected peer group , adjusted for the company 2019s leverage .( 2 ) based on a composite u.s .treasury rate .( 3 ) the expected term is calculated using the simplified method .the simplified method defines the expected term as the average of the option 2019s contractual term and the option 2019s weighted-average vesting period .the company utilizes this method as it has limited historical stock option data that is sufficient to derive a reasonable estimate of the expected stock option term. .
|
24123727
| 814 | 44 |
45 |
what is the net change in net revenue during 2008 for entergy arkansas?
|
entergy arkansas , inc .management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 92.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate , partially offset by higher net revenue .the higher other operation and maintenance expenses resulted primarily from the write-off of approximately $ 70.8 million of costs as a result of the december 2008 arkansas court of appeals decision in entergy arkansas' base rate case .the base rate case is discussed in more detail in note 2 to the financial statements .2007 compared to 2006 net income decreased $ 34.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate .the decrease was partially offset by higher net revenue .net revenue 2008 compared to 2007 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 credits .following is an analysis of the change in net revenue comparing 2008 to 2007 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2007 net revenue', '$ 1110.6'], ['rider revenue', '13.6'], ['purchased power capacity', '4.8'], ['volume/weather', '-14.6 ( 14.6 )'], ['other', '3.5'], ['2008 net revenue', '$ 1117.9']]
the rider revenue variance is primarily due to an energy efficiency rider which became effective in november 2007 .the establishment of the rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense with no effect on net income .also contributing to the variance was an increase in franchise tax rider revenue as a result of higher retail revenues .the corresponding increase is in taxes other than income taxes , resulting in no effect on net income .the purchased power capacity variance is primarily due to lower reserve equalization expenses .the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales during the billed and unbilled sales periods compared to 2007 and a 2.9% ( 2.9 % ) volume decrease in industrial sales , primarily in the wood industry and the small customer class .billed electricity usage decreased 333 gwh in all sectors .see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues. .
|
7.3
| 606 | 45 |
46 |
what was the percentage change in accumulated other comprehensive earnings ( loss ) between 2005 and 2006?\\n
|
page 71 of 94 notes to consolidated financial statements ball corporation and subsidiaries 16 .shareholders 2019 equity ( continued ) on october 24 , 2007 , ball announced the discontinuance of the company 2019s discount on the reinvestment of dividends associated with the company 2019s dividend reinvestment and voluntary stock purchase plan for non- employee shareholders .the 5 percent discount was discontinued on november 1 , 2007 .accumulated other comprehensive earnings ( loss ) the activity related to accumulated other comprehensive earnings ( loss ) was as follows : ( $ in millions ) foreign currency translation pension and postretirement items , net of tax effective financial derivatives , net of tax accumulated comprehensive earnings ( loss ) .
[['( $ in millions )', 'foreign currency translation', 'pension and other postretirement items net of tax', 'effective financial derivatives net of tax', 'accumulated other comprehensive earnings ( loss )'], ['december 31 2004', '$ 148.9', '$ -126.3 ( 126.3 )', '$ 10.6', '$ 33.2'], ['2005 change', '-74.3 ( 74.3 )', '-43.6 ( 43.6 )', '-16.0 ( 16.0 )', '-133.9 ( 133.9 )'], ['december 31 2005', '74.6', '-169.9 ( 169.9 )', '-5.4 ( 5.4 )', '-100.7 ( 100.7 )'], ['2006 change', '57.2', '55.9', '6.0', '119.1'], ['effect of sfas no . 158 adoption ( a )', '2013', '-47.9 ( 47.9 )', '2013', '-47.9 ( 47.9 )'], ['december 31 2006', '131.8', '-161.9 ( 161.9 )', '0.6', '-29.5 ( 29.5 )'], ['2007 change', '90.0', '57.9', '-11.5 ( 11.5 )', '136.4'], ['december 31 2007', '$ 221.8', '$ -104.0 ( 104.0 )', '$ -10.9 ( 10.9 )', '$ 106.9']]
( a ) within the company 2019s 2006 annual report , the consolidated statement of changes in shareholders 2019 equity for the year ended december 31 , 2006 , included a transition adjustment of $ 47.9 million , net of tax , related to the adoption of sfas no .158 , 201cemployers 2019 accounting for defined benefit pension plans and other postretirement plans , an amendment of fasb statements no .87 , 88 , 106 and 132 ( r ) , 201d as a component of 2006 comprehensive earnings rather than only as an adjustment to accumulated other comprehensive loss .the 2006 amounts have been revised to correct the previous reporting .notwithstanding the 2005 distribution pursuant to the jobs act , management 2019s intention is to indefinitely reinvest foreign earnings .therefore , no taxes have been provided on the foreign currency translation component for any period .the change in the pension and other postretirement items is presented net of related tax expense of $ 31.3 million and $ 2.9 million for 2007 and 2006 , respectively , and a related tax benefit of $ 27.3 million for 2005 .the change in the effective financial derivatives is presented net of related tax benefit of $ 3.2 million for 2007 , related tax expense of $ 5.7 million for 2006 and related tax benefit of $ 10.7 million for 2005 .stock-based compensation programs effective january 1 , 2006 , ball adopted sfas no .123 ( revised 2004 ) , 201cshare based payment , 201d which is a revision of sfas no .123 and supersedes apb opinion no .25 .the new standard establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or services , including stock option and restricted stock grants .the major differences for ball are that ( 1 ) expense is now recorded in the consolidated statements of earnings for the fair value of new stock option grants and nonvested portions of grants made prior to january 1 , 2006 , and ( 2 ) the company 2019s deposit share program ( discussed below ) is no longer a variable plan that is marked to current market value each month through earnings .upon adoption of sfas no .123 ( revised 2004 ) , ball has chosen to use the modified prospective transition method and the black-scholes valuation model. .
|
71%
| 1,226 | 46 |
47 |
what percentage of factory stores as of march 29 , 2014 are in the americas?
|
we operated the following factory stores as of march 29 , 2014: .
[['location', 'factory stores'], ['the americas', '150'], ['europe', '50'], ['asia ( a )', '35'], ['total', '235']]
( a ) includes australia , china , hong kong , japan , malaysia , south korea , and taiwan .our factory stores in the americas offer selections of our menswear , womenswear , childrenswear , accessories , home furnishings , and fragrances .ranging in size from approximately 2700 to 20000 square feet , with an average of approximately 10400 square feet , these stores are principally located in major outlet centers in 40 states in the u.s. , canada , and puerto rico .our factory stores in europe offer selections of our menswear , womenswear , childrenswear , accessories , home furnishings , and fragrances .ranging in size from approximately 1400 to 19700 square feet , with an average of approximately 7000 square feet , these stores are located in 12 countries , principally in major outlet centers .our factory stores in asia offer selections of our menswear , womenswear , childrenswear , accessories , and fragrances .ranging in size from approximately 1100 to 11800 square feet , with an average of approximately 6200 square feet , these stores are primarily located throughout china and japan , in hong kong , and in or near other major cities in asia and australia .our factory stores are principally located in major outlet centers .factory stores obtain products from our suppliers , our product licensing partners , and our other retail stores and e-commerce operations , and also serve as a secondary distribution channel for our excess and out-of-season products .concession-based shop-within-shops the terms of trade for shop-within-shops are largely conducted on a concession basis , whereby inventory continues to be owned by us ( not the department store ) until ultimate sale to the end consumer .the salespeople involved in the sales transactions are generally our employees and not those of the department store .as of march 29 , 2014 , we had 503 concession-based shop-within-shops at 243 retail locations dedicated to our products , which were located in asia , australia , new zealand , and europe .the size of our concession-based shop-within-shops ranges from approximately 140 to 7400 square feet .we may share in the cost of building-out certain of these shop-within-shops with our department store partners .e-commerce websites in addition to our stores , our retail segment sells products online through our e-commerce channel , which includes : 2022 our north american e-commerce sites located at www.ralphlauren.com and www.clubmonaco.com , as well as our club monaco site in canada located at www.clubmonaco.ca ; 2022 our ralph lauren e-commerce sites in europe , including www.ralphlauren.co.uk ( servicing the united kingdom ) , www.ralphlauren.fr ( servicing belgium , france , italy , luxembourg , the netherlands , portugal , and spain ) , and www.ralphlauren.de ( servicing germany and austria ) ; and 2022 our ralph lauren e-commerce sites in asia , including www.ralphlauren.co.jp servicing japan and www.ralphlauren.co.kr servicing south korea .our ralph lauren e-commerce sites in the u.s. , europe , and asia offer our customers access to a broad array of ralph lauren , rrl , polo , and denim & supply apparel , accessories , fragrance , and home products , and reinforce the luxury image of our brands .while investing in e-commerce operations remains a primary focus , it is an extension of our investment in the integrated omni-channel strategy used to operate our overall retail business , in which our e-commerce operations are interdependent with our physical stores .our club monaco e-commerce sites in the u.s .and canada offer our domestic and canadian customers access to our club monaco global assortment of womenswear , menswear , and accessories product lines , as well as select online exclusives. .
|
64%
| 933 | 47 |
48 |
as of december 312018 what was the ratio of the equity compensation plans approved by security holders number of securities to be issued to the number of securities remaining available for future issuance
|
equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .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 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 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 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', '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', '399165', '$ 0.00', '3995600'], ['equity compensation plans not approved by security holders ( 2 )', '2014', '2014', '2014'], ['total', '399165', '$ 0.00', '3995600']]
( 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 , 27123 were stock rights granted under the 2011 plan .in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .( 2 ) 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 2019 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 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .
|
0.1
| 703 | 48 |
49 |
what was percentage change in net earnings including earnings attributable to redeemable and non controlling interests from 2017 to 2018
|
cash flows from operations .
[['in millions', 'fiscal year 2018', 'fiscal year 2017', 'fiscal year 2016'], ['net earnings including earnings attributable to redeemable and noncontrollinginterests', '$ 2163.0', '$ 1701.1', '$ 1736.8'], ['depreciation and amortization', '618.8', '603.6', '608.1'], ['after-taxearnings from joint ventures', '-84.7 ( 84.7 )', '-85.0 ( 85.0 )', '-88.4 ( 88.4 )'], ['distributions of earnings from joint ventures', '113.2', '75.6', '75.1'], ['stock-based compensation', '77.0', '95.7', '89.8'], ['deferred income taxes', '-504.3 ( 504.3 )', '183.9', '120.6'], ['pension and other postretirement benefit plan contributions', '-31.8 ( 31.8 )', '-45.4 ( 45.4 )', '-47.8 ( 47.8 )'], ['pension and other postretirement benefit plan costs', '4.6', '35.7', '118.1'], ['divestitures loss ( gain )', '-', '13.5', '-148.2 ( 148.2 )'], ['restructuring impairment and other exit costs', '126.0', '117.0', '107.2'], ['changes in current assets and liabilities excluding the effects of acquisitions anddivestitures', '542.1', '-194.2 ( 194.2 )', '298.5'], ['other net', '-182.9 ( 182.9 )', '-86.3 ( 86.3 )', '-105.6 ( 105.6 )'], ['net cash provided by operating activities', '$ 2841.0', '$ 2415.2', '$ 2764.2']]
in fiscal 2018 , cash provided by operations was $ 2.8 billion compared to $ 2.4 billion in fiscal 2017 .the $ 426 million increase was primarily driven by the $ 462 million increase in net earnings and the $ 736 million change in current assets and liabilities , partially offset by a $ 688 million change in deferred income taxes .the change in deferred income taxes was primarily related to the $ 638 million provisional benefit from revaluing our net u.s .deferred tax liabilities to reflect the new u.s .corporate tax rate as a result of the tcja .the $ 736 million change in current assets and liabilities was primarily due to changes in accounts payable of $ 476 million related to the extension of payment terms and timing of payments , and $ 264 million of changes in other current liabilities primarily driven by changes in income taxes payable , trade and advertising accruals , and incentive accruals .we strive to grow core working capital at or below the rate of growth in our net sales .for fiscal 2018 , core working capital decreased 27 percent , compared to a net sales increase of 1 percent .in fiscal 2017 , core working capital increased 9 percent , compared to a net sales decline of 6 percent , and in fiscal 2016 , core working capital decreased 41 percent , compared to net sales decline of 6 percent .in fiscal 2017 , our operations generated $ 2.4 billion of cash , compared to $ 2.8 billion in fiscal 2016 .the $ 349 million decrease was primarily driven by a $ 493 million change in current assets and liabilities .the $ 493 million change in current assets and liabilities was primarily due to changes in other current liabilities driven by changes in income taxes payable , a decrease in incentive accruals , and changes in trade and advertising accruals due to reduced spending .the change in current assets and liabilities was also impacted by the timing of accounts payable .additionally , we recorded a $ 14 million loss on a divestiture during fiscal 2017 , compared to a $ 148 million net gain on divestitures during fiscal 2016 , and classified the related cash flows as investing activities. .
|
27.2%
| 1,056 | 49 |
50 |
what is the net income reported in 2004 , ( in millions ) ?
|
income was due primarily to the adoption of statement of position 03-1 , 201caccounting and reporting by insurance enterprises for certain nontraditional long-duration contracts and for separate accounts 201d ( 201csop 03-1 201d ) , which resulted in $ 1.6 billion of net investment income .2003 compared to 2002 2014 revenues for the year ended december 31 , 2003 increased $ 2.3 billion over the comparable 2002 period .revenues increased due to earned premium growth within the business insurance , specialty commercial and personal lines segments , primarily as a result of earned pricing increases , higher earned premiums and net investment income in the retail products segment and net realized capital gains in 2003 as compared to net realized capital losses in 2002 .total benefits , claims and expenses increased $ 3.9 billion for the year ended december 31 , 2003 over the comparable prior year period primarily due to the company 2019s $ 2.6 billion asbestos reserve strengthening during the first quarter of 2003 and due to increases in the retail products segment associated with the growth in the individual annuity and institutional investments businesses .the net loss for the year ended december 31 , 2003 was primarily due to the company 2019s first quarter 2003 asbestos reserve strengthening of $ 1.7 billion , after-tax .included in net loss for the year ended december 31 , 2003 are $ 40 of after-tax expense related to the settlement of litigation with bancorp services , llc ( 201cbancorp 201d ) and $ 27 of severance charges , after-tax , in property & casualty .included in net income for the year ended december 31 , 2002 are the $ 8 after-tax benefit recognized by hartford life , inc .( 201chli 201d ) related to the reduction of hli 2019s reserves associated with september 11 and $ 11 of after-tax expense related to litigation with bancorp .net realized capital gains and losses see 201cinvestment results 201d in the investments section .income taxes the effective tax rate for 2004 , 2003 and 2002 was 15% ( 15 % ) , 83% ( 83 % ) and 6% ( 6 % ) , respectively .the principal causes of the difference between the effective rates and the u.s .statutory rate of 35% ( 35 % ) were tax-exempt interest earned on invested assets , the dividends-received deduction , the tax benefit associated with the settlement of the 1998-2001 irs audit in 2004 and the tax benefit associated with the settlement of the 1996-1997 irs audit in 2002 .income taxes paid ( received ) in 2004 , 2003 and 2002 were $ 32 , ( $ 107 ) and ( $ 102 ) respectively .for additional information , see note 13 of notes to consolidated financial statements .per common share the following table represents earnings per common share data for the past three years: .
[['', '2004', '2003', '2002'], ['basic earnings ( loss ) per share', '$ 7.24', '$ -0.33 ( 0.33 )', '$ 4.01'], ['diluted earnings ( loss ) per share [1]', '$ 7.12', '$ -0.33 ( 0.33 )', '$ 3.97'], ['weighted average common shares outstanding ( basic )', '292.3', '272.4', '249.4'], ['weighted average common shares outstanding and dilutivepotential common shares ( diluted ) [1]', '297.0', '272.4', '251.8']]
[1] as a result of the net loss for the year ended december 31 , 2003 , sfas no .128 , 201cearnings per share 201d , requires the company to use basic weighted average common shares outstanding in the calculation of the year ended december 31 , 2003 diluted earnings ( loss ) per share , since the inclusion of options of 1.8 would have been antidilutive to the earnings per share calculation .in the absence of the net loss , weighted average common shares outstanding and dilutive potential common shares would have totaled 274.2 .executive overview the company provides investment and retirement products such as variable and fixed annuities , mutual funds and retirement plan services and other institutional products ; individual and corporate owned life insurance ; and , group benefit products , such as group life and group disability insurance .the company derives its revenues principally from : ( a ) fee income , including asset management fees , on separate account and mutual fund assets and mortality and expense fees , as well as cost of insurance charges ; ( b ) net investment income on general account assets ; ( c ) fully insured premiums ; and ( d ) certain other fees .asset management fees and mortality and expense fees are primarily generated from separate account assets , which are deposited with the company through the sale of variable annuity and variable universal life products and from mutual funds .cost of insurance charges are assessed on the net amount at risk for investment-oriented life insurance products .premium revenues are derived primarily from the sale of group life , and group disability and individual term insurance products .the company 2019s expenses essentially consist of interest credited to policyholders on general account liabilities , insurance benefits provided , amortization of the deferred policy acquisition costs , expenses related to the selling and servicing the various products offered by the company , dividends to policyholders , and other general business expenses. .
|
2116.25
| 1,337 | 50 |
51 |
what was the percent of the growth in the stock total return performance for hum from 2013 to 2014
|
stock total return performance the following graph compares our total return to stockholders with the returns of the standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and the dow jones us select health care providers index ( 201cpeer group 201d ) for the five years ended december 31 , 2017 .the graph assumes an investment of $ 100 in each of our common stock , the s&p 500 , and the peer group on december 31 , 2012 , and that dividends were reinvested when paid. .
[['', '12/31/2012', '12/31/2013', '12/31/2014', '12/31/2015', '12/31/2016', '12/31/2017'], ['hum', '$ 100', '$ 152', '$ 214', '$ 267', '$ 307', '$ 377'], ['s&p 500', '$ 100', '$ 132', '$ 150', '$ 153', '$ 171', '$ 208'], ['peer group', '$ 100', '$ 137', '$ 175', '$ 186', '$ 188', '$ 238']]
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .
|
41%
| 391 | 51 |
52 |
in 2018 what was the ratio of the total brokerage payables to total brokerage receivables
|
12 .brokerage receivables and brokerage payables the company has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business .citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices .credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question .citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines .margin levels are monitored daily , and customers deposit additional collateral as required .where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level .exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi .credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive .brokerage receivables and brokerage payables consisted of the following: .
[['in millions of dollars', 'december 31 , 2018', 'december 31 , 2017'], ['receivables from customers', '$ 14415', '$ 19215'], ['receivables from brokers dealers and clearing organizations', '21035', '19169'], ['total brokerage receivables ( 1 )', '$ 35450', '$ 38384'], ['payables to customers', '$ 40273', '$ 38741'], ['payables to brokers dealers and clearing organizations', '24298', '22601'], ['total brokerage payables ( 1 )', '$ 64571', '$ 61342']]
total brokerage payables ( 1 ) $ 64571 $ 61342 ( 1 ) includes brokerage receivables and payables recorded by citi broker-dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .
|
1.8
| 543 | 52 |
53 |
at december 31 , 2013 , for home equity lines of credit for which the borrower can no longer draw ( e.g . , draw period has ended or borrowing privileges have been terminated ) , approximately what percent were 30-89 days past due and 90 days or more past due?
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charge-off is based on pnc 2019s actual loss experience for each type of pool .since a pool may consist of first and second liens , the charge-off amounts for the pool are proportionate to the composition of first and second liens in the pool .our experience has been that the ratio of first to second lien loans has been consistent over time and is appropriately represented in our pools used for roll-rate calculations .generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20-year amortization term .during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest .the risk associated with our home equity lines of credit end of period draw dates is considered in establishing our alll .based upon outstanding balances at december 31 , 2013 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end .table 41 : home equity lines of credit 2013 draw period end in millions interest only product principal and interest product .
[['in millions', 'interest onlyproduct', 'principal andinterest product'], ['2014', '$ 1768', '$ 450'], ['2015', '1829', '625'], ['2016', '1521', '485'], ['2017', '2738', '659'], ['2018', '1206', '894'], ['2019 and thereafter', '3848', '4562'], ['total ( a ) ( b )', '$ 12910', '$ 7675']]
( a ) includes all home equity lines of credit that mature in 2014 or later , including those with borrowers where we have terminated borrowing privileges .( b ) includes approximately $ 185 million , $ 193 million , $ 54 million , $ 63 million , $ 47 million and $ 561 million of home equity lines of credit with balloon payments , including those where we have terminated borrowing privileges , with draw periods scheduled to end in 2014 , 2015 , 2016 , 2017 , 2018 and 2019 and thereafter , respectively .we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments .based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2013 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 3.65% ( 3.65 % ) were 30-89 days past due and approximately 5.49% ( 5.49 % ) were 90 days or more past due .generally , when a borrower becomes 60 days past due , we terminate borrowing privileges and those privileges are not subsequently reinstated .at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr .see note 5 asset quality in the notes to consolidated financial statements in item 8 of this report for additional information .loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate .initially , a borrower is evaluated for a modification under a government program .if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program .our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal .temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs .further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs .additional detail on tdrs is discussed below as well as in note 5 asset quality in the notes to consolidated financial statements in item 8 of this report .a temporary modification , with a term between 3 and 24 months , involves a change in original loan terms for a period of time and reverts to a calculated exit rate for the remaining term of the loan as of a specific date .a permanent modification , with a term greater than 24 months , is a modification in which the terms of the original loan are changed .permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs .for home equity lines of credit , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance .examples of this situation often include delinquency due to illness or death in the family or loss of employment .permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made .we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses .table 42 provides the number of accounts and unpaid principal balance of modified consumer real estate related loans and table 43 provides the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months , twelve months and fifteen months after the modification date .the pnc financial services group , inc .2013 form 10-k 79 .
|
9.14
| 1,330 | 53 |
54 |
as of december 31 , 2016 what was the ratio of receivables from brokers dealers and clearing organizations to payables to brokers dealers and clearing organizations?
|
12 .brokerage receivables and brokerage payables citi has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business .citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices .credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question .citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines .margin levels are monitored daily , and customers deposit additional collateral as required .where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level .exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi .credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive .brokerage receivables and brokerage payables consisted of the following: .
[['in millions of dollars', 'december 31 , 2016', 'december 31 , 2015'], ['receivables from customers', '$ 10374', '$ 10435'], ['receivables from brokers dealers and clearing organizations', '18513', '17248'], ['total brokerage receivables ( 1 )', '$ 28887', '$ 27683'], ['payables to customers', '$ 37237', '$ 35653'], ['payables to brokers dealers and clearing organizations', '19915', '18069'], ['total brokerage payables ( 1 )', '$ 57152', '$ 53722']]
payables to brokers , dealers , and clearing organizations 19915 18069 total brokerage payables ( 1 ) $ 57152 $ 53722 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .
|
.93
| 579 | 54 |
55 |
what is the average from the proceeds from sales of property and equipment from 2015 to 2017
|
financial assurance we must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs , and related to our performance under certain collection , landfill and transfer station contracts .we satisfy these financial assurance requirements by providing surety bonds , letters of credit , or insurance policies ( financial assurance instruments ) , or trust deposits , which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets .the amount of the financial assurance requirements for capping , closure and post-closure costs is determined by applicable state environmental regulations .the financial assurance requirements for capping , closure and post-closure costs may be associated with a portion of the landfill or the entire landfill .generally , states require a third-party engineering specialist to determine the estimated capping , closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill .the amount of financial assurance required can , and generally will , differ from the obligation determined and recorded under u.s .gaap .the amount of the financial assurance requirements related to contract performance varies by contract .additionally , we must provide financial assurance for our insurance program and collateral for certain performance obligations .we do not expect a material increase in financial assurance requirements during 2018 , although the mix of financial assurance instruments may change .these financial assurance instruments are issued in the normal course of business and are not considered indebtedness .because we currently have no liability for the financial assurance instruments , they are not reflected in our consolidated balance sheets ; however , we record capping , closure and post-closure liabilities and insurance liabilities as they are incurred .off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than operating leases and financial assurances , which are not classified as debt .we have no transactions or obligations with related parties that are not disclosed , consolidated into or reflected in our reported financial position or results of operations .we have not guaranteed any third-party debt .free cash flow we define free cash flow , which is not a measure determined in accordance with u.s .gaap , as cash provided by operating activities less purchases of property and equipment , plus proceeds from sales of property and equipment , as presented in our consolidated statements of cash flows .the following table calculates our free cash flow for the years ended december 31 , 2017 , 2016 and 2015 ( in millions of dollars ) : .
[['', '2017', '2016', '2015'], ['cash provided by operating activities', '$ 1910.7', '$ 1847.8', '$ 1679.7'], ['purchases of property and equipment', '-989.8 ( 989.8 )', '-927.8 ( 927.8 )', '-945.6 ( 945.6 )'], ['proceeds from sales of property and equipment', '6.1', '9.8', '21.2'], ['free cash flow', '$ 927.0', '$ 929.8', '$ 755.3']]
for a discussion of the changes in the components of free cash flow , see our discussion regarding cash flows provided by operating activities and cash flows used in investing activities contained elsewhere in this management 2019s discussion and analysis of financial condition and results of operations. .
|
12.37
| 754 | 55 |
56 |
for the shares of series c preferred stock priced at $ 23.53 per share , what was the yield in dollars including accrued dividends?
|
amounts due from related parties at december a031 , 2010 and 2009 con- sisted of the following ( in thousands ) : .
[['', '2010', '2009'], ['due from joint ventures', '$ 1062', '$ 228'], ['officers and employees', '2014', '153'], ['other', '5233', '8189'], ['related party receivables', '$ 6295', '$ 8570']]
gramercy capital corp .see note a0 6 , 201cinvestment in unconsolidated joint ventures 2014gramercy capital corp. , 201d for disclosure on related party transactions between gramercy and the company .13 2002equit y common stock our authorized capital stock consists of 260000000 shares , $ .01 par value , of which we have authorized the issuance of up to 160000000 shares of common stock , $ .01 par value per share , 75000000 shares of excess stock , $ .01 par value per share , and 25000000 shares of preferred stock , $ .01 par value per share .as of december a031 , 2010 , 78306702 shares of common stock and no shares of excess stock were issued and outstanding .in may 2009 , we sold 19550000 shares of our common stock at a gross price of $ 20.75 per share .the net proceeds from this offer- ing ( approximately $ 387.1 a0 million ) were primarily used to repurchase unsecured debt .perpetual preferred stock in january 2010 , we sold 5400000 shares of our series a0c preferred stock in an underwritten public offering .as a result of this offering , we have 11700000 shares of the series a0 c preferred stock outstanding .the shares of series a0c preferred stock have a liquidation preference of $ 25.00 per share and are redeemable at par , plus accrued and unpaid dividends , at any time at our option .the shares were priced at $ 23.53 per share including accrued dividends equating to a yield of 8.101% ( 8.101 % ) .we used the net offering proceeds of approximately $ 122.0 a0million for gen- eral corporate and/or working capital purposes , including purchases of the indebtedness of our subsidiaries and investment opportunities .in december 2003 , we sold 6300000 shares of our 7.625% ( 7.625 % ) series a0 c preferred stock , ( including the underwriters 2019 over-allotment option of 700000 shares ) with a mandatory liquidation preference of $ 25.00 per share .net proceeds from this offering ( approximately $ 152.0 a0 million ) were used principally to repay amounts outstanding under our secured and unsecured revolving credit facilities .the series a0c preferred stockholders receive annual dividends of $ 1.90625 per share paid on a quarterly basis and dividends are cumulative , subject to cer- tain provisions .since december a0 12 , 2008 , we have been entitled to redeem the series a0c preferred stock at par for cash at our option .the series a0c preferred stock was recorded net of underwriters discount and issuance costs .12 2002related part y transactions cleaning/securit y/messenger and restoration services through al l iance bui lding services , or al l iance , first qual i t y maintenance , a0l.p. , or first quality , provides cleaning , extermination and related services , classic security a0llc provides security services , bright star couriers a0llc provides messenger services , and onyx restoration works provides restoration services with respect to certain proper- ties owned by us .alliance is partially owned by gary green , a son of stephen a0l .green , the chairman of our board of directors .in addition , first quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis sepa- rately negotiated with any tenant seeking such additional services .the service corp .has entered into an arrangement with alliance whereby it will receive a profit participation above a certain threshold for services provided by alliance to certain tenants at certain buildings above the base services specified in their lease agreements .alliance paid the service corporation approximately $ 2.2 a0million , $ 1.8 a0million and $ 1.4 a0million for the years ended december a031 , 2010 , 2009 and 2008 , respectively .we paid alliance approximately $ 14.2 a0million , $ 14.9 a0million and $ 15.1 a0million for three years ended december a031 , 2010 , respectively , for these ser- vices ( excluding services provided directly to tenants ) .leases nancy peck and company leases 1003 square feet of space at 420 lexington avenue under a lease that ends in august 2015 .nancy peck and company is owned by nancy peck , the wife of stephen a0l .green .the rent due pursuant to the lease is $ 35516 per annum for year one increas- ing to $ 40000 in year seven .from february 2007 through december 2008 , nancy peck and company leased 507 square feet of space at 420 a0 lexington avenue pursuant to a lease which provided for annual rental payments of approximately $ 15210 .brokerage services cushman a0 & wakefield sonnenblick-goldman , a0 llc , or sonnenblick , a nationally recognized real estate investment banking firm , provided mortgage brokerage services to us .mr . a0 morton holliday , the father of mr . a0 marc holliday , was a managing director of sonnenblick at the time of the financings .in 2009 , we paid approximately $ 428000 to sonnenblick in connection with the purchase of a sub-leasehold interest and the refinancing of 420 lexington avenue .management fees s.l .green management corp. , a consolidated entity , receives property management fees from an entity in which stephen a0l .green owns an inter- est .the aggregate amount of fees paid to s.l .green management corp .from such entity was approximately $ 390700 in 2010 , $ 351700 in 2009 and $ 353500 in 2008 .notes to consolidated financial statements .
|
1.91
| 1,590 | 56 |
57 |
what was the net tax expense for the 3 years ended 2005 related to the change in financial derivatives ( in millions? )
|
page 71 of 94 notes to consolidated financial statements ball corporation and subsidiaries 16 .shareholders 2019 equity ( continued ) on october 24 , 2007 , ball announced the discontinuance of the company 2019s discount on the reinvestment of dividends associated with the company 2019s dividend reinvestment and voluntary stock purchase plan for non- employee shareholders .the 5 percent discount was discontinued on november 1 , 2007 .accumulated other comprehensive earnings ( loss ) the activity related to accumulated other comprehensive earnings ( loss ) was as follows : ( $ in millions ) foreign currency translation pension and postretirement items , net of tax effective financial derivatives , net of tax accumulated comprehensive earnings ( loss ) .
[['( $ in millions )', 'foreign currency translation', 'pension and other postretirement items net of tax', 'effective financial derivatives net of tax', 'accumulated other comprehensive earnings ( loss )'], ['december 31 2004', '$ 148.9', '$ -126.3 ( 126.3 )', '$ 10.6', '$ 33.2'], ['2005 change', '-74.3 ( 74.3 )', '-43.6 ( 43.6 )', '-16.0 ( 16.0 )', '-133.9 ( 133.9 )'], ['december 31 2005', '74.6', '-169.9 ( 169.9 )', '-5.4 ( 5.4 )', '-100.7 ( 100.7 )'], ['2006 change', '57.2', '55.9', '6.0', '119.1'], ['effect of sfas no . 158 adoption ( a )', '2013', '-47.9 ( 47.9 )', '2013', '-47.9 ( 47.9 )'], ['december 31 2006', '131.8', '-161.9 ( 161.9 )', '0.6', '-29.5 ( 29.5 )'], ['2007 change', '90.0', '57.9', '-11.5 ( 11.5 )', '136.4'], ['december 31 2007', '$ 221.8', '$ -104.0 ( 104.0 )', '$ -10.9 ( 10.9 )', '$ 106.9']]
( a ) within the company 2019s 2006 annual report , the consolidated statement of changes in shareholders 2019 equity for the year ended december 31 , 2006 , included a transition adjustment of $ 47.9 million , net of tax , related to the adoption of sfas no .158 , 201cemployers 2019 accounting for defined benefit pension plans and other postretirement plans , an amendment of fasb statements no .87 , 88 , 106 and 132 ( r ) , 201d as a component of 2006 comprehensive earnings rather than only as an adjustment to accumulated other comprehensive loss .the 2006 amounts have been revised to correct the previous reporting .notwithstanding the 2005 distribution pursuant to the jobs act , management 2019s intention is to indefinitely reinvest foreign earnings .therefore , no taxes have been provided on the foreign currency translation component for any period .the change in the pension and other postretirement items is presented net of related tax expense of $ 31.3 million and $ 2.9 million for 2007 and 2006 , respectively , and a related tax benefit of $ 27.3 million for 2005 .the change in the effective financial derivatives is presented net of related tax benefit of $ 3.2 million for 2007 , related tax expense of $ 5.7 million for 2006 and related tax benefit of $ 10.7 million for 2005 .stock-based compensation programs effective january 1 , 2006 , ball adopted sfas no .123 ( revised 2004 ) , 201cshare based payment , 201d which is a revision of sfas no .123 and supersedes apb opinion no .25 .the new standard establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or services , including stock option and restricted stock grants .the major differences for ball are that ( 1 ) expense is now recorded in the consolidated statements of earnings for the fair value of new stock option grants and nonvested portions of grants made prior to january 1 , 2006 , and ( 2 ) the company 2019s deposit share program ( discussed below ) is no longer a variable plan that is marked to current market value each month through earnings .upon adoption of sfas no .123 ( revised 2004 ) , ball has chosen to use the modified prospective transition method and the black-scholes valuation model. .
|
-8.2
| 1,228 | 57 |
58 |
how much more of a decrease cash was a result of foreign exchange in 2013 compared to 2012?
|
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2012 primarily related to payments for capital expenditures and acquisitions , partially offset by the net proceeds of $ 94.8 received from the sale of our remaining holdings in facebook .capital expenditures of $ 169.2 primarily related to computer hardware and software , and leasehold improvements .capital expenditures increased in 2012 compared to the prior year , primarily due to an increase in leasehold improvements made during the year .payments for acquisitions of $ 145.5 primarily related to payments for new acquisitions .financing activities net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock , and payment of dividends .we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes .in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock .net cash provided by financing activities during 2012 primarily reflected net proceeds from our debt transactions .we issued $ 300.0 in aggregate principal amount of 2.25% ( 2.25 % ) senior notes due 2017 ( the 201c2.25% ( 201c2.25 % ) notes 201d ) , $ 500.0 in aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2023 ( the 201c3.75% ( 201c3.75 % ) notes 201d ) and $ 250.0 in aggregate principal amount of 4.00% ( 4.00 % ) senior notes due 2022 ( the 201c4.00% ( 201c4.00 % ) notes 201d ) .the proceeds from the issuance of the 4.00% ( 4.00 % ) notes were applied towards the repurchase and redemption of $ 399.6 in aggregate principal amount of our 4.25% ( 4.25 % ) notes .offsetting the net proceeds from our debt transactions was the repurchase of 32.7 shares of our common stock for an aggregate cost of $ 350.5 , including fees , and dividend payments of $ 103.4 on our common stock .foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 .the decrease was primarily a result of the u.s .dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , japanese yen , canadian dollar and south african rand as of december 31 , 2013 compared to december 31 , 2012 .the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 6.2 in 2012 .the decrease was a result of the u.s .dollar being stronger than several foreign currencies , including the brazilian real and south african rand , offset by the u.s .dollar being weaker than other foreign currencies , including the australian dollar , british pound and the euro , as of as of december 31 , 2012 compared to december 31 , 2011. .
[['balance sheet data', 'december 31 , 2013', 'december 31 , 2012'], ['cash cash equivalents and marketable securities', '$ 1642.1', '$ 2590.8'], ['short-term borrowings', '$ 179.1', '$ 172.1'], ['current portion of long-term debt', '353.6', '216.6'], ['long-term debt', '1129.8', '2060.8'], ['total debt', '$ 1662.5', '$ 2449.5']]
liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months .we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs .we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends. .
|
$ 87.9 million
| 1,113 | 58 |
59 |
what was the ratio of the increase in the cash used for the working capital from 2004 to 2005
|
management believes it is important for interna- tional paper to maintain an investment-grade credit rat- ing to facilitate access to capital markets on favorable terms .at december 31 , 2005 , the company held long- term credit ratings of bbb ( negative outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively .cash provided by operations cash provided by continuing operations totaled $ 1.5 billion for 2005 , compared with $ 2.1 billion in 2004 and $ 1.5 billion in 2003 .the major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash in- come and expense items and changes in working capital .earnings from continuing operations adjusted for non-cash items declined by $ 83 million in 2005 versus 2004 .this compared with an increase of $ 612 million for 2004 over 2003 .working capital , representing international paper 2019s investments in accounts receivable and inventory less accounts payable and accrued liabilities , was $ 2.6 billion at december 31 , 2005 .cash used for working capital components increased by $ 591 million in 2005 , com- pared with a $ 86 million increase in 2004 and an $ 11 million increase in 2003 .the increase in 2005 was principally due to a decline in accrued liabilities at de- cember 31 , 2005 .investment activities capital spending from continuing operations was $ 1.2 billion in 2005 , or 84% ( 84 % ) of depreciation and amor- tization , comparable to the $ 1.2 billion , or 87% ( 87 % ) of depreciation and amortization in 2004 , and $ 1.0 billion , or 74% ( 74 % ) of depreciation and amortization in 2003 .the following table presents capital spending from continuing operations by each of our business segments for the years ended december 31 , 2005 , 2004 and 2003 .in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['printing papers', '$ 658', '$ 590', '$ 482'], ['industrial packaging', '187', '179', '165'], ['consumer packaging', '131', '205', '128'], ['distribution', '9', '5', '12'], ['forest products', '121', '126', '121'], ['specialty businesses and other', '31', '39', '31'], ['subtotal', '1137', '1144', '939'], ['corporate and other', '18', '32', '54'], ['total from continuing operations', '$ 1155', '$ 1176', '$ 993']]
we expect capital expenditures in 2006 to be about $ 1.2 billion , or about 80% ( 80 % ) of depreciation and amor- tization .we will continue to focus our future capital spending on improving our key platform businesses in north america and on investments in geographic areas with strong growth opportunities .acquisitions in october 2005 , international paper acquired ap- proximately 65% ( 65 % ) of compagnie marocaine des cartons et des papiers ( cmcp ) , a leading moroccan corrugated packaging company , for approximately $ 80 million in cash plus assumed debt of approximately $ 40 million .in august 2005 , pursuant to an existing agreement , international paper purchased a 50% ( 50 % ) third-party interest in ippm ( subsequently renamed international paper distribution limited ) for $ 46 million to facilitate possi- ble further growth in asian markets .in 2001 , interna- tional paper had acquired a 25% ( 25 % ) interest in this business .the accompanying consolidated balance sheet as of december 31 , 2005 includes preliminary estimates of the fair values of the assets and liabilities acquired , including approximately $ 50 million of goodwill .in july 2004 , international paper acquired box usa holdings , inc .( box usa ) for approximately $ 400 million , including the assumption of approximately $ 197 million of debt , of which approximately $ 193 mil- lion was repaid by july 31 , 2004 .each of the above acquisitions was accounted for using the purchase method .the operating results of these acquisitions have been included in the con- solidated statement of operations from the dates of ac- quisition .financing activities 2005 : financing activities during 2005 included debt issuances of $ 1.0 billion and retirements of $ 2.7 billion , for a net debt and preferred securities reduction of $ 1.7 billion .in november and december 2005 , international paper investments ( luxembourg ) s.ar.l. , a wholly- owned subsidiary of international paper , issued $ 700 million of long-term debt with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2010 .additionally , the subsidiary borrowed $ 70 million under a bank credit agreement with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2006 .in december 2005 , international paper used pro- ceeds from the above borrowings , and from the sale of chh in the third quarter of 2005 , to repay approx- imately $ 190 million of notes with coupon rates ranging from 3.8% ( 3.8 % ) to 10% ( 10 % ) and original maturities from 2008 to 2029 .the remaining proceeds from the borrowings and the chh sale will be used for further debt reductions in the first quarter of 2006. .
|
6.87
| 1,461 | 59 |
60 |
for 2013 and 2012 , what was total noninterest income in millions?
|
simulations assume that as assets and liabilities mature , they are replaced or repriced at then current market rates .we also consider forward projections of purchase accounting accretion when forecasting net interest income .the following graph presents the libor/swap yield curves for the base rate scenario and each of the alternate scenarios one year forward .table 52 : alternate interest rate scenarios : one year forward base rates pnc economist market forward slope flattening 2y 3y 5y 10y the fourth quarter 2013 interest sensitivity analyses indicate that our consolidated balance sheet is positioned to benefit from an increase in interest rates and an upward sloping interest rate yield curve .we believe that we have the deposit funding base and balance sheet flexibility to adjust , where appropriate and permissible , to changing interest rates and market conditions .market risk management 2013 customer-related trading risk we engage in fixed income securities , derivatives and foreign exchange transactions to support our customers 2019 investing and hedging activities .these transactions , related hedges and the credit valuation adjustment ( cva ) related to our customer derivatives portfolio are marked-to-market on a daily basis and reported as customer-related trading activities .we do not engage in proprietary trading of these products .we use value-at-risk ( var ) as the primary means to measure and monitor market risk in customer-related trading activities .we calculate a diversified var at a 95% ( 95 % ) confidence interval .var is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors .a diversified var reflects empirical correlations across different asset classes .during 2013 , our 95% ( 95 % ) var ranged between $ 1.7 million and $ 5.5 million , averaging $ 3.5 million .during 2012 , our 95% ( 95 % ) var ranged between $ 1.1 million and $ 5.3 million , averaging $ 3.2 million .to help ensure the integrity of the models used to calculate var for each portfolio and enterprise-wide , we use a process known as backtesting .the backtesting process consists of comparing actual observations of gains or losses against the var levels that were calculated at the close of the prior day .this assumes that market exposures remain constant throughout the day and that recent historical market variability is a good predictor of future variability .our customer-related trading activity includes customer revenue and intraday hedging which helps to reduce losses , and may reduce the number of instances of actual losses exceeding the prior day var measure .there was one such instance during 2013 under our diversified var measure where actual losses exceeded the prior day var measure .in comparison , there were two such instances during 2012 .we use a 500 day look back period for backtesting and include customer-related revenue .the following graph shows a comparison of enterprise-wide gains and losses against prior day diversified var for the period indicated .table 53 : enterprise-wide gains/losses versus value-at- 12/31/12 1/31/13 2/28/13 3/31/13 4/30/13 5/31/13 6/30/13 7/31/13 8/31/13 9/30/13 10/31/13 11/30/13 12/31/13 total customer-related trading revenue was as follows : table 54 : customer-related trading revenue year ended december 31 in millions 2013 2012 .
[['year ended december 31in millions', '2013', '2012'], ['net interest income', '$ 31', '$ 38'], ['noninterest income', '286', '272'], ['total customer-related trading revenue', '$ 317', '$ 310'], ['securities underwriting and trading ( a )', '$ 78', '$ 100'], ['foreign exchange', '94', '92'], ['financial derivatives and other', '145', '118'], ['total customer-related trading revenue', '$ 317', '$ 310']]
( a ) includes changes in fair value for certain loans accounted for at fair value .customer-related trading revenues for 2013 increased $ 7 million compared with 2012 .the increase primarily resulted from the impact of higher market interest rates on credit valuations for customer-related derivatives activities and improved debt underwriting results which were partially offset by reduced client sales revenue .the pnc financial services group , inc .2013 form 10-k 93 .
|
558
| 1,039 | 60 |
61 |
what was the ratio of the fair value of derivative receivables reported on the consolidated balance sheets at december 31 , 2018 and 2017 .
|
jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .for further information on wholesale lending-related commitments , refer to note 27 .clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .for further discussion of clearing services , refer to note 27 .derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .the firm also uses derivative instruments to manage its own credit and other market risk exposure .the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .the following table summarizes the net derivative receivables for the periods presented .derivative receivables .
[['december 31 ( in millions )', '2018', '2017'], ['total net of cash collateral', '$ 54213', '$ 56523'], ['liquid securities and other cash collateral held against derivative receivables ( a )', '-15322 ( 15322 )', '-16108 ( 16108 )'], ['total net of all collateral', '$ 38891', '$ 40415']]
( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .for additional information on the firm 2019s use of collateral agreements , refer to note 5 .while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .these measures all incorporate netting and collateral benefits , where applicable .peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .
|
0.96
| 1,368 | 61 |
62 |
what year had the greatest amount of accounts receivable net?
|
35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s .taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s .as of september 24 , 2011 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 3.2 billion , and deferred tax liabilities of $ 9.2 billion .management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets .the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance .the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .the company has contested certain of these adjustments through the irs appeals office .the irs is currently examining the years 2007 through 2009 .all irs audit issues for years prior to 2004 have been resolved .in addition , the company is subject to audits by state , local , and foreign tax authorities .management believes that adequate provisions have been made for any adjustments that may result from tax examinations .however , the outcome of tax audits cannot be predicted with certainty .if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs .liquidity and capital resources the following table presents selected financial information and statistics as of and for the three years ended september 24 , 2011 ( in millions ) : .
[['', '2011', '2010', '2009'], ['cash cash equivalents and marketable securities', '$ 81570', '$ 51011', '$ 33992'], ['accounts receivable net', '$ 5369', '$ 5510', '$ 3361'], ['inventories', '$ 776', '$ 1051', '$ 455'], ['working capital', '$ 17018', '$ 20956', '$ 20049'], ['annual operating cash flow', '$ 37529', '$ 18595', '$ 10159']]
cash , cash equivalents and marketable securities increased $ 30.6 billion or 60% ( 60 % ) during 2011 .the principal components of this net increase was the cash generated by operating activities of $ 37.5 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 4.3 billion , payments for acquisition of intangible assets of $ 3.2 billion and payments made in connection with business acquisitions , net of cash acquired , of $ 244 million .the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months .the company 2019s marketable securities investment portfolio is invested primarily in highly rated securities and its policy generally limits the amount of credit exposure to any one issuer .the company 2019s investment policy requires investments to generally be investment grade with the objective of minimizing the potential risk of principal loss .as of september 24 , 2011 and september 25 , 2010 , $ 54.3 billion and $ 30.8 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s .dollar-denominated holdings .amounts held by foreign subsidiaries are generally subject to u.s .income taxation on repatriation to the u.s .capital assets the company 2019s capital expenditures were $ 4.6 billion during 2011 , consisting of approximately $ 614 million for retail store facilities and $ 4.0 billion for other capital expenditures , including product tooling and manufacturing .
|
2010
| 982 | 62 |
63 |
what was the approximate value of kelway in the fourth quarter of 2014 , in millions?
|
table of contents ( 4 ) the decline in cash flows was driven by the timing of inventory purchases at the end of 2014 versus 2013 .in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average .components of our cash conversion cycle are as follows: .
[['( in days )', 'december 31 , 2015', 'december 31 , 2014', 'december 31 , 2013'], ['days of sales outstanding ( dso ) ( 1 )', '48', '42', '44'], ['days of supply in inventory ( dio ) ( 2 )', '13', '13', '14'], ['days of purchases outstanding ( dpo ) ( 3 )', '-40 ( 40 )', '-34 ( 34 )', '-35 ( 35 )'], ['cash conversion cycle', '21', '21', '23']]
( 1 ) represents the rolling three-month average of the balance of trade accounts receivable , net at the end of the period divided by average daily net sales for the same three-month period .also incorporates components of other miscellaneous receivables .( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of goods sold for the same three-month period .( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of goods sold for the same three-month period .the cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014 .the increase in dso was primarily driven by a higher accounts receivable balance at december 31 , 2015 driven by higher public segment sales where customers generally take longer to pay than customers in our corporate segment , slower government payments in certain states due to budget issues and an increase in net sales and related accounts receivable for third-party services such as software assurance and warranties .these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis .these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales .in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms .the cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days at december 31 , 2013 , primarily driven by improvement in dso .the decline in dso was primarily driven by improved collections and early payments from certain customers .additionally , the timing of inventory receipts at the end of 2014 had a favorable impact on dio and an unfavorable impact on dpo .investing activities net cash used in investing activities increased $ 189.6 million in 2015 compared to 2014 .the increase was primarily due to the completion of the acquisition of kelway by purchasing the remaining 65% ( 65 % ) of its outstanding common stock on august 1 , 2015 .additionally , capital expenditures increased $ 35.1 million to $ 90.1 million from $ 55.0 million for 2015 and 2014 , respectively , primarily for our new office location and an increase in spending related to improvements to our information technology systems .net cash used in investing activities increased $ 117.7 million in 2014 compared to 2013 .we paid $ 86.8 million in the fourth quarter of 2014 to acquire a 35% ( 35 % ) non-controlling interest in kelway .additionally , capital expenditures increased $ 7.9 million to $ 55.0 million from $ 47.1 million in 2014 and 2013 , respectively , primarily for improvements to our information technology systems during both years .financing activities net cash used in financing activities increased $ 114.5 million in 2015 compared to 2014 .the increase was primarily driven by share repurchases during the year ended december 31 , 2015 which resulted in an increase in cash used for financing activities of $ 241.3 million .for more information on our share repurchase program , see item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase was partially offset by the changes in accounts payable-inventory financing , which resulted in an increase in cash provided for financing activities of $ 20.4 million , and the net impact of our debt transactions which resulted in cash outflows of $ 7.1 million and $ 145.9 million during the years .
|
249.29
| 1,207 | 63 |
64 |
considering the years 2013 and 2012 , what is the variation observed in the expected return on plan assets , in millions?
|
13 .pension and other postretirement benefit plans the company has defined benefit pension plans covering eligible employees in the united states and in certain of its international subsidiaries .as a result of plan design changes approved in 2011 , beginning on january 1 , 2013 , active participants in merck 2019s primary u.s .defined benefit pension plans are accruing pension benefits using new cash balance formulas based on age , service , pay and interest .however , during a transition period from january 1 , 2013 through december 31 , 2019 , participants will earn the greater of the benefit as calculated under the employee 2019s legacy final average pay formula or their new cash balance formula .for all years of service after december 31 , 2019 , participants will earn future benefits under only the cash balance formula .in addition , the company provides medical benefits , principally to its eligible u.s .retirees and their dependents , through its other postretirement benefit plans .the company uses december 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans .net periodic benefit cost the net periodic benefit cost for pension and other postretirement benefit plans consisted of the following components: .
[['years ended december 31', 'pension benefits 2013', 'pension benefits 2012', 'pension benefits 2011', 'pension benefits 2013', 'pension benefits 2012', '2011'], ['service cost', '$ 682', '$ 555', '$ 619', '$ 102', '$ 82', '$ 110'], ['interest cost', '665', '661', '718', '107', '121', '141'], ['expected return on plan assets', '-1097 ( 1097 )', '-970 ( 970 )', '-972 ( 972 )', '-126 ( 126 )', '-136 ( 136 )', '-142 ( 142 )'], ['net amortization', '336', '185', '201', '-50 ( 50 )', '-35 ( 35 )', '-17 ( 17 )'], ['termination benefits', '58', '27', '59', '50', '18', '29'], ['curtailments', '-23 ( 23 )', '-10 ( 10 )', '-86 ( 86 )', '-11 ( 11 )', '-7 ( 7 )', '1'], ['settlements', '23', '18', '4', '2014', '2014', '2014'], ['net periodic benefit cost', '$ 644', '$ 466', '$ 543', '$ 72', '$ 43', '$ 122']]
the increase in net periodic benefit cost for pension and other postretirement benefit plans in 2013 as compared with 2012 is largely attributable to a change in the discount rate .the net periodic benefit cost attributable to u.s .pension plans included in the above table was $ 348 million in 2013 , $ 268 million in 2012 and $ 406 million in in connection with restructuring actions ( see note 3 ) , termination charges were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans related to expanded eligibility for certain employees exiting merck .also , in connection with these restructuring activities , curtailments were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans .in addition , settlements were recorded in 2013 , 2012 and 2011 on certain domestic and international pension plans .table of contents .
|
127
| 947 | 64 |
65 |
what was the net change in millions in the accumulated depreciation and amortization of real estate assets from 2015 to 2016?
|
schedule iii page 6 of 6 host hotels & resorts , inc. , and subsidiaries host hotels & resorts , l.p. , and subsidiaries real estate and accumulated depreciation december 31 , 2018 ( in millions ) ( b ) the change in accumulated depreciation and amortization of real estate assets for the fiscal years ended december 31 , 2018 , 2017 and 2016 is as follows: .
[['balance at december 31 2015', '$ 5666'], ['depreciation and amortization', '572'], ['dispositions and other', '-159 ( 159 )'], ['depreciation on assets held for sale', '-130 ( 130 )'], ['balance at december 31 2016', '5949'], ['depreciation and amortization', '563'], ['dispositions and other', '-247 ( 247 )'], ['depreciation on assets held for sale', '7'], ['balance at december 31 2017', '6272'], ['depreciation and amortization', '546'], ['dispositions and other', '-344 ( 344 )'], ['depreciation on assets held for sale', '-101 ( 101 )'], ['balance at december 31 2018', '$ 6373']]
( c ) the aggregate cost of real estate for federal income tax purposes is approximately $ 10458 million at december 31 , 2018 .( d ) the total cost of properties excludes construction-in-progress properties. .
|
283
| 403 | 65 |
66 |
is the three year average credit risk greater than the market risk
|
management 2019s discussion and analysis 120 jpmorgan chase & co./2012 annual report $ 12.0 billion , and jpmorgan clearing 2019s net capital was $ 6.6 billion , exceeding the minimum requirement by $ 5.0 billion .in addition to its minimum net capital requirement , jpmorgan securities is required to hold tentative net capital in excess of $ 1.0 billion and is also required to notify the sec in the event that tentative net capital is less than $ 5.0 billion , in accordance with the market and credit risk standards of appendix e of the net capital rule .as of december 31 , 2012 , jpmorgan securities had tentative net capital in excess of the minimum and notification requirements .j.p .morgan securities plc ( formerly j.p .morgan securities ltd. ) is a wholly-owned subsidiary of jpmorgan chase bank , n.a .and is the firm 2019s principal operating subsidiary in the u.k .it has authority to engage in banking , investment banking and broker-dealer activities .j.p .morgan securities plc is regulated by the u.k .financial services authority ( 201cfsa 201d ) .at december 31 , 2012 , it had total capital of $ 20.8 billion , or a total capital ratio of 15.5% ( 15.5 % ) which exceeded the 8% ( 8 % ) well-capitalized standard applicable to it under basel 2.5 .economic risk capital jpmorgan chase assesses its capital adequacy relative to the risks underlying its business activities using internal risk-assessment methodologies .the firm measures economic capital primarily based on four risk factors : credit , market , operational and private equity risk. .
[['year ended december 31 ( in billions )', 'yearly average 2012', 'yearly average 2011', 'yearly average 2010'], ['credit risk', '$ 46.6', '$ 48.2', '$ 49.7'], ['market risk', '17.5', '14.5', '15.1'], ['operational risk', '15.9', '8.5', '7.4'], ['private equity risk', '6.0', '6.9', '6.2'], ['economic risk capital', '86.0', '78.1', '78.4'], ['goodwill', '48.2', '48.6', '48.6'], ['other ( a )', '50.2', '46.6', '34.5'], ['total common stockholders 2019equity', '$ 184.4', '$ 173.3', '$ 161.5']]
( a ) reflects additional capital required , in the firm 2019s view , to meet its regulatory and debt rating objectives .credit risk capital credit risk capital is estimated separately for the wholesale businesses ( cib , cb and am ) and consumer business ( ccb ) .credit risk capital for the wholesale credit portfolio is defined in terms of unexpected credit losses , both from defaults and from declines in the value of the portfolio due to credit deterioration , measured over a one-year period at a confidence level consistent with an 201caa 201d credit rating standard .unexpected losses are losses in excess of those for which the allowance for credit losses is maintained .the capital methodology is based on several principal drivers of credit risk : exposure at default ( or loan-equivalent amount ) , default likelihood , credit spreads , loss severity and portfolio correlation .credit risk capital for the consumer portfolio is based on product and other relevant risk segmentation .actual segment-level default and severity experience are used to estimate unexpected losses for a one-year horizon at a confidence level consistent with an 201caa 201d credit rating standard .the decrease in credit risk capital in 2012 was driven by consumer portfolio runoff and continued model enhancements to better estimate future stress credit losses in the consumer portfolio .see credit risk management on pages 134 2013135 of this annual report for more information about these credit risk measures .market risk capital the firm calculates market risk capital guided by the principle that capital should reflect the risk of loss in the value of the portfolios and financial instruments caused by adverse movements in market variables , such as interest and foreign exchange rates , credit spreads , and securities and commodities prices , taking into account the liquidity of the financial instruments .results from daily var , weekly stress tests , issuer credit spreads and default risk calculations , as well as other factors , are used to determine appropriate capital levels .market risk capital is allocated to each business segment based on its risk assessment .the increase in market risk capital in 2012 was driven by increased risk in the synthetic credit portfolio .see market risk management on pages 163 2013169 of this annual report for more information about these market risk measures .operational risk capital operational risk is the risk of loss resulting from inadequate or failed processes or systems , human factors or external events .the operational risk capital model is based on actual losses and potential scenario-based losses , with adjustments to the capital calculation to reflect changes in the quality of the control environment .the increase in operational risk capital in 2012 was primarily due to continued model enhancements to better capture large historical loss events , including mortgage-related litigation costs .the increases that occurred during 2012 will be fully reflected in average operational risk capital in 2013 .see operational risk management on pages 175 2013176 of this annual report for more information about operational risk .private equity risk capital capital is allocated to privately- and publicly-held securities , third-party fund investments , and commitments in the private equity portfolio , within the corporate/private equity segment , to cover the potential loss associated with a decline in equity markets and related asset devaluations .in addition to negative market fluctuations , potential losses in private equity investment portfolios can be magnified by liquidity risk. .
|
yes
| 1,319 | 66 |
67 |
what is the length of the lease for fitzpatrick , ( in years ) ?
|
part i item 1 entergy corporation , utility operating companies , and system energy entergy wholesale commodities during 2010 entergy integrated its non-utility nuclear and its non-nuclear wholesale assets businesses into a new organization called entergy wholesale commodities .entergy wholesale commodities includes the ownership and operation of six nuclear power plants , five of which are located in the northeast united states , with the sixth located in michigan , and is primarily focused on selling electric power produced by those plants to wholesale customers .entergy wholesale commodities 2019 revenues are primarily derived from sales of energy and generation capacity from these plants .entergy wholesale commodities also provides operations and management services , including decommissioning services , to nuclear power plants owned by other utilities in the united states .entergy wholesale commodities also includes the ownership of , or participation in joint ventures that own , non-nuclear power plants and the sale to wholesale customers of the electric power produced by these plants .property nuclear generating stations entergy wholesale commodities includes the ownership of the following nuclear power plants : power plant market service acquired location capacity- reactor type license expiration .
[['power plant', 'market', 'inserviceyear', 'acquired', 'location', 'capacity-reactor type', 'licenseexpirationdate'], ['pilgrim', 'is0-ne', '1972', 'july 1999', 'plymouth ma', '688 mw - boiling water', '2012'], ['fitzpatrick', 'nyiso', '1975', 'nov . 2000', 'oswego ny', '838 mw - boiling water', '2034'], ['indian point 3', 'nyiso', '1976', 'nov . 2000', 'buchanan ny', '1041 mw - pressurized water', '2015'], ['indian point 2', 'nyiso', '1974', 'sept . 2001', 'buchanan ny', '1028 mw - pressurized water', '2013'], ['vermont yankee', 'is0-ne', '1972', 'july 2002', 'vernon vt', '605 mw - boiling water', '2032'], ['palisades', 'miso', '1971', 'apr . 2007', 'south haven mi', '811 mw - pressurized water', '2031']]
entergy wholesale commodities also includes the ownership of two non-operating nuclear facilities , big rock point in michigan and indian point 1 in new york that were acquired when entergy purchased the palisades and indian point 2 nuclear plants , respectively .these facilities are in various stages of the decommissioning process .the nrc operating license for vermont yankee was to expire in march 2012 .in march 2011 the nrc renewed vermont yankee 2019s operating license for an additional 20 years , as a result of which the license now expires in 2032 .for additional discussion regarding the continued operation of the vermont yankee plant , see 201cimpairment of long-lived assets 201d in note 1 to the financial statements .the operating licenses for pilgrim , indian point 2 , and indian point 3 expire between 2012 and 2015 .under federal law , nuclear power plants may continue to operate beyond their license expiration dates while their renewal applications are pending nrc approval .various parties have expressed opposition to renewal of the licenses .with respect to the pilgrim license renewal , the atomic safety and licensing board ( aslb ) of the nrc , after issuing an order denying a new hearing request , terminated its proceeding on pilgrim 2019s license renewal application .with the aslb process concluded the proceeding , including appeals of certain aslb decisions , is now before the nrc .in april 2007 , entergy submitted an application to the nrc to renew the operating licenses for indian point 2 and 3 for an additional 20 years .the aslb has admitted 21 contentions raised by the state of new york or other parties , which were combined into 16 discrete issues .two of the issues have been resolved , leaving 14 issues that are currently subject to aslb hearings .in july 2011 , the aslb granted the state of new york 2019s motion for summary disposition of an admitted contention challenging the adequacy of a section of indian point 2019s environmental analysis as incorporated in the fseis ( discussed below ) .that section provided cost estimates for severe accident mitigation alternatives ( samas ) , which are hardware and procedural changes that could be .
|
34
| 1,050 | 67 |
68 |
what is the proportion of leased corporate units to owned corporate units?
|
item 2 .properties .bd 2019s executive offices are located in franklin lakes , new jersey .as of october 31 , 2017 , bd owned or leased 289 facilities throughout the world , comprising approximately 20462405 square feet of manufacturing , warehousing , administrative and research facilities .the u.s .facilities , including those in puerto rico , comprise approximately 7472419 square feet of owned and 2976267 square feet of leased space .the international facilities comprise approximately 7478714 square feet of owned and 2535005 square feet of leased space .sales offices and distribution centers included in the total square footage are also located throughout the world .operations in each of bd 2019s business segments are conducted at both u.s .and international locations .particularly in the international marketplace , facilities often serve more than one business segment and are used for multiple purposes , such as administrative/sales , manufacturing and/or warehousing/distribution .bd generally seeks to own its manufacturing facilities , although some are leased .the following table summarizes property information by business segment. .
[['sites', 'corporate', 'bd life sciences', 'bd medical', 'mixed ( a )', 'total'], ['leased', '14', '25', '96', '83', '218'], ['owned', '6', '26', '33', '6', '71'], ['total', '20', '51', '129', '89', '289'], ['square feet', '2263694', '4421732', '10838632', '2938347', '20462405']]
( a ) facilities used by more than one business segment .bd believes that its facilities are of good construction and in good physical condition , are suitable and adequate for the operations conducted at those facilities , and are , with minor exceptions , fully utilized and operating at normal capacity .the u.s .facilities are located in alabama , arizona , california , connecticut , florida , georgia , illinois , indiana , maryland , massachusetts , michigan , missouri , nebraska , new jersey , north carolina , ohio , oklahoma , south carolina , texas , utah , virginia , washington , d.c. , washington , wisconsin and puerto rico .the international facilities are as follows : - europe , middle east , africa , which includes facilities in austria , belgium , bosnia and herzegovina , the czech republic , denmark , england , finland , france , germany , ghana , hungary , ireland , israel , italy , kenya , luxembourg , netherlands , norway , poland , portugal , russia , saudi arabia , south africa , spain , sweden , switzerland , turkey , the united arab emirates and zambia .- greater asia , which includes facilities in australia , bangladesh , china , india , indonesia , japan , malaysia , new zealand , the philippines , singapore , south korea , taiwan , thailand and vietnam .- latin america , which includes facilities in argentina , brazil , chile , colombia , mexico , peru and the dominican republic .- canada .item 3 .legal proceedings .information with respect to certain legal proceedings is included in note 5 to the consolidated financial statements contained in item 8 .financial statements and supplementary data , and is incorporated herein by reference .item 4 .mine safety disclosures .not applicable. .
|
2.3:1
| 801 | 68 |
69 |
was the company's us project capacity greeter than the capacity in bulgaria?
|
management 2019s priorities management has re-evaluated its priorities following the appointment of its new ceo in september 2011 .management is focused on the following priorities : 2022 execution of our geographic concentration strategy to maximize shareholder value through disciplined capital allocation including : 2022 platform expansion in brazil , chile , colombia , and the united states , 2022 platform development in turkey , poland , and the united kingdom , 2022 corporate debt reduction , and 2022 a return of capital to shareholders , including our intent to initiate a dividend in 2012 ; 2022 closing the sales of businesses for which we have signed agreements with counterparties and prudently exiting select non-strategic markets ; 2022 optimizing profitability of operations in the existing portfolio ; 2022 integration of dpl into our portfolio ; 2022 implementing a management realignment of our businesses under two business lines : utilities and generation , and achieving cost savings through the alignment of overhead costs with business requirements , systems automation and optimal allocation of business development spending ; and 2022 completion of an approximately 2400 mw construction program and the integration of new projects into existing businesses .during the year ended december 31 , 2011 , the following projects commenced commercial operations : project location fuel aes equity interest ( percent , rounded ) aes solar ( 1 ) .......................various solar 62 50% ( 50 % ) .
[['project', 'location', 'fuel', 'gross mw', 'aes equity interest ( percent rounded )'], ['aes solar ( 1 )', 'various', 'solar', '62', '50% ( 50 % )'], ['angamos', 'chile', 'coal', '545', '71% ( 71 % )'], ['changuinola', 'panama', 'hydro', '223', '100% ( 100 % )'], ['kumkoy ( 2 )', 'turkey', 'hydro', '18', '51% ( 51 % )'], ['laurel mountain', 'us-wv', 'wind', '98', '100% ( 100 % )'], ['maritza', 'bulgaria', 'coal', '670', '100% ( 100 % )'], ['sao joaquim', 'brazil', 'hydro', '3', '24% ( 24 % )'], ['trinidad ( 3 )', 'trinidad', 'gas', '394', '10% ( 10 % )']]
trinidad ( 3 ) ........................trinidad gas 394 10% ( 10 % ) ( 1 ) aes solar energy ltd .is a joint venture with riverstone holdings and is accounted for as an equity method investment .plants that came online during the year include : kalipetrovo , ugento , soemina , francavilla fontana , latina , cocomeri , francofonte , scopeto , sabaudia , aprilla-1 , siracusa 1-3 complex , manduria apollo and rinaldone .( 2 ) joint venture with i.c .energy .( 3 ) an equity method investment held by aes .key trends and uncertainties our operations continue to face many risks as discussed in item 1a . 2014risk factors of this form 10-k .some of these challenges are also described below in 201ckey drivers of results in 2011 201d .we continue to monitor our operations and address challenges as they arise .operations in august 2010 , the esti power plant , a 120 mw run-of-river hydroelectric power plant in panama , was taken offline due to damage to its tunnel infrastructure .aes panama is partially covered for business .
|
no
| 882 | 69 |
70 |
was the c series 2008 annual return greater than the s&p 500?
|
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 .
|
yes
| 434 | 70 |
71 |
how much more money would jp morgan need to meet management 2019s plan to reach an estimated basel iii tier i common ratio of 9.5%?
|
jpmorgan chase & co./2012 annual report 119 implementing further revisions to the capital accord in the u.s .( such further revisions are commonly referred to as 201cbasel iii 201d ) .basel iii revised basel ii by , among other things , narrowing the definition of capital , and increasing capital requirements for specific exposures .basel iii also includes higher capital ratio requirements and provides that the tier 1 common capital requirement will be increased to 7% ( 7 % ) , comprised of a minimum ratio of 4.5% ( 4.5 % ) plus a 2.5% ( 2.5 % ) capital conservation buffer .implementation of the 7% ( 7 % ) tier 1 common capital requirement is required by january 1 , in addition , global systemically important banks ( 201cgsibs 201d ) will be required to maintain tier 1 common requirements above the 7% ( 7 % ) minimum in amounts ranging from an additional 1% ( 1 % ) to an additional 2.5% ( 2.5 % ) .in november 2012 , the financial stability board ( 201cfsb 201d ) indicated that it would require the firm , as well as three other banks , to hold the additional 2.5% ( 2.5 % ) of tier 1 common ; the requirement will be phased in beginning in 2016 .the basel committee also stated it intended to require certain gsibs to hold an additional 1% ( 1 % ) of tier 1 common under certain circumstances , to act as a disincentive for the gsib from taking actions that would further increase its systemic importance .currently , no gsib ( including the firm ) is required to hold this additional 1% ( 1 % ) of tier 1 common .in addition , pursuant to the requirements of the dodd-frank act , u.s .federal banking agencies have proposed certain permanent basel i floors under basel ii and basel iii capital calculations .the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under basel iii rules , along with the firm 2019s estimated risk-weighted assets .tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of aoci related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .the firm estimates that its tier 1 common ratio under basel iii rules would be 8.7% ( 8.7 % ) as of december 31 , 2012 .the tier 1 common ratio under both basel i and basel iii are non- gaap financial measures .however , such measures are used by bank regulators , investors and analysts as a key measure to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .december 31 , 2012 ( in millions , except ratios ) .
[['tier 1 common under basel i rules', '$ 140342'], ['adjustments related to aoci for afs securities and defined benefit pension and opeb plans', '4077'], ['all other adjustments', '-453 ( 453 )'], ['estimated tier 1 common under basel iii rules', '$ 143966'], ['estimated risk-weighted assets under basel iii rules ( a )', '$ 1647903'], ['estimated tier 1 common ratio under basel iii rules ( b )', '8.7% ( 8.7 % )']]
estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8.7% ( 8.7 % ) ( a ) key differences in the calculation of risk-weighted assets between basel i and basel iii include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk weightings which vary only by counterparty type and asset class ; ( 2 ) basel iii market risk rwa reflects the new capital requirements related to trading assets and securitizations , which include incremental capital requirements for stress var , correlation trading , and re-securitization positions ; and ( 3 ) basel iii includes rwa for operational risk , whereas basel i does not .the actual impact on the firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from the regulators , as well as regulatory approval of certain of the firm 2019s internal risk models .( b ) the tier 1 common ratio is tier 1 common divided by rwa .the firm 2019s estimate of its tier 1 common ratio under basel iii reflects its current understanding of the basel iii rules based on information currently published by the basel committee and u.s .federal banking agencies and on the application of such rules to its businesses as currently conducted ; it excludes the impact of any changes the firm may make in the future to its businesses as a result of implementing the basel iii rules , possible enhancements to certain market risk models , and any further implementation guidance from the regulators .the basel iii capital requirements are subject to prolonged transition periods .the transition period for banks to meet the tier 1 common requirement under basel iii was originally scheduled to begin in 2013 , with full implementation on january 1 , 2019 .in november 2012 , the u.s .federal banking agencies announced a delay in the implementation dates for the basel iii capital requirements .the additional capital requirements for gsibs will be phased in starting january 1 , 2016 , with full implementation on january 1 , 2019 .management 2019s current objective is for the firm to reach , by the end of 2013 , an estimated basel iii tier i common ratio of 9.5% ( 9.5 % ) .additional information regarding the firm 2019s capital ratios and the federal regulatory capital standards to which it is subject is presented in supervision and regulation on pages 1 20138 of the 2012 form 10-k , and note 28 on pages 306 2013 308 of this annual report .broker-dealer regulatory capital jpmorgan chase 2019s principal u.s .broker-dealer subsidiaries are j.p .morgan securities llc ( 201cjpmorgan securities 201d ) and j.p .morgan clearing corp .( 201cjpmorgan clearing 201d ) .jpmorgan clearing is a subsidiary of jpmorgan securities and provides clearing and settlement services .jpmorgan securities and jpmorgan clearing are each subject to rule 15c3-1 under the securities exchange act of 1934 ( the 201cnet capital rule 201d ) .jpmorgan securities and jpmorgan clearing are also each registered as futures commission merchants and subject to rule 1.17 of the commodity futures trading commission ( 201ccftc 201d ) .jpmorgan securities and jpmorgan clearing have elected to compute their minimum net capital requirements in accordance with the 201calternative net capital requirements 201d of the net capital rule .at december 31 , 2012 , jpmorgan securities 2019 net capital , as defined by the net capital rule , was $ 13.5 billion , exceeding the minimum requirement by .
|
$ 12584
| 1,773 | 71 |
72 |
was diluted-as reported net income per share greater than diluted-pro forma net income per share?
|
stock-based compensation we did not recognize stock-based employee compensation expense related to stock options granted before 2003 as permitted under accounting principles board opinion no .25 , 201caccounting for stock issued to employees , 201d ( 201capb 25 201d ) .effective january 1 , 2003 , we adopted the fair value recognition provisions of sfas 123 , 201caccounting for stock- based compensation , 201d as amended by sfas 148 , 201caccounting for stock-based compensation-transition and disclosure , 201d prospectively to all employee awards granted , modified or settled after january 1 , 2003 .we did not restate results for prior years upon our adoption of sfas 123 .since we adopted sfas 123 prospectively , the cost related to stock- based employee compensation included in net income for 2005 was less than what we would have recognized if we had applied the fair value based method to all awards since the original effective date of the standard .in december 2004 , the fasb issued sfas 123r 201cshare- based payment , 201d which replaced sfas 123 and superseded apb 25 .sfas 123r requires compensation cost related to share-based payments to employees to be recognized in the financial statements based on their fair value .we adopted sfas 123r effective january 1 , 2006 , using the modified prospective method of transition , which required the provisions of sfas 123r be applied to new awards and awards modified , repurchased or cancelled after the effective date .it also required changes in the timing of expense recognition for awards granted to retirement-eligible employees and clarified the accounting for the tax effects of stock awards .the adoption of sfas 123r did not have a significant impact on our consolidated financial statements .the following table shows the effect on 2005 net income and earnings per share if we had applied the fair value recognition provisions of sfas 123 , as amended , to all outstanding and unvested awards .pro forma net income and earnings per share ( a ) .
[['in millions except for per share data', '2005'], ['net income', '$ 1325'], ['add : stock-based employee compensation expense included in reported net income net of related tax effects', '54'], ['deduct : total stock-based employee compensation expense determined under the fair value method for all awards net of related taxeffects', '-60 ( 60 )'], ['pro forma net income', '$ 1319'], ['earnings per share', ''], ['basic-as reported', '$ 4.63'], ['basic-pro forma', '4.60'], ['diluted-as reported', '$ 4.55'], ['diluted-pro forma', '4.52']]
( a ) there were no differences between the gaap basis and pro forma basis of reporting 2006 net income and related per share amounts .see note 18 stock-based compensation plans for additional information .recent accounting pronouncements in december 2007 , the fasb issued sfas 141 ( r ) , 201cbusiness combinations . 201d this statement will require all businesses acquired to be measured at the fair value of the consideration paid as opposed to the cost-based provisions of sfas 141 .it will require an entity to recognize the assets acquired , the liabilities assumed , and any noncontrolling interest in the acquiree at the acquisition date , measured at their fair values as of that date .sfas 141 ( r ) requires the value of consideration paid including any future contingent consideration to be measured at fair value at the closing date of the transaction .also , restructuring costs and acquisition costs are to be expensed rather than included in the cost of the acquisition .this guidance is effective for all acquisitions with closing dates after january 1 , 2009 .in december 2007 , the fasb issued sfas 160 , 201caccounting and reporting of noncontrolling interests in consolidated financial statements , an amendment of arb no .51 . 201d this statement amends arb no .51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .it clarifies that a noncontrolling interest should be reported as equity in the consolidated financial statements .this statement requires expanded disclosures that identify and distinguish between the interests of the parent 2019s owners and the interests of the noncontrolling owners of an entity .this guidance is effective january 1 , 2009 .we are currently analyzing the standard but do not expect the adoption to have a material impact on our consolidated financial statements .in november 2007 , the sec issued staff accounting bulletin ( 201csab 201d ) no .109 , that provides guidance regarding measuring the fair value of recorded written loan commitments .the guidance indicates that the expected future cash flows related to servicing should be included in the fair value measurement of all written loan commitments that are accounted for at fair value through earnings .sab 109 is effective january 1 , 2008 , prospectively to loan commitments issued or modified after that date .the adoption of this guidance is not expected to have a material effect on our results of operations or financial position .in june 2007 , the aicpa issued statement of position 07-1 , 201cclarification of the scope of the audit and accounting guide 201cinvestment companies 201d and accounting by parent companies and equity method investors for investments in investment companies 201d ( 201csop 07-1 201d ) .this statement provides guidance for determining whether an entity is within the scope of the aicpa audit and accounting guide investment companies ( 201cguide 201d ) and whether the specialized industry accounting principles of the guide should be retained in the financial statements of a parent company of an investment company or an equity method investor in an .
|
yes
| 1,380 | 72 |
73 |
what was the aggerate net sales in 2008?
|
management 2019s discussion and analysis of financial condition and results of operations in 2008 , asp was flat compared to 2007 .by comparison , asp decreased approximately 9% ( 9 % ) in 2007 and decreased approximately 11% ( 11 % ) in 2006 .the segment has several large customers located throughout the world .in 2008 , aggregate net sales to the segment 2019s five largest customers accounted for approximately 41% ( 41 % ) of the segment 2019s net sales .besides selling directly to carriers and operators , the segment also sells products through a variety of third-party distributors and retailers , which accounted for approximately 24% ( 24 % ) of the segment 2019s net sales in 2008 .although the u.s .market continued to be the segment 2019s largest individual market , many of our customers , and 56% ( 56 % ) of the segment 2019s 2008 net sales , were outside the u.s .in 2008 , the largest of these international markets were brazil , china and mexico .as the segment 2019s revenue transactions are largely denominated in local currencies , we are impacted by the weakening in the value of these local currencies against the u.s .dollar .a number of our more significant international markets , particularly in latin america , were impacted by this trend in late 2008 .home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol video and broadcast network interactive set-tops , end-to-end video distribution systems , broadband access infrastructure platforms , and associated data and voice customer premise equipment to cable television and telecom service providers ( collectively , referred to as the 2018 2018home business 2019 2019 ) , and ( ii ) wireless access systems , including cellular infrastructure systems and wireless broadband systems , to wireless service providers ( collectively , referred to as the 2018 2018network business 2019 2019 ) .in 2009 , the segment 2019s net sales represented 36% ( 36 % ) of the company 2019s consolidated net sales , compared to 33% ( 33 % ) in 2008 and 27% ( 27 % ) 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', '$ 7963', '$ 10086', '$ 10014', '( 21 ) % ( % )', '1% ( 1 % )'], ['operating earnings', '558', '918', '709', '( 39 ) % ( % )', '29% ( 29 % )']]
segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 8.0 billion , a decrease of 21% ( 21 % ) compared to net sales of $ 10.1 billion in 2008 .the 21% ( 21 % ) decrease in net sales reflects a 22% ( 22 % ) decrease in net sales in the networks business and a 21% ( 21 % ) decrease in net sales in the home business .the 22% ( 22 % ) decrease in net sales in the networks business was primarily driven by lower net sales of gsm , cdma , umts and iden infrastructure equipment , partially offset by higher net sales of wimax products .the 21% ( 21 % ) decrease in net sales in the home business was primarily driven by a 24% ( 24 % ) decrease in net sales of digital entertainment devices , reflecting : ( i ) an 18% ( 18 % ) decrease in shipments of digital entertainment devices , primarily due to lower shipments to large cable and telecommunications operators in north america as a result of macroeconomic conditions , and ( ii ) a lower asp due to an unfavorable shift in product mix .the segment shipped 14.7 million digital entertainment devices in 2009 , compared to 18.0 million shipped in 2008 .on a geographic basis , the 21% ( 21 % ) decrease in net sales was driven by lower net sales in all regions .the decrease in net sales in north america was primarily due to : ( i ) lower net sales in the home business , and ( ii ) lower net sales of cdma and iden infrastructure equipment , partially offset by higher net sales of wimax products .the decrease in net sales in emea was primarily due to lower net sales of gsm infrastructure equipment , partially offset by higher net sales of wimax products and higher net sales in the home business .the decrease in net sales in asia was primarily driven by lower net sales of gsm , umts and cdma infrastructure equipment , partially offset by higher net sales in the home business .the decrease in net sales in latin america was primarily due to : ( i ) lower net sales in the home business , and ( ii ) lower net sales of iden infrastructure equipment , partially offset by higher net sales of wimax products .net sales in north america accounted for approximately 51% ( 51 % ) of the segment 2019s total net sales in 2009 , compared to approximately 50% ( 50 % ) of the segment 2019s total net sales in 2008. .
|
$ 4135
| 1,414 | 73 |
74 |
did jpmorgan chase outperform the kbw bank index?
|
jpmorgan chase & co./2018 form 10-k 41 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 equity benchmark in the united states of america ( 201cu.s . 201d ) , 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 , 2013 , in jpmorgan chase common stock and in each of the above indices .the comparison assumes that all dividends are reinvested .december 31 , ( in dollars ) 2013 2014 2015 2016 2017 2018 .
[['december 31 ( in dollars )', '2013', '2014', '2015', '2016', '2017', '2018'], ['jpmorgan chase', '$ 100.00', '$ 109.88', '$ 119.07', '$ 160.23', '$ 203.07', '$ 189.57'], ['kbw bank index', '100.00', '109.36', '109.90', '141.23', '167.49', '137.82'], ['s&p financial index', '100.00', '115.18', '113.38', '139.17', '169.98', '147.82'], ['s&p 500 index', '100.00', '113.68', '115.24', '129.02', '157.17', '150.27']]
december 31 , ( in dollars ) .
|
yes
| 609 | 74 |
75 |
was initial health care trend rate higher in 2017 than 2016?
|
marathon oil corporation notes to consolidated financial statements expected long-term return on plan assets 2013 the expected long-term return on plan assets assumption for our u.s .funded plan is determined based on an asset rate-of-return modeling tool developed by a third-party investment group which utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our u.s .pension plan 2019s asset allocation .to determine the expected long-term return on plan assets assumption for our international plans , we consider the current level of expected returns on risk-free investments ( primarily government bonds ) , the historical levels of the risk premiums associated with the other applicable asset categories and the expectations for future returns of each asset class .the expected return for each asset category is then weighted based on the actual asset allocation to develop the overall expected long-term return on plan assets assumption .assumed weighted average health care cost trend rates .
[['', '2018', '2017', '2016'], ['initial health care trend rate', 'n/a', '8.00% ( 8.00 % )', '8.25% ( 8.25 % )'], ['ultimate trend rate', 'n/a', '4.70% ( 4.70 % )', '4.50% ( 4.50 % )'], ['year ultimate trend rate is reached', 'n/a', '2025', '2025']]
n/a all retiree medical subsidies are frozen as of january 1 , 2019 .employer provided subsidies for post-65 retiree health care coverage were frozen effective january 1 , 2017 at january 1 , 2016 established amount levels .company contributions are funded to a health reimbursement account on the retiree 2019s behalf to subsidize the retiree 2019s cost of obtaining health care benefits through a private exchange ( the 201cpost-65 retiree health benefits 201d ) .therefore , a 1% ( 1 % ) change in health care cost trend rates would not have a material impact on either the service and interest cost components and the postretirement benefit obligations .in the fourth quarter of 2018 , we terminated the post-65 retiree health benefits effective as of december 31 , 2020 .the post-65 retiree health benefits will no longer be provided after that date .in addition , the pre-65 retiree medical coverage subsidy has been frozen as of january 1 , 2019 , and the ability for retirees to opt in and out of this coverage , as well as pre-65 retiree dental and vision coverage , has also been eliminated .retirees must enroll in connection with retirement for such coverage , or they lose eligibility .these plan changes reduced our retiree medical benefit obligation by approximately $ 99 million .plan investment policies and strategies 2013 the investment policies for our u.s .and international pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions .long-term investment goals are to : ( 1 ) manage the assets in accordance with applicable legal requirements ; ( 2 ) produce investment returns which meet or exceed the rates of return achievable in the capital markets while maintaining the risk parameters set by the plan's investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/ return orientation .investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies .u.s .plan 2013 the plan 2019s current targeted asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) other fixed income securities .over time , as the plan 2019s funded ratio ( as defined by the investment policy ) improves , in order to reduce volatility in returns and to better match the plan 2019s liabilities , the allocation to equity securities will decrease while the amount allocated to fixed income securities will increase .the plan's assets are managed by a third-party investment manager .international plan 2013 our international plan's target asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) fixed income securities .the plan assets are invested in ten separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers whose performance is measured independently by a third-party asset servicing consulting fair value measurements 2013 plan assets are measured at fair value .the following provides a description of the valuation techniques employed for each major plan asset class at december 31 , 2018 and 2017 .cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 .equity securities 2013 investments in common stock are valued using a market approach at the closing price reported in an active market and are therefore considered level 1 .private equity investments include interests in limited partnerships which are valued based on the sum of the estimated fair values of the investments held by each partnership , determined using a combination of market , income and cost approaches , plus working capital , adjusted for liabilities , currency translation and estimated performance incentives .these private equity investments are considered level 3 .investments in pooled funds are valued using a market approach , these various funds consist of equity with underlying investments held in u.s .and non-u.s .securities .the pooled funds are benchmarked against a relative public index and are considered level 2. .
|
no
| 1,231 | 75 |
76 |
in 2007 what was the ratio of the segment net sales to the operating earnings
|
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 .
|
in 2007 what was the ratio of the segment net sales to the operating earnings
| 1,463 | 76 |
77 |
does the current estimated basel iii tier 1 ratio exceed the requirement under basel iii rules as a gsib , once the requirements a re fully phased in?
|
jpmorgan chase & co./2012 annual report 119 implementing further revisions to the capital accord in the u.s .( such further revisions are commonly referred to as 201cbasel iii 201d ) .basel iii revised basel ii by , among other things , narrowing the definition of capital , and increasing capital requirements for specific exposures .basel iii also includes higher capital ratio requirements and provides that the tier 1 common capital requirement will be increased to 7% ( 7 % ) , comprised of a minimum ratio of 4.5% ( 4.5 % ) plus a 2.5% ( 2.5 % ) capital conservation buffer .implementation of the 7% ( 7 % ) tier 1 common capital requirement is required by january 1 , in addition , global systemically important banks ( 201cgsibs 201d ) will be required to maintain tier 1 common requirements above the 7% ( 7 % ) minimum in amounts ranging from an additional 1% ( 1 % ) to an additional 2.5% ( 2.5 % ) .in november 2012 , the financial stability board ( 201cfsb 201d ) indicated that it would require the firm , as well as three other banks , to hold the additional 2.5% ( 2.5 % ) of tier 1 common ; the requirement will be phased in beginning in 2016 .the basel committee also stated it intended to require certain gsibs to hold an additional 1% ( 1 % ) of tier 1 common under certain circumstances , to act as a disincentive for the gsib from taking actions that would further increase its systemic importance .currently , no gsib ( including the firm ) is required to hold this additional 1% ( 1 % ) of tier 1 common .in addition , pursuant to the requirements of the dodd-frank act , u.s .federal banking agencies have proposed certain permanent basel i floors under basel ii and basel iii capital calculations .the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under basel iii rules , along with the firm 2019s estimated risk-weighted assets .tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of aoci related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .the firm estimates that its tier 1 common ratio under basel iii rules would be 8.7% ( 8.7 % ) as of december 31 , 2012 .the tier 1 common ratio under both basel i and basel iii are non- gaap financial measures .however , such measures are used by bank regulators , investors and analysts as a key measure to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .december 31 , 2012 ( in millions , except ratios ) .
[['tier 1 common under basel i rules', '$ 140342'], ['adjustments related to aoci for afs securities and defined benefit pension and opeb plans', '4077'], ['all other adjustments', '-453 ( 453 )'], ['estimated tier 1 common under basel iii rules', '$ 143966'], ['estimated risk-weighted assets under basel iii rules ( a )', '$ 1647903'], ['estimated tier 1 common ratio under basel iii rules ( b )', '8.7% ( 8.7 % )']]
estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8.7% ( 8.7 % ) ( a ) key differences in the calculation of risk-weighted assets between basel i and basel iii include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk weightings which vary only by counterparty type and asset class ; ( 2 ) basel iii market risk rwa reflects the new capital requirements related to trading assets and securitizations , which include incremental capital requirements for stress var , correlation trading , and re-securitization positions ; and ( 3 ) basel iii includes rwa for operational risk , whereas basel i does not .the actual impact on the firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from the regulators , as well as regulatory approval of certain of the firm 2019s internal risk models .( b ) the tier 1 common ratio is tier 1 common divided by rwa .the firm 2019s estimate of its tier 1 common ratio under basel iii reflects its current understanding of the basel iii rules based on information currently published by the basel committee and u.s .federal banking agencies and on the application of such rules to its businesses as currently conducted ; it excludes the impact of any changes the firm may make in the future to its businesses as a result of implementing the basel iii rules , possible enhancements to certain market risk models , and any further implementation guidance from the regulators .the basel iii capital requirements are subject to prolonged transition periods .the transition period for banks to meet the tier 1 common requirement under basel iii was originally scheduled to begin in 2013 , with full implementation on january 1 , 2019 .in november 2012 , the u.s .federal banking agencies announced a delay in the implementation dates for the basel iii capital requirements .the additional capital requirements for gsibs will be phased in starting january 1 , 2016 , with full implementation on january 1 , 2019 .management 2019s current objective is for the firm to reach , by the end of 2013 , an estimated basel iii tier i common ratio of 9.5% ( 9.5 % ) .additional information regarding the firm 2019s capital ratios and the federal regulatory capital standards to which it is subject is presented in supervision and regulation on pages 1 20138 of the 2012 form 10-k , and note 28 on pages 306 2013 308 of this annual report .broker-dealer regulatory capital jpmorgan chase 2019s principal u.s .broker-dealer subsidiaries are j.p .morgan securities llc ( 201cjpmorgan securities 201d ) and j.p .morgan clearing corp .( 201cjpmorgan clearing 201d ) .jpmorgan clearing is a subsidiary of jpmorgan securities and provides clearing and settlement services .jpmorgan securities and jpmorgan clearing are each subject to rule 15c3-1 under the securities exchange act of 1934 ( the 201cnet capital rule 201d ) .jpmorgan securities and jpmorgan clearing are also each registered as futures commission merchants and subject to rule 1.17 of the commodity futures trading commission ( 201ccftc 201d ) .jpmorgan securities and jpmorgan clearing have elected to compute their minimum net capital requirements in accordance with the 201calternative net capital requirements 201d of the net capital rule .at december 31 , 2012 , jpmorgan securities 2019 net capital , as defined by the net capital rule , was $ 13.5 billion , exceeding the minimum requirement by .
|
no
| 1,763 | 77 |
78 |
was the weighted average interest rate on awcc short-term borrowings greater for the year ended december 31 , 2018 then 2017?
|
allows us to repurchase shares at times when we may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .subject to applicable regulations , we may elect to amend or cancel this repurchase program or the share repurchase parameters at our discretion .as of december 31 , 2018 , we have repurchased an aggregate of 4510000 shares of common stock under this program .credit facilities and short-term debt we have an unsecured revolving credit facility of $ 2.25 billion that expires in june 2023 .in march 2018 , awcc and its lenders amended and restated the credit agreement with respect to awcc 2019s revolving credit facility to increase the maximum commitments under the facility from $ 1.75 billion to $ 2.25 billion , and to extend the expiration date of the facility from june 2020 to march 2023 .all other terms , conditions and covenants with respect to the existing facility remained unchanged .subject to satisfying certain conditions , the credit agreement also permits awcc to increase the maximum commitment under the facility by up to an aggregate of $ 500 million , and to request extensions of its expiration date for up to two , one-year periods .interest rates on advances under the facility are based on a credit spread to the libor rate or base rate in accordance with moody investors service 2019s and standard & poor 2019s financial services 2019 then applicable credit rating on awcc 2019s senior unsecured , non-credit enhanced debt .the facility is used principally to support awcc 2019s commercial paper program and to provide up to $ 150 million in letters of credit .indebtedness under the facility is considered 201cdebt 201d for purposes of a support agreement between the company and awcc , which serves as a functional equivalent of a guarantee by the company of awcc 2019s payment obligations under the credit facility .awcc also has an outstanding commercial paper program that is backed by the revolving credit facility , the maximum aggregate outstanding amount of which was increased in march 2018 , from $ 1.60 billion to $ 2.10 billion .the following table provides the aggregate credit facility commitments , letter of credit sub-limit under the revolving credit facility and commercial paper limit , as well as the available capacity for each as of december 31 , 2018 and 2017 : credit facility commitment available credit facility capacity letter of credit sublimit available letter of credit capacity commercial paper limit available commercial capacity ( in millions ) december 31 , 2018 ........$ 2262 $ 2177 $ 150 $ 69 $ 2100 $ 1146 december 31 , 2017 ........1762 1673 150 66 1600 695 the weighted average interest rate on awcc short-term borrowings for the years ended december 31 , 2018 and 2017 was approximately 2.28% ( 2.28 % ) and 1.24% ( 1.24 % ) , respectively .capital structure the following table provides the percentage of our capitalization represented by the components of our capital structure as of december 31: .
[['', '2018', '2017', '2016'], ["total common shareholders' equity", '40.4% ( 40.4 % )', '41.0% ( 41.0 % )', '42.1% ( 42.1 % )'], ['long-term debt and redeemable preferred stock at redemption value', '52.4% ( 52.4 % )', '49.6% ( 49.6 % )', '46.4% ( 46.4 % )'], ['short-term debt and current portion of long-term debt', '7.2% ( 7.2 % )', '9.4% ( 9.4 % )', '11.5% ( 11.5 % )'], ['total', '100% ( 100 % )', '100% ( 100 % )', '100% ( 100 % )']]
.
|
yes
| 1,016 | 78 |
79 |
as of december 31 , 2017 , are future lease commitments greater than purchase commitments for contract manufacturers and suppliers?
|
as of december 31 , 2017 , the future minimum payments due under the lease financing obligation were as follows ( in thousands ) : years ending december 31 .
[['2018', '$ 6113'], ['2019', '6293'], ['2020', '6477'], ['2021', '6674'], ['2022', '6871'], ['thereafter', '5264'], ['total payments', '37692'], ['less : interest and land lease expense', '-21730 ( 21730 )'], ['total payments under facility financing obligations', '15962'], ['property reverting to landlord', '23630'], ['present value of obligation', '39592'], ['less : current portion', '-1919 ( 1919 )'], ['lease financing obligations non-current', '$ 37673']]
purchase commitments we outsource most of our manufacturing and supply chain management operations to third-party contract manufacturers , who procure components and assemble products on our behalf based on our forecasts in order to reduce manufacturing lead times and ensure adequate component supply .we issue purchase orders to our contract manufacturers for finished product and a significant portion of these orders consist of firm non-cancellable commitments .in addition , we purchase strategic component inventory from certain suppliers under purchase commitments that in some cases are non-cancellable , including integrated circuits , which are consigned to our contract manufacturers .as of december 31 , 2017 , we had non-cancellable purchase commitments of $ 195.1 million , of which $ 147.9 million was to our contract manufacturers and suppliers .in addition , we have provided deposits to secure our obligations to purchase inventory .we had $ 36.9 million and $ 63.1 million in deposits as of december 31 , 2017 and 2016 , respectively .these deposits are classified in 'prepaid expenses and other current assets' and 'other assets' in our accompanying consolidated balance sheets .guarantees we have entered into agreements with some of our direct customers and channel partners that contain indemnification provisions relating to potential situations where claims could be alleged that our products infringe the intellectual property rights of a third party .we have at our option and expense the ability to repair any infringement , replace product with a non-infringing equivalent-in-function product or refund our customers all or a portion of the value of the product .other guarantees or indemnification agreements include guarantees of product and service performance and standby letters of credit for leased facilities and corporate credit cards .we have not recorded a liability related to these indemnification and guarantee provisions and our guarantee and indemnification arrangements have not had any significant impact on our consolidated financial statements to date .legal proceedings optumsoft , inc .matters on april 4 , 2014 , optumsoft filed a lawsuit against us in the superior court of california , santa clara county titled optumsoft , inc .v .arista networks , inc. , in which it asserts ( i ) ownership of certain components of our eos network operating system pursuant to the terms of a 2004 agreement between the companies ; and ( ii ) breaches of certain confidentiality and use restrictions in that agreement .under the terms of the 2004 agreement , optumsoft provided us with a non-exclusive , irrevocable , royalty-free license to software delivered by optumsoft comprising a software tool used to develop certain components of eos and a runtime library that is incorporated .
|
yes
| 793 | 79 |
80 |
how much did the annual payments increase from 2019 to 2024 and beyond?
|
maturity requirements on long-term debt as of december 31 , 2018 by year are as follows ( in thousands ) : years ending december 31 .
[['2019', '$ 124176'], ['2020', '159979'], ['2021', '195848'], ['2022', '267587'], ['2023', '3945053'], ['2024 and thereafter', '475000'], ['total', '$ 5167643']]
credit facility we are party to a credit facility agreement with bank of america , n.a. , as administrative agent , and a syndicate of financial institutions as lenders and other agents ( as amended from time to time , the 201ccredit facility 201d ) .as of december 31 , 2018 , the credit facility provided for secured financing comprised of ( i ) a $ 1.5 billion revolving credit facility ( the 201crevolving credit facility 201d ) ; ( ii ) a $ 1.5 billion term loan ( the 201cterm a loan 201d ) , ( iii ) a $ 1.37 billion term loan ( the 201cterm a-2 loan 201d ) , ( iv ) a $ 1.14 billion term loan facility ( the 201cterm b-2 loan 201d ) and ( v ) a $ 500 million term loan ( the 201cterm b-4 loan 201d ) .substantially all of the assets of our domestic subsidiaries are pledged as collateral under the credit facility .the borrowings outstanding under our credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018 , including a reduction to the interest rate margins applicable to our term a loan , term a-2 loan , term b-2 loan and the revolving credit facility , an extension of the maturity dates of the term a loan , term a-2 loan and the revolving credit facility , and an increase in the total financing capacity under the credit facility to approximately $ 5.5 billion in june 2018 .in october 2018 , we entered into an additional term loan under the credit facility in the amount of $ 500 million ( the 201cterm b-4 loan 201d ) .we used the proceeds from the term b-4 loan to pay down a portion of the balance outstanding under our revolving credit facility .the credit facility provides for an interest rate , at our election , of either libor or a base rate , in each case plus a margin .as of december 31 , 2018 , the interest rates on the term a loan , the term a-2 loan , the term b-2 loan and the term b-4 loan were 4.02% ( 4.02 % ) , 4.01% ( 4.01 % ) , 4.27% ( 4.27 % ) and 4.27% ( 4.27 % ) , respectively , and the interest rate on the revolving credit facility was 3.92% ( 3.92 % ) .in addition , we are required to pay a quarterly commitment fee with respect to the unused portion of the revolving credit facility at an applicable rate per annum ranging from 0.20% ( 0.20 % ) to 0.30% ( 0.30 % ) depending on our leverage ratio .the term a loan and the term a-2 loan mature , and the revolving credit facility expires , on january 20 , 2023 .the term b-2 loan matures on april 22 , 2023 .the term b-4 loan matures on october 18 , 2025 .the term a loan and term a-2 loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% ( 0.625 % ) of principal through june 2019 , increasing to 1.25% ( 1.25 % ) of principal through june 2021 , increasing to 1.875% ( 1.875 % ) of principal through june 2022 and increasing to 2.50% ( 2.50 % ) of principal through december 2022 , with the remaining principal balance due upon maturity in january 2023 .the term b-2 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through march 2023 , with the remaining principal balance due upon maturity in april 2023 .the term b-4 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through september 2025 , with the remaining principal balance due upon maturity in october 2025 .we may issue standby letters of credit of up to $ 100 million in the aggregate under the revolving credit facility .outstanding letters of credit under the revolving credit facility reduce the amount of borrowings available to us .borrowings available to us under the revolving credit facility are further limited by the covenants described below under 201ccompliance with covenants . 201d the total available commitments under the revolving credit facility at december 31 , 2018 were $ 783.6 million .global payments inc .| 2018 form 10-k annual report 2013 85 .
|
350824 thousand
| 1,324 | 80 |
81 |
how much did the cost of sales change over from 2010 to 2012
|
in june 2011 , the fasb issued asu no .2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements .in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income .this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity .the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income .the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 .the company adopted this guidance in the first quarter of 2012 .the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements .3 .inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 .under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years .the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively .as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories .the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively .inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .
[['', 'december 292012', 'december 312011'], ['inventories at fifo net', '$ 2182419', '$ 1941055'], ['adjustments to state inventories at lifo', '126190', '102103'], ['inventories at lifo net', '$ 2308609', '$ 2043158']]
inventory quantities are tracked through a perpetual inventory system .the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .reserves advance auto parts , inc .and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .
|
the cost of sales decreased 29333 from 2010 to 2012
| 1,004 | 81 |
82 |
is 2014 operating cash flow sufficient to satisfy budgeted 2015 capital expenditures?
|
generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012 .
[['millions', '2014', '2013', '2012'], ['cash provided by operating activities', '$ 7385', '$ 6823', '$ 6161'], ['cash used in investing activities', '-4249 ( 4249 )', '-3405 ( 3405 )', '-3633 ( 3633 )'], ['dividends paid', '-1632 ( 1632 )', '-1333 ( 1333 )', '-1146 ( 1146 )'], ['free cash flow', '$ 1504', '$ 2085', '$ 1382']]
2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .f0b7 network operations 2013 in 2015 , we will continue to add resources to support growth , improve service , and replenish our surge capability .f0b7 fuel prices 2013 with the dramatic drop in fuel prices at the end of 2014 , there is even more uncertainty around the projections of fuel prices .we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .as prices fluctuate there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .f0b7 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , including expenditures for ptc and 218 locomotives .the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 we expect the overall u.s .economy to continue to improve at a moderate pace .one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .on balance , we expect to see positive volume growth for 2015 versus the prior year .in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives and the ability to leverage our resources as we improve the fluidity of our network. .
|
yes
| 823 | 82 |
83 |
what was the total amount lost from the bond authorization to the withdrawn?
|
the company entered into agreements with various governmental entities in the states of kentucky , georgia and tennessee to implement tax abatement plans related to its distribution center in franklin , kentucky ( simpson county ) , its distribution center in macon , georgia ( bibb county ) , and its store support center in brentwood , tennessee ( williamson county ) .the tax abatement plans provide for reduction of real property taxes for specified time frames by legally transferring title to its real property in exchange for industrial revenue bonds .this property was then leased back to the company .no cash was exchanged .the lease payments are equal to the amount of the payments on the bonds .the tax abatement period extends through the term of the lease , which coincides with the maturity date of the bonds .at any time , the company has the option to purchase the real property by paying off the bonds , plus $ 1 .the terms and amounts authorized and drawn under each industrial revenue bond agreement are outlined as follows , as of december 30 , 2017 : bond term bond authorized amount ( in millions ) amount drawn ( in millions ) .
[['', 'bond term', 'bond authorized amount ( in millions )', 'amount drawn ( in millions )'], ['franklin kentucky distribution center', '30 years', '$ 54.0', '$ 51.8'], ['macon georgia distribution center', '15 years', '$ 58.0', '$ 49.9'], ['brentwood tennessee store support center', '10 years', '$ 78.0', '$ 75.3']]
due to the form of these transactions , the company has not recorded the bonds or the lease obligation associated with the sale lease-back transaction .the original cost of the company 2019s property and equipment is recorded on the balance sheet and is being depreciated over its estimated useful life .capitalized software costs the company capitalizes certain costs related to the acquisition and development of software and amortizes these costs using the straight-line method over the estimated useful life of the software , which is three to five years .computer software consists of software developed for internal use and third-party software purchased for internal use .a subsequent addition , modification or upgrade to internal-use software is capitalized to the extent that it enhances the software 2019s functionality or extends its useful life .these costs are included in computer software and hardware in the accompanying consolidated balance sheets .certain software costs not meeting the criteria for capitalization are expensed as incurred .store closing costs the company regularly evaluates the performance of its stores and periodically closes those that are under-performing .the company records a liability for costs associated with an exit or disposal activity when the liability is incurred , usually in the period the store closes .store closing costs were not significant to the results of operations for any of the fiscal years presented .leases assets under capital leases are amortized in accordance with the company 2019s normal depreciation policy for owned assets or over the lease term , if shorter , and the related charge to operations is included in depreciation expense in the consolidated statements of income .certain operating leases include rent increases during the lease term .for these leases , the company recognizes the related rental expense on a straight-line basis over the term of the lease ( which includes the pre-opening period of construction , renovation , fixturing and merchandise placement ) and records the difference between the expense charged to operations and amounts paid as a deferred rent liability .the company occasionally receives reimbursements from landlords to be used towards improving the related store to be leased .leasehold improvements are recorded at their gross costs , including items reimbursed by landlords .related reimbursements are deferred and amortized on a straight-line basis as a reduction of rent expense over the applicable lease term .note 2 - share-based compensation : share-based compensation includes stock option and restricted stock unit awards and certain transactions under the company 2019s espp .share-based compensation expense is recognized based on the grant date fair value of all stock option and restricted stock unit awards plus a discount on shares purchased by employees as a part of the espp .the discount under the espp represents the difference between the purchase date market value and the employee 2019s purchase price. .
|
$ 13 million
| 907 | 83 |
84 |
for the identifiable intangible assets from this acquisition , was the computer software greater than the other intangible assets?
|
59jackhenry.com note 12 .business acquisition bayside business solutions , inc .effective july 1 , 2015 , the company acquired all of the equity interests of bayside business solutions , an alabama-based company that provides technology solutions and payment processing services primarily for the financial services industry , for $ 10000 paid in cash .this acquisition was funded using existing operating cash .the acquisition of bayside business solutions expanded the company 2019s presence in commercial lending within the industry .management has completed a purchase price allocation of bayside business solutions and its assessment of the fair value of acquired assets and liabilities assumed .the recognized amounts of identifiable assets acquired and liabilities assumed , based upon their fair values as of july 1 , 2015 are set forth below: .
[['current assets', '$ 1922'], ['long-term assets', '253'], ['identifiable intangible assets', '5005'], ['total liabilities assumed', '-3279 ( 3279 )'], ['total identifiable net assets', '3901'], ['goodwill', '6099'], ['net assets acquired', '$ 10000']]
the goodwill of $ 6099 arising from this acquisition consists largely of the growth potential , synergies and economies of scale expected from combining the operations of the company with those of bayside business solutions , together with the value of bayside business solutions 2019 assembled workforce .goodwill from this acquisition has been allocated to our bank systems and services segment .the goodwill is not expected to be deductible for income tax purposes .identifiable intangible assets from this acquisition consist of customer relationships of $ 3402 , $ 659 of computer software and other intangible assets of $ 944 .the weighted average amortization period for acquired customer relationships , acquired computer software , and other intangible assets is 15 years , 5 years , and 20 years , respectively .current assets were inclusive of cash acquired of $ 1725 .the fair value of current assets acquired included accounts receivable of $ 178 .the gross amount of receivables was $ 178 , none of which was expected to be uncollectible .during fiscal year 2016 , the company incurred $ 55 in costs related to the acquisition of bayside business solutions .these costs included fees for legal , valuation and other fees .these costs were included within general and administrative expenses .the results of bayside business solutions 2019 operations included in the company 2019s consolidated statement of income for the twelve months ended june 30 , 2017 included revenue of $ 6536 and after-tax net income of $ 1307 .for the twelve months ended june 30 , 2016 , bayside business solutions 2019 contributed $ 4273 to revenue , and after-tax net income of $ 303 .the accompanying consolidated statements of income do not include any revenues and expenses related to this acquisition prior to the acquisition date .the impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. .
|
no
| 732 | 84 |
85 |
what was the 2000 revenue per dollar of shareholder equity for less than 50% ( 50 % ) owned subsidiaries?\\n
|
a e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 , a subsidiary of the company acquired an additional 5% ( 5 % ) of the preferred , non-voting shares of eletropaulo for approximately $ 90 million .in january 2000 , 59% ( 59 % ) of the preferred non-voting shares were acquired for approximately $ 1 billion at auction from bndes , the national development bank of brazil .the price established at auction was approximately $ 72.18 per 1000 shares , to be paid in four annual installments com- mencing with a payment of 18.5% ( 18.5 % ) of the total price upon closing of the transaction and installments of 25.9% ( 25.9 % ) , 27.1% ( 27.1 % ) and 28.5% ( 28.5 % ) of the total price to be paid annually thereafter .at december 31 , 2000 , the company had a total economic interest of 49.6% ( 49.6 % ) in eletropaulo .the company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence .in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited for approxi- mately $ 40 million .songas limited owns the songo songo gas-to-electricity project in tanzania .under the terms of a project management agreement , the company has assumed overall project management responsibility .the project consists of the refurbishment and operation of five natural gas wells in coastal tanzania , the construction and operation of a 65 mmscf/day gas processing plant and related facilities , the construction of a 230 km marine and land pipeline from the gas plant to dar es salaam and the conversion and upgrading of an existing 112 mw power station in dar es salaam to burn natural gas , with an optional additional unit to be constructed at the plant .since the project is currently under construction , no rev- enues or expenses have been incurred , and therefore no results are shown in the following table .in december 2000 , a subsidiary of the company with edf international s.a .( 201cedf 201d ) completed the acquisition of an additional 3.5% ( 3.5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion .pursuant to the acquisition , the company acquired 30% ( 30 % ) of the shares while edf acquired the remainder .with the completion of this transaction , the company owns approximately 21.14% ( 21.14 % ) of light .in december 2000 , a subsidiary of the company entered into an agreement with edf to jointly acquire an additional 9.2% ( 9.2 % ) interest in light , which is held by a sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ) .pursuant to this transaction , the company acquired an additional 2.75% ( 2.75 % ) interest in light for $ 114.6 million .this transaction closed in january 2001 .following the purchase of the light shares previously owned by csn , aes and edf will together be the con- trolling shareholders of light and eletropaulo .aes and edf have agreed that aes will eventually take operational control of eletropaulo and the telecom businesses of light and eletropaulo , while edf will eventually take opera- tional control of light and eletropaulo 2019s electric workshop business .aes and edf intend to continue to pursue a fur- ther rationalization of their ownership stakes in light and eletropaulo , the result of which aes would become the sole controlling shareholder of eletropaulo and edf would become the sole controlling shareholder of light .upon consummation of the transaction , aes will begin consolidating eletropaulo 2019s operating results .the struc- ture and process by which this rationalization may be effected , and the resulting timing , have yet to be deter- mined and will likely be subject to approval by various brazilian regulatory authorities and other third parties .as a result , there can be no assurance that this rationalization will take place .in may 1999 , a subsidiary of the company acquired subscription rights from the brazilian state-controlled eletrobras which allowed it to purchase preferred , non- voting shares in eletropaulo and common shares in light .the aggregate purchase price of the subscription rights and the underlying shares in light and eletropaulo was approximately $ 53 million and $ 77 million , respectively , and represented 3.7% ( 3.7 % ) and 4.4% ( 4.4 % ) economic ownership interest in their capital stock , respectively .the following table presents summarized financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method: .
[['as of and for the years ended december 31,', '2000', '1999', '1998'], ['revenues', '$ 6241', '$ 5960', '$ 8091'], ['operating income', '1989', '1839', '2079'], ['net income', '859', '62', '1146'], ['current assets', '2423', '2259', '2712'], ['noncurrent assets', '13080', '15359', '19025'], ['current liabilities', '3370', '3637', '4809'], ['noncurrent liabilities', '5927', '7536', '7356'], ["stockholder's equity", '6206', '6445', '9572']]
.
|
$ 1.01
| 1,435 | 85 |
86 |
based on the weighted average grant date fair value ( per share ) , what was the total granted rsu cost during 2017?
|
the table below summarizes activity of rsus with performance conditions for the year ended december 31 , shares ( in thousands ) weighted average grant date fair value ( per share ) .
[['', 'shares ( in thousands )', 'weightedaverage grantdate fair value ( per share )'], ['non-vested total as of december 31 2016', '309', '$ 55.94'], ['granted', '186', '63.10'], ['vested', '-204 ( 204 )', '46.10'], ['forfeited', '-10 ( 10 )', '70.50'], ['non-vested total as of december 31 2017', '281', '$ 67.33']]
as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to the nonvested rsus , with and without performance conditions , is expected to be recognized over the weighted-average remaining life of 1.5 years .the total fair value of rsus , with and without performance conditions , vested was $ 16 million , $ 14 million and $ 12 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .if dividends are paid with respect to shares of the company 2019s common stock before the rsus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus were shares of company common stock .when the rsus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued .the company accrued dividend equivalents totaling less than $ 1 million , $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in stockholders 2019 equity for the years ended december 31 , 2017 , 2016 and 2015 , respectively .employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three-month purchase period .on february 15 , 2017 , the board adopted the american water works company , inc .and its designated subsidiaries 2017 nonqualified employee stock purchase plan , which was approved by stockholders on may 12 , 2017 and took effect on august 5 , 2017 .the prior plan was terminated as to new purchases of company stock effective august 31 , 2017 .as of december 31 , 2017 , there were 2.0 million shares of common stock reserved for issuance under the espp .the espp is considered compensatory .during the years ended december 31 , 2017 , 2016 and 2015 , the company issued 93 thousand , 93 thousand and 98 thousand shares , respectively , under the espp. .
|
$ 11736600.00
| 754 | 86 |
87 |
by what percentage did the global cruise guests increase from 2011 to 2012 and from 2012 to 2013?
|
pullmantur during 2013 , we operated four ships with an aggre- gate capacity of approximately 7650 berths under our pullmantur brand , offering cruise itineraries that ranged from four to 12 nights throughout south america , the caribbean and europe .one of these ships , zenith , was redeployed from pullmantur to cdf croisi e8res de france in january 2014 .pullmantur serves the contemporary segment of the spanish , portuguese and latin american cruise markets .pullmantur 2019s strategy is to attract cruise guests from these target markets by providing a variety of cruising options and onboard activities directed at couples and families traveling with children .over the last few years , pullmantur has systematically increased its focus on latin america .in recognition of this , pullmantur recently opened a regional head office in panama to place the operating management closer to its largest and fastest growing market .in order to facilitate pullmantur 2019s ability to focus on its core cruise business , in december 2013 , pullmantur reached an agreement to sell the majority of its inter- est in its land-based tour operations , travel agency and pullmantur air , the closing of which is subject to customary closing conditions .in connection with the agreement , we will retain a 19% ( 19 % ) interest in the non-core businesses .we will retain ownership of the pullmantur aircraft which will be dry leased to pullmantur air .cdf croisi e8res de france in january 2014 , we redeployed zenith from pullmantur to cdf croisi e8res de france .as a result , as of january 2014 , we operate two ships with an aggregate capac- ity of approximately 2750 berths under our cdf croisi e8res de france brand .during the summer of 2014 , cdf croisi e8res de france will operate both ships in europe and , for the first time , the brand will operate in the caribbean during the winter of 2014 .in addition , cdf croisi e8res de france offers seasonal itineraries to the mediterranean .cdf croisi e8res de france is designed to serve the contemporary seg- ment of the french cruise market by providing a brand tailored for french cruise guests .tui cruises tui cruises is designed to serve the contemporary and premium segments of the german cruise market by offering a product tailored for german guests .all onboard activities , services , shore excursions and menu offerings are designed to suit the preferences of this target market .tui cruises operates two ships , mein schiff 1 and mein schiff 2 , with an aggregate capacity of approximately 3800 berths .in addition , tui cruises has two ships on order , each with a capacity of 2500 berths , scheduled for delivery in the second quarter of 2014 and second quarter of 2015 .tui cruises is a joint venture owned 50% ( 50 % ) by us and 50% ( 50 % ) by tui ag , a german tourism and shipping company that also owns 51% ( 51 % ) of tui travel , a british tourism company .industry cruising is considered a well-established vacation sector in the north american market , a growing sec- tor over the long-term in the european market and a developing but promising sector in several other emerging markets .industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers .we believe this presents an opportunity for long-term growth and a potential for increased profitability .the following table details market penetration rates for north america and europe computed based on the number of annual cruise guests as a percentage of the total population : america ( 1 ) europe ( 2 ) .
[['year', 'north america ( 1 )', 'europe ( 2 )'], ['2009', '3.0% ( 3.0 % )', '1.0% ( 1.0 % )'], ['2010', '3.1% ( 3.1 % )', '1.1% ( 1.1 % )'], ['2011', '3.4% ( 3.4 % )', '1.1% ( 1.1 % )'], ['2012', '3.3% ( 3.3 % )', '1.2% ( 1.2 % )'], ['2013', '3.4% ( 3.4 % )', '1.2% ( 1.2 % )']]
( 1 ) source : international monetary fund and cruise line international association based on cruise guests carried for at least two con- secutive nights for years 2009 through 2012 .year 2013 amounts represent our estimates .includes the united states of america and canada .( 2 ) source : international monetary fund and clia europe , formerly european cruise council , for years 2009 through 2012 .year 2013 amounts represent our estimates .we estimate that the global cruise fleet was served by approximately 436000 berths on approximately 269 ships at the end of 2013 .there are approximately 26 ships with an estimated 71000 berths that are expected to be placed in service in the global cruise market between 2014 and 2018 , although it is also possible that ships could be ordered or taken out of service during these periods .we estimate that the global cruise industry carried 21.3 million cruise guests in 2013 compared to 20.9 million cruise guests carried in 2012 and 20.2 million cruise guests carried in 2011 .part i .
|
1.91% and 3.46% , respectively
| 1,328 | 87 |
88 |
in the equity plans for 2006 , are there more shares issued than remaining in the plan?
|
page 92 of 98 other information required by item 10 appearing under the caption 201cdirector nominees and continuing directors 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d of the company 2019s proxy statement to be filed pursuant to regulation 14a within 120 days after december 31 , 2006 , is incorporated herein by reference .item 11 .executive compensation the information required by item 11 appearing under the caption 201cexecutive compensation 201d in the company 2019s proxy statement , to be filed pursuant to regulation 14a within 120 days after december 31 , 2006 , is incorporated herein by reference .additionally , the ball corporation 2000 deferred compensation company stock plan , the ball corporation deposit share program and the ball corporation directors deposit share program were created to encourage key executives and other participants to acquire a larger equity ownership interest in the company and to increase their interest in the company 2019s stock performance .non-employee directors also participate in the 2000 deferred compensation company stock plan .item 12 .security ownership of certain beneficial owners and management the information required by item 12 appearing under the caption 201cvoting securities and principal shareholders , 201d in the company 2019s proxy statement to be filed pursuant to regulation 14a within 120 days after december 31 , 2006 , is incorporated herein by reference .securities authorized for issuance under equity compensation plans are summarized below: .
[['plan category', 'equity compensation plan information number of securities to be issued upon exercise of outstanding options warrants and rights ( a )', 'equity compensation plan information weighted-average exercise price of outstanding options warrants and rights ( b )', 'equity compensation plan information number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )'], ['equity compensation plans approved by security holders', '4852978', '$ 26.69', '5941210'], ['equity compensation plans not approved by security holders', '2013', '2013', '2013'], ['total', '4852978', '$ 26.69', '5941210']]
item 13 .certain relationships and related transactions the information required by item 13 appearing under the caption 201cratification of the appointment of independent registered public accounting firm , 201d in the company 2019s proxy statement to be filed pursuant to regulation 14a within 120 days after december 31 , 2006 , is incorporated herein by reference .item 14 .principal accountant fees and services the information required by item 14 appearing under the caption 201ccertain committees of the board , 201d in the company 2019s proxy statement to be filed pursuant to regulation 14a within 120 days after december 31 , 2006 , is incorporated herein by reference. .
|
yes
| 739 | 88 |
89 |
in the 2010 , the company settled an audit agreement favorable . as a result of this favorable agreement , what might the balance be on december 1st?
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a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: .
[['( dollars in thousands )', '2010', '2009', '2008'], ['balance at january 1', '$ 29010', '$ 34366', '$ 29132'], ['additions based on tax positions related to the current year', '7119', '6997', '5234'], ['additions for tax positions of prior years', '-', '-', '-'], ['reductions for tax positions of prior years', '-', '-', '-'], ['settlements with taxing authorities', '-12356 ( 12356 )', '-12353 ( 12353 )', '-'], ['lapses of applicable statutes of limitations', '-', '-', '-'], ['balance at december 31', '$ 23773', '$ 29010', '$ 34366']]
the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized .in 2010 , the company favorably settled a 2003 and 2004 irs audit .the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand .in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit .the company is no longer subject to u.s .federal , state and local or foreign income tax examinations by tax authorities for years before 2007 .the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes .during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties .included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit .the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date .for u.s .income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 .in addition , for u.s .income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire .management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented .tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
|
$ 62049
| 762 | 89 |
90 |
was the quarterly high sales prices of the common shares and dividends paid per share for the first quarter of the year ended december 31 , 2011 higher than the fourth quarter of that period?
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part ii item 5 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities vornado 2019s common shares are traded on the new york stock exchange under the symbol 201cvno . 201d quarterly high and low sales prices of the common shares and dividends paid per share for the years ended december 31 , 2011 and 2010 were as follows : year ended year ended december 31 , 2011 december 31 , 2010 .
[['quarter', 'year ended december 31 2011 high', 'year ended december 31 2011 low', 'year ended december 31 2011 dividends', 'year ended december 31 2011 high', 'year ended december 31 2011 low', 'dividends'], ['1st', '$ 93.53', '$ 82.12', '$ 0.69', '$ 78.40', '$ 61.25', '$ 0.65'], ['2nd', '98.42', '86.85', '0.69', '86.79', '70.06', '0.65'], ['3rd', '98.77', '72.85', '0.69', '89.06', '68.59', '0.65'], ['4th', '84.30', '68.39', '0.69', '91.67', '78.06', '0.65']]
as of february 1 , 2012 , there were 1230 holders of record of our common shares .recent sales of unregistered securities during the fourth quarter of 2011 , we issued 20891 common shares upon the redemption of class a units of the operating partnership held by persons who received units , in private placements in earlier periods , in exchange for their interests in limited partnerships that owned real estate .the common shares were issued without registration under the securities act of 1933 in reliance on section 4 ( 2 ) of that act .information relating to compensation plans under which our equity securities are authorized for issuance is set forth under part iii , item 12 of this annual report on form 10-k and such information is incorporated by reference herein .recent purchases of equity securities in december 2011 , we received 410783 vornado common shares at an average price of $ 76.36 per share as payment for the exercise of certain employee options. .
|
yes
| 648 | 90 |
91 |
were there more isos granted in the year than restricted stock units?
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there were no options granted in excess of market value in 2011 , 2010 or 2009 .shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 .total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity .as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs .first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics .this adjustment is in addition to the existing financial performance metrics relative to our peers .these grants have a three-year performance period and are payable in either stock or a combination of stock and cash .second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options .these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition .satisfaction of the performance condition is based on four independent one-year performance periods .the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively .we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .
[['shares in thousands december 31 2010', 'nonvested incentive/ performance unit shares 363', 'weighted- average grant date fair value $ 56.40', 'nonvested restricted stock/ unit shares 2250', 'weighted- average grant date fair value $ 49.95'], ['granted', '623', '64.21', '1059', '62.68'], ['vested', '-156 ( 156 )', '59.54', '-706 ( 706 )', '51.27'], ['forfeited', '', '', '-91 ( 91 )', '52.24'], ['december 31 2011', '830', '$ 61.68', '2512', '$ 54.87']]
in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .this cost is expected to be recognized as expense over a period of no longer than five years .the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively .liability awards we grant annually cash-payable restricted share units to certain executives .the grants were made primarily as part of an annual bonus incentive deferral plan .while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards .compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria .as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding .174 the pnc financial services group , inc .2013 form 10-k .
|
no
| 1,269 | 91 |
92 |
for pension expense , does a .5% ( .5 % ) decrease in expected long-term return on assets have a greater impact than a .5% ( .5 % ) increase in compensation rate?
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the discount rate used to measure pension obligations is determined by comparing the expected future benefits that will be paid under the plan with yields available on high quality corporate bonds of similar duration .the impact on pension expense of a .5% ( .5 % ) decrease in discount rate in the current environment is an increase of $ 18 million per year .this sensitivity depends on the economic environment and amount of unrecognized actuarial gains or losses on the measurement date .the expected long-term return on assets assumption also has a significant effect on pension expense .the expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the asset allocation policy currently in place .for purposes of setting and reviewing this assumption , 201clong term 201d refers to the period over which the plan 2019s projected benefit obligations will be disbursed .we review this assumption at each measurement date and adjust it if warranted .our selection process references certain historical data and the current environment , but primarily utilizes qualitative judgment regarding future return expectations .to evaluate the continued reasonableness of our assumption , we examine a variety of viewpoints and data .various studies have shown that portfolios comprised primarily of u.s .equity securities have historically returned approximately 9% ( 9 % ) 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 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) 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 2014 , 2013 and 2012 were +6.50% ( +6.50 % ) , +15.48% ( +15.48 % ) , and +15.29% ( +15.29 % ) , 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 2014 was 7.00% ( 7.00 % ) , down from 7.50% ( 7.50 % ) for 2013 .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 6.75% ( 6.75 % ) 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 can cause expense in subsequent years to increase or decrease by up to $ 9 million as the impact is amortized into results of operations .we currently estimate pretax pension expense of $ 9 million in 2015 compared with pretax income of $ 7 million in 2014 .this year-over-year expected increase in expense reflects the effects of the lower expected return on asset assumption , improved mortality , and the lower discount rate required to be used in 2015 .these factors will be partially offset by the favorable impact of the increase in plan assets at december 31 , 2014 and the assumed return on a $ 200 million voluntary contribution to the plan made in february 2015 .the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2015 estimated expense as a baseline .table 26 : pension expense 2013 sensitivity analysis change in assumption ( a ) estimated increase/ ( decrease ) to 2015 pension expense ( in millions ) .
[['change in assumption ( a )', 'estimatedincrease/ ( decrease ) to 2015pensionexpense ( in millions )'], ['.5% ( .5 % ) decrease in discount rate', '$ 18'], ['.5% ( .5 % ) decrease in expected long-term return on assets', '$ 22'], ['.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 .notwithstanding the voluntary contribution made in february 2015 noted above , we do not expect to be required to make any contributions to the plan during 2015 .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 13 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .66 the pnc financial services group , inc .2013 form 10-k .
|
yes
| 1,322 | 92 |
93 |
for 2013 , was the basel i tier 1 common capital $ 28484 without phased-in regulatory capital adjustments greater than estimated basel iii transitional tier 1 common capital with 2014 phase-ins?
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table 20 : pro forma transitional basel iii tier 1 common capital ratio dollars in millions december 31 .
[['dollars in millions', 'december 31 2013'], ['basel i tier 1 common capital', '$ 28484'], ['less phased-in regulatory capital adjustments:', ''], ['basel iii quantitative limits', '-228 ( 228 )'], ['accumulated other comprehensive income ( a )', '39'], ['other intangibles', '381'], ['all other adjustments', '210'], ['estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins )', '$ 28886'], ['basel i risk-weighted assets calculated as applicable for 2014', '272321'], ['pro forma basel iii transitional tier 1 common capital ratio ( with 2014phase-ins )', '10.6% ( 10.6 % )']]
estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins ) $ 28886 basel i risk-weighted assets calculated as applicable for 2014 272321 pro forma basel iii transitional tier 1 common capital ratio ( with 2014 phase-ins ) 10.6% ( 10.6 % ) ( a ) represents net adjustments related to accumulated other comprehensive income for available for sale securities and pension and other postretirement benefit plans .pnc utilizes these fully implemented and transitional basel iii capital ratios to assess its capital position , including comparison to similar estimates made by other financial institutions .these basel iii capital estimates are likely to be impacted by any additional regulatory guidance , continued analysis by pnc as to the application of the rules to pnc , and in the case of ratios calculated using the advanced approaches , the ongoing evolution , validation and regulatory approval of pnc 2019s models integral to the calculation of advanced approaches risk-weighted assets .the access to and cost of funding for new business initiatives , the ability to undertake new business initiatives including acquisitions , the ability to engage in expanded business activities , the ability to pay dividends or repurchase shares or other capital instruments , the level of deposit insurance costs , and the level and nature of regulatory oversight depend , in large part , on a financial institution 2019s capital strength .we provide additional information regarding enhanced capital requirements and some of their potential impacts on pnc in item 1 business 2013 supervision and regulation , item 1a risk factors and note 22 regulatory matters in the notes to consolidated financial statements in item 8 of this report .off-balance sheet arrangements and variable interest entities we engage in a variety of activities that involve unconsolidated entities or that are otherwise not reflected in our consolidated balance sheet that are generally referred to as 201coff-balance sheet arrangements . 201d additional information on these types of activities is included in the following sections of this report : 2022 commitments , including contractual obligations and other commitments , included within the risk management section of this item 7 , 2022 note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements included in item 8 of this report , 2022 note 14 capital securities of subsidiary trusts and perpetual trust securities in the notes to consolidated financial statements included in item 8 of this report , and 2022 note 24 commitments and guarantees in the notes to consolidated financial statements included in item 8 of this report .pnc consolidates variable interest entities ( vies ) when we are deemed to be the primary beneficiary .the primary beneficiary of a vie is determined to be the party that meets both of the following criteria : ( i ) has the power to make decisions that most significantly affect the economic performance of the vie ; and ( ii ) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the vie .a summary of vies , including those that we have consolidated and those in which we hold variable interests but have not consolidated into our financial statements , as of december 31 , 2013 and december 31 , 2012 is included in note 3 in the notes to consolidated financial statements included in item 8 of this report .trust preferred securities and reit preferred securities we are subject to certain restrictions , including restrictions on dividend payments , in connection with $ 206 million in principal amount of an outstanding junior subordinated debenture associated with $ 200 million of trust preferred securities ( both amounts as of december 31 , 2013 ) that were issued by pnc capital trust c , a subsidiary statutory trust .generally , if there is ( i ) an event of default under the debenture , ( ii ) pnc elects to defer interest on the debenture , ( iii ) pnc exercises its right to defer payments on the related trust preferred security issued by the statutory trust , or ( iv ) there is a default under pnc 2019s guarantee of such payment obligations , as specified in the applicable governing documents , then pnc would be subject during the period of such default or deferral to restrictions on dividends and other provisions protecting the status of the debenture holders similar to or in some ways more restrictive than those potentially imposed under the exchange agreement with pnc preferred funding trust ii .see note 14 capital securities of subsidiary trusts and perpetual trust securities in the notes to consolidated financial statements in item 8 of this report for additional information on contractual limitations on dividend payments resulting from securities issued by pnc preferred funding trust i and pnc preferred funding trust ii .see the liquidity risk management portion of the risk management section of this item 7 for additional information regarding our first quarter 2013 redemption of the reit preferred securities issued by pnc preferred funding trust iii and additional discussion of redemptions of trust preferred securities .48 the pnc financial services group , inc .2013 form 10-k .
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no
| 1,346 | 93 |
94 |
did the fv of derivative receivables increase from 2017 to 2018?
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jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .for further information on wholesale lending-related commitments , refer to note 27 .clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .for further discussion of clearing services , refer to note 27 .derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .the firm also uses derivative instruments to manage its own credit and other market risk exposure .the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .the following table summarizes the net derivative receivables for the periods presented .derivative receivables .
[['december 31 ( in millions )', '2018', '2017'], ['total net of cash collateral', '$ 54213', '$ 56523'], ['liquid securities and other cash collateral held against derivative receivables ( a )', '-15322 ( 15322 )', '-16108 ( 16108 )'], ['total net of all collateral', '$ 38891', '$ 40415']]
( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .for additional information on the firm 2019s use of collateral agreements , refer to note 5 .while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .these measures all incorporate netting and collateral benefits , where applicable .peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .
|
no
| 1,350 | 94 |
95 |
was the weighted average useful life ( years ) of purchased technology greater than customer contracts and relationships?
|
improvements are amortized using the straight-line method over the lesser of the remaining respective lease term or estimated useful lives ranging from 1 to 15 years .goodwill , purchased intangibles and other long-lived assets 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 2011 and determined that there was no impairment .in the fourth quarter of fiscal 2011 , we announced changes to our business strategy which resulted in a reduction of forecasted revenue for certain of our products .we performed an update to our goodwill impairment test for the enterprise reporting unit and determined there was no impairment .goodwill is assigned to one or more reporting segments on the date of acquisition .we evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value , including the associated goodwill .to determine the fair values , we use the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows .our cash flow assumptions consider historical and forecasted revenue , operating costs and other relevant factors .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 2011 , 2010 or 2009 .our intangible assets are amortized over their estimated useful lives of 1 to 13 years .amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed .the weighted average useful lives of our intangibles assets was as follows: .
[['', 'weighted averageuseful life ( years )'], ['purchased technology', '6'], ['customer contracts and relationships', '10'], ['trademarks', '7'], ['acquired rights to use technology', '9'], ['localization', '1'], ['other intangibles', '3']]
weighted average useful life ( years ) 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 .table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .
|
no
| 759 | 95 |
96 |
what is the company's proportional share of debt from real estate joint ventures ? [14] : the aggregate debt as of december 31 , 2014 , of all of the company 2019s unconsolidated real estate joint ventures is $ 4.6 billion , of which the company 2019s proportionate share of this debt is $ 1.8 billion .
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guaranteed by the company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the company is obligated to make ( see guarantee table above ) .non-recourse mortgage debt is generally defined as debt whereby the lenders 2019 sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage .the lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower , except for certain specified exceptions listed in the particular loan documents ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) .these investments include the following joint ventures : venture ownership interest number of properties total gla thousands ) recourse mortgage payable ( in millions ) number of encumbered properties average interest weighted average ( months ) .
[['venture', 'kimco ownership interest', 'number of properties', 'total gla ( in thousands )', 'non- recourse mortgage payable ( in millions )', 'number of encumbered properties', 'average interest rate', 'weighted average term ( months )'], ['kimpru ( a )', '15.0% ( 15.0 % )', '60', '10573', '$ 920.4', '39', '5.53% ( 5.53 % )', '23.0'], ['riocan venture ( b )', '50.0% ( 50.0 % )', '45', '9307', '$ 642.6', '28', '4.29% ( 4.29 % )', '39.9'], ['kir ( c )', '48.6% ( 48.6 % )', '54', '11519', '$ 866.4', '46', '5.04% ( 5.04 % )', '61.9'], ['big shopping centers ( d )', '50.1% ( 50.1 % )', '6', '1029', '$ 144.6', '6', '5.52% ( 5.52 % )', '22.0'], ['kimstone ( e ) ( g )', '33.3% ( 33.3 % )', '39', '5595', '$ 704.4', '38', '4.45% ( 4.45 % )', '28.7'], ['cpp ( f )', '55.0% ( 55.0 % )', '7', '2425', '$ 112.1', '2', '5.05% ( 5.05 % )', '10.1']]
( a ) represents the company 2019s joint ventures with prudential real estate investors .( b ) represents the company 2019s joint ventures with riocan real estate investment trust .( c ) represents the company 2019s joint ventures with certain institutional investors .( d ) represents the company 2019s remaining joint venture with big shopping centers ( tlv:big ) , an israeli public company ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) .( e ) represents the company 2019s joint ventures with blackstone .( f ) represents the company 2019s joint ventures with the canadian pension plan investment board ( cppib ) .( g ) on february 2 , 2015 , the company purchased the remaining 66.7% ( 66.7 % ) interest in the 39-property kimstone portfolio for a gross purchase price of $ 1.4 billion , including the assumption of $ 638.0 million in mortgage debt ( see footnote 26 of the notes to consolidated financial statements included in this form 10-k ) .the company has various other unconsolidated real estate joint ventures with varying structures .as of december 31 , 2014 , these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $ 1.2 billion .the aggregate debt as of december 31 , 2014 , of all of the company 2019s unconsolidated real estate joint ventures is $ 4.6 billion , of which the company 2019s proportionate share of this debt is $ 1.8 billion .as of december 31 , 2014 , these loans had scheduled maturities ranging from one month to 19 years and bear interest at rates ranging from 1.92% ( 1.92 % ) to 8.39% ( 8.39 % ) .approximately $ 525.7 million of the aggregate outstanding loan balance matures in 2015 , of which the company 2019s proportionate share is $ 206.0 million .these maturing loans are anticipated to be repaid with operating cash flows , debt refinancing and partner capital contributions , as deemed appropriate ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) . .
|
0.39:1
| 1,254 | 96 |
97 |
for pension expense , does a .5% ( .5 % ) decrease in discount rate have a greater impact than a .5% ( .5 % ) decrease in expected long-term return on assets?
|
the discount rate used to measure pension obligations is determined by comparing the expected future benefits that will be paid under the plan with yields available on high quality corporate bonds of similar duration .the impact on pension expense of a .5% ( .5 % ) decrease in discount rate in the current environment is an increase of $ 18 million per year .this sensitivity depends on the economic environment and amount of unrecognized actuarial gains or losses on the measurement date .the expected long-term return on assets assumption also has a significant effect on pension expense .the expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the asset allocation policy currently in place .for purposes of setting and reviewing this assumption , 201clong term 201d refers to the period over which the plan 2019s projected benefit obligations will be disbursed .we review this assumption at each measurement date and adjust it if warranted .our selection process references certain historical data and the current environment , but primarily utilizes qualitative judgment regarding future return expectations .to evaluate the continued reasonableness of our assumption , we examine a variety of viewpoints and data .various studies have shown that portfolios comprised primarily of u.s .equity securities have historically returned approximately 9% ( 9 % ) 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 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) 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 2014 , 2013 and 2012 were +6.50% ( +6.50 % ) , +15.48% ( +15.48 % ) , and +15.29% ( +15.29 % ) , 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 2014 was 7.00% ( 7.00 % ) , down from 7.50% ( 7.50 % ) for 2013 .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 6.75% ( 6.75 % ) 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 can cause expense in subsequent years to increase or decrease by up to $ 9 million as the impact is amortized into results of operations .we currently estimate pretax pension expense of $ 9 million in 2015 compared with pretax income of $ 7 million in 2014 .this year-over-year expected increase in expense reflects the effects of the lower expected return on asset assumption , improved mortality , and the lower discount rate required to be used in 2015 .these factors will be partially offset by the favorable impact of the increase in plan assets at december 31 , 2014 and the assumed return on a $ 200 million voluntary contribution to the plan made in february 2015 .the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2015 estimated expense as a baseline .table 26 : pension expense 2013 sensitivity analysis change in assumption ( a ) estimated increase/ ( decrease ) to 2015 pension expense ( in millions ) .
[['change in assumption ( a )', 'estimatedincrease/ ( decrease ) to 2015pensionexpense ( in millions )'], ['.5% ( .5 % ) decrease in discount rate', '$ 18'], ['.5% ( .5 % ) decrease in expected long-term return on assets', '$ 22'], ['.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 .notwithstanding the voluntary contribution made in february 2015 noted above , we do not expect to be required to make any contributions to the plan during 2015 .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 13 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .66 the pnc financial services group , inc .2013 form 10-k .
|
no
| 1,322 | 97 |
98 |
what was the total purchase price in cash payment for the sentinelle medical acquisition?
|
table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .at september 24 , 2011 , the fair value of the liability is $ 10.9 million .the company did not issue any equity awards in connection with this acquisition .the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .the purchase price was as follows: .
[['cash', '$ 84751'], ['contingent consideration', '29500'], ['total purchase price', '$ 114251']]
source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .past financial performance is no guarantee of future results. .
|
$ 834.8 million
| 832 | 98 |
99 |
does cna have a large physical presence in south dakota than in texas?
|
item 1 .business cna financial corporation 2013 ( continued ) unpredictability in the law , insurance underwriting is expected to continue to be difficult in commercial lines , professional liability and other specialty coverages .the dodd-frank wall street reform and consumer protection act expands the federal presence in insurance oversight and may increase the regulatory requirements to which cna may be subject .the act 2019s requirements include streamlining the state-based regulation of reinsurance and nonadmitted insurance ( property or casualty insurance placed from insurers that are eligible to accept insurance , but are not licensed to write insurance in a particular state ) .the act also establishes a new federal insurance office within the u.s .department of the treasury with powers over all lines of insurance except health insurance , certain long term care insurance and crop insurance , to , among other things , monitor aspects of the insurance industry , identify issues in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the overall financial system , coordinate federal policy on international insurance matters and preempt state insurance measures under certain circumstances .the act calls for numerous studies and contemplates further regulation .the patient protection and affordable care act and the related amendments in the health care and education reconciliation act may increase cna 2019s operating costs and underwriting losses .this landmark legislation may lead to numerous changes in the health care industry that could create additional operating costs for cna , particularly with respect to workers 2019 compensation and long term care products .these costs might arise through the increased use of health care services by claimants or the increased complexities in health care bills that could require additional levels of review .in addition , due to the expected number of new participants in the health care system and the potential for additional malpractice claims , cna may experience increased underwriting risk in the lines of business that provide management and professional liability insurance to individuals and businesses engaged in the health care industry .the lines of business that provide professional liability insurance to attorneys , accountants and other professionals who advise clients regarding the health care reform legislation may also experience increased underwriting risk due to the complexity of the legislation .properties : the chicago location owned by ccc , a wholly owned subsidiary of cna , houses cna 2019s principal executive offices .cna owns or leases office space in various cities throughout the united states and in other countries .the following table sets forth certain information with respect to cna 2019s principal office locations : location ( square feet ) principal usage 333 s .wabash avenue 763322 principal executive offices of cna chicago , illinois 401 penn street 190677 property and casualty insurance offices reading , pennsylvania 2405 lucien way 116948 property and casualty insurance offices maitland , florida 40 wall street 114096 property and casualty insurance offices new york , new york 1100 ward avenue 104478 property and casualty insurance offices honolulu , hawaii 101 s .phillips avenue 83616 property and casualty insurance offices sioux falls , south dakota 600 n .pearl street 65752 property and casualty insurance offices dallas , texas 1249 s .river road 50366 property and casualty insurance offices cranbury , new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 property and casualty insurance offices brea , california cna leases its office space described above except for the chicago , illinois building , the reading , pennsylvania building , and the aurora , illinois building , which are owned. .
[['location', 'size ( square feet )', 'principal usage'], ['333 s . wabash avenuechicago illinois', '763322', 'principal executive offices of cna'], ['401 penn streetreading pennsylvania', '190677', 'property and casualty insurance offices'], ['2405 lucien waymaitland florida', '116948', 'property and casualty insurance offices'], ['40 wall streetnew york new york', '114096', 'property and casualty insurance offices'], ['1100 ward avenuehonolulu hawaii', '104478', 'property and casualty insurance offices'], ['101 s . phillips avenuesioux falls south dakota', '83616', 'property and casualty insurance offices'], ['600 n . pearl streetdallas texas', '65752', 'property and casualty insurance offices'], ['1249 s . river roadcranbury new jersey', '50366', 'property and casualty insurance offices'], ['4267 meridian parkwayaurora illinois', '46903', 'data center'], ['675 placentia avenuebrea california', '46571', 'property and casualty insurance offices']]
item 1 .business cna financial corporation 2013 ( continued ) unpredictability in the law , insurance underwriting is expected to continue to be difficult in commercial lines , professional liability and other specialty coverages .the dodd-frank wall street reform and consumer protection act expands the federal presence in insurance oversight and may increase the regulatory requirements to which cna may be subject .the act 2019s requirements include streamlining the state-based regulation of reinsurance and nonadmitted insurance ( property or casualty insurance placed from insurers that are eligible to accept insurance , but are not licensed to write insurance in a particular state ) .the act also establishes a new federal insurance office within the u.s .department of the treasury with powers over all lines of insurance except health insurance , certain long term care insurance and crop insurance , to , among other things , monitor aspects of the insurance industry , identify issues in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the overall financial system , coordinate federal policy on international insurance matters and preempt state insurance measures under certain circumstances .the act calls for numerous studies and contemplates further regulation .the patient protection and affordable care act and the related amendments in the health care and education reconciliation act may increase cna 2019s operating costs and underwriting losses .this landmark legislation may lead to numerous changes in the health care industry that could create additional operating costs for cna , particularly with respect to workers 2019 compensation and long term care products .these costs might arise through the increased use of health care services by claimants or the increased complexities in health care bills that could require additional levels of review .in addition , due to the expected number of new participants in the health care system and the potential for additional malpractice claims , cna may experience increased underwriting risk in the lines of business that provide management and professional liability insurance to individuals and businesses engaged in the health care industry .the lines of business that provide professional liability insurance to attorneys , accountants and other professionals who advise clients regarding the health care reform legislation may also experience increased underwriting risk due to the complexity of the legislation .properties : the chicago location owned by ccc , a wholly owned subsidiary of cna , houses cna 2019s principal executive offices .cna owns or leases office space in various cities throughout the united states and in other countries .the following table sets forth certain information with respect to cna 2019s principal office locations : location ( square feet ) principal usage 333 s .wabash avenue 763322 principal executive offices of cna chicago , illinois 401 penn street 190677 property and casualty insurance offices reading , pennsylvania 2405 lucien way 116948 property and casualty insurance offices maitland , florida 40 wall street 114096 property and casualty insurance offices new york , new york 1100 ward avenue 104478 property and casualty insurance offices honolulu , hawaii 101 s .phillips avenue 83616 property and casualty insurance offices sioux falls , south dakota 600 n .pearl street 65752 property and casualty insurance offices dallas , texas 1249 s .river road 50366 property and casualty insurance offices cranbury , new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 property and casualty insurance offices brea , california cna leases its office space described above except for the chicago , illinois building , the reading , pennsylvania building , and the aurora , illinois building , which are owned. .
|
yes
| 1,895 | 99 |
100 |
what was the difference between the total 2008 crack spreads of chicago and the u.s gulf coast?
|
our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as an indicator of the impact of price on the refining margin .crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .gulf coast crack spreads that we feel most closely track our operations and slate of products .posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .the following table lists calculated average crack spreads by quarter for the midwest ( chicago ) and gulf coast markets in 2008 .crack spreads ( dollars per barrel ) 1st qtr 2nd qtr 3rd qtr 4th qtr 2008 .
[['crack spreads ( dollars per barrel )', '1st qtr', '2nd qtr', '3rd qtr', '4th qtr', '2008'], ['chicago lls 6-3-2-1', '$ 0.07', '$ 2.71', '$ 7.81', '$ 2.31', '$ 3.27'], ['us gulf coast lls 6-3-2-1', '$ 1.39', '$ 1.99', '$ 6.32', '( $ 0.01 )', '$ 2.45']]
in addition to the market changes indicated by the crack spreads , our refining and wholesale marketing gross margin is impacted by factors such as the types of crude oil and other charge and blendstocks processed , the selling prices realized for refined products , the impact of commodity derivative instruments used to mitigate price risk and the cost of purchased products for resale .we process significant amounts of sour crude oil which can enhance our profitability compared to certain of our competitors , as sour crude oil typically can be purchased at a discount to sweet crude oil .finally , our refining and wholesale marketing gross margin is impacted by changes in manufacturing costs , which are primarily driven by the level of maintenance activities at the refineries and the price of purchased natural gas used for plant fuel .our 2008 refining and wholesale marketing gross margin was the key driver of the 43 percent decrease in rm&t segment income when compared to 2007 .our average refining and wholesale marketing gross margin per gallon decreased 37 percent , to 11.66 cents in 2008 from 18.48 cents in 2007 , primarily due to the significant and rapid increases in crude oil prices early in 2008 and lagging wholesale price realizations .our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .while on average demand has been increasing for several years , there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .in 2008 , demand began to drop due to the combination of significant increases in retail petroleum prices and a broad slowdown in general activity .the gross margin on merchandise sold at retail outlets has historically been more constant .the profitability of our pipeline transportation operations is primarily dependent on the volumes shipped through our crude oil and refined products pipelines .the volume of crude oil that we transport is directly affected by the supply of , and refiner demand for , crude oil in the markets served directly by our crude oil pipelines .key factors in this supply and demand balance are the production levels of crude oil by producers , the availability and cost of alternative modes of transportation , and refinery and transportation system maintenance levels .the volume of refined products that we transport is directly affected by the production levels of , and user demand for , refined products in the markets served by our refined product pipelines .in most of our markets , demand for gasoline peaks during the summer and declines during the fall and winter months , whereas distillate demand is more ratable throughout the year .as with crude oil , other transportation alternatives and system maintenance levels influence refined product movements .integrated gas our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand .our integrated gas operations include marketing and transportation of products manufactured from natural gas , such as lng and methanol , primarily in the u.s. , europe and west africa .our most significant lng investment is our 60 percent ownership in a production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .in 2008 , its .
|
$ 0.82
| 1,156 | 100 |
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