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101 |
for 2010 , was the after-tax gain on our sale of gis greater than overall net interest income?
|
corporate & institutional banking corporate & institutional banking earned $ 1.9 billion in 2011 and $ 1.8 billion in 2010 .the increase in earnings was primarily due to an improvement in the provision for credit losses , which was a benefit in 2011 , partially offset by a reduction in the value of commercial mortgage servicing rights and lower net interest income .we continued to focus on adding new clients , increasing cross sales , and remaining committed to strong expense discipline .asset management group asset management group earned $ 141 million for 2011 compared with $ 137 million for 2010 .assets under administration were $ 210 billion at december 31 , 2011 and $ 212 billion at december 31 , 2010 .earnings for 2011 reflected a benefit from the provision for credit losses and growth in noninterest income , partially offset by higher noninterest expense and lower net interest income .for 2011 , the business delivered strong sales production , grew high value clients and benefitted from significant referrals from other pnc lines of business .over time and with stabilized market conditions , the successful execution of these strategies and the accumulation of our strong sales performance are expected to create meaningful growth in assets under management and noninterest income .residential mortgage banking residential mortgage banking earned $ 87 million in 2011 compared with $ 269 million in 2010 .the decline in earnings was driven by an increase in noninterest expense associated with increased costs for residential mortgage foreclosure- related expenses , primarily as a result of ongoing governmental matters , and lower net interest income , partially offset by an increase in loan originations and higher loans sales revenue .blackrock our blackrock business segment earned $ 361 million in 2011 and $ 351 million in 2010 .the higher business segment earnings from blackrock for 2011 compared with 2010 were primarily due to an increase in revenue .non-strategic assets portfolio this business segment ( formerly distressed assets portfolio ) consists primarily of acquired non-strategic assets that fall outside of our core business strategy .non-strategic assets portfolio had earnings of $ 200 million in 2011 compared with a loss of $ 57 million in 2010 .the increase was primarily attributable to a lower provision for credit losses partially offset by lower net interest income .201cother 201d reported earnings of $ 376 million for 2011 compared with earnings of $ 386 million for 2010 .the decrease in earnings primarily reflected the noncash charge related to the redemption of trust preferred securities in the fourth quarter of 2011 and the gain related to the sale of a portion of pnc 2019s blackrock shares in 2010 partially offset by lower integration costs in 2011 .consolidated income statement review our consolidated income statement is presented in item 8 of this report .net income for 2011 was $ 3.1 billion compared with $ 3.4 billion for 2010 .results for 2011 include the impact of $ 324 million of residential mortgage foreclosure-related expenses primarily as a result of ongoing governmental matters , a $ 198 million noncash charge related to redemption of trust preferred securities and $ 42 million for integration costs .results for 2010 included the $ 328 million after-tax gain on our sale of gis , $ 387 million for integration costs , and $ 71 million of residential mortgage foreclosure-related expenses .for 2010 , net income attributable to common shareholders was also impacted by a noncash reduction of $ 250 million in connection with the redemption of tarp preferred stock .pnc 2019s results for 2011 were driven by good performance in a challenging environment of low interest rates , slow economic growth and new regulations .net interest income and net interest margin year ended december 31 dollars in millions 2011 2010 .
[['year ended december 31dollars in millions', '2011', '2010'], ['net interest income', '$ 8700', '$ 9230'], ['net interest margin', '3.92% ( 3.92 % )', '4.14% ( 4.14 % )']]
changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding .see the statistical information ( unaudited ) 2013 analysis of year-to-year changes in net interest income and average consolidated balance sheet and net interest analysis in item 8 and the discussion of purchase accounting accretion in the consolidated balance sheet review in item 7 of this report for additional information .the decreases in net interest income and net interest margin for 2011 compared with 2010 were primarily attributable to a decrease in purchase accounting accretion on purchased impaired loans primarily due to lower excess cash recoveries .a decline in average loan balances and the low interest rate environment , partially offset by lower funding costs , also contributed to the decrease .the pnc financial services group , inc .2013 form 10-k 35 .
|
no
| 1,199 | 101 |
102 |
using the above listed average exercise price , what were the value of the call options sold?
|
underlying physical transaction occurs .we have not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting .as a result , we recognize in net income all changes in the fair value of derivative instruments used in those operations .open commodity derivative positions as of december 31 , 2008 and sensitivity analysis at december 31 , 2008 , our e&p segment held open derivative contracts to mitigate the price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts that were in line with normal levels of activity .at december 31 , 2008 , we had no significant open derivative contracts related to our future sales of liquid hydrocarbons and natural gas and therefore remained substantially exposed to market prices of these commodities .the osm segment holds crude oil options which were purchased by western for a three year period ( january 2007 to december 2009 ) .the premiums for the purchased put options had been partially offset through the sale of call options for the same three-year period , resulting in a net premium liability .payment of the net premium liability is deferred until the settlement of the option contracts .as of december 31 , 2008 , the following put and call options were outstanding: .
[['option expiration date', '2009'], ['option contract volumes ( barrels per day ) :', ''], ['put options purchased', '20000'], ['call options sold', '15000'], ['average exercise price ( dollars per barrel ) :', ''], ['put options', '$ 50.50'], ['call options', '$ 90.50']]
in the first quarter of 2009 , we sold derivative instruments at an average exercise price of $ 50.50 which effectively offset the open put options for the remainder of 2009 .at december 31 , 2008 , the number of open derivative contracts held by our rm&t segment was lower than in previous periods .starting in the second quarter of 2008 , we decreased our use of derivatives to mitigate crude oil price risk between the time that domestic spot crude oil purchases are priced and when they are actually refined into salable petroleum products .instead , we are addressing this price risk through other means , including changes in contractual terms and crude oil acquisition practices .additionally , in previous periods , certain contracts in our rm&t segment for the purchase or sale of commodities were not qualified or designated as normal purchase or normal sales under generally accepted accounting principles and therefore were accounted for as derivative instruments .during the second quarter of 2008 , as we decreased our use of derivatives , we began to designate such contracts for the normal purchase and normal sale exclusion. .
|
$ 1357500.00
| 613 | 102 |
103 |
what is the total amount of principle payment paid from 2008 to 2011?
|
notes to consolidated financial statements 2014 ( continued ) merchant acquiring business in the united kingdom to the partnership .in addition , hsbc uk entered into a ten-year marketing alliance with the partnership in which hsbc uk will refer customers to the partnership for payment processing services in the united kingdom .on june 23 , 2008 , we entered into a new five year , $ 200 million term loan to fund a portion of the acquisition .we funded the remaining purchase price with excess cash and our existing credit facilities .the term loan bears interest , at our election , at the prime rate or london interbank offered rate plus a margin based on our leverage position .as of july 1 , 2008 , the interest rate on the term loan was 3.605% ( 3.605 % ) .the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 .the partnership agreement includes provisions pursuant to which hsbc uk may compel us to purchase , at fair value , additional membership units from hsbc uk ( the 201cput option 201d ) .hsbc uk may exercise the put option on the fifth anniversary of the closing of the acquisition and on each anniversary thereafter .by exercising the put option , hsbc uk can require us to purchase , on an annual basis , up to 15% ( 15 % ) of the total membership units .additionally , on the tenth anniversary of closing and each tenth anniversary thereafter , hsbc uk may compel us to purchase all of their membership units at fair value .while not redeemable until june 2013 , we estimate the maximum total redemption amount of the minority interest under the put option would be $ 421.4 million , as of may 31 , 2008 .the purpose of this acquisition was to establish a presence in the united kingdom .the key factors that contributed to the decision to make this acquisition include historical and prospective financial statement analysis and hsbc uk 2019s market share and retail presence in the united kingdom .the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples .the purchase price totaled $ 441.1 million , consisting of $ 438.6 million cash consideration plus $ 2.5 million of direct out of pocket costs .the acquisition has been recorded using the purchase method of accounting , and , accordingly , the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition .the following table summarizes the preliminary purchase price allocation: .
[['', 'total'], ['goodwill', '$ 294741'], ['customer-related intangible assets', '116920'], ['contract-based intangible assets', '13437'], ['trademark', '2204'], ['property and equipment', '26955'], ['other current assets', '100'], ['total assets acquired', '454357'], ['minority interest in equity of subsidiary ( at historical cost )', '-13257 ( 13257 )'], ['net assets acquired', '$ 441100']]
due to the recent timing of the transaction , the allocation of the purchase price is preliminary .all of the goodwill associated with the acquisition is expected to be deductible for tax purposes .the customer-related intangible assets have amortization periods of up to 13 years .the contract-based intangible assets have amortization periods of 7 years .the trademark has an amortization period of 5 years. .
|
$ 30 million
| 850 | 103 |
104 |
did the annual interest savings on the redemption of the 6.65% ( 6.65 % ) 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. .
|
yes
| 1,037 | 104 |
105 |
based on the weighted average grant date fair value listed above , what was the value of unvested restricted stock awards at december 31 , 2009?
|
marathon oil corporation notes to consolidated financial statements restricted stock awards the following is a summary of restricted stock award activity .awards weighted-average grant date fair value .
[['', 'awards', 'weighted-averagegrant datefair value'], ['unvested at december 31 2008', '2049255', '$ 47.72'], ['granted', '251335', '24.74'], ['vested', '-762466 ( 762466 )', '46.03'], ['forfeited', '-96625 ( 96625 )', '43.56'], ['unvested at december 31 2009', '1441499', '44.89']]
the vesting date fair value of restricted stock awards which vested during 2009 , 2008 and 2007 was $ 24 million , $ 38 million and $ 29 million .the weighted average grant date fair value of restricted stock awards was $ 44.89 , $ 47.72 , and $ 39.87 for awards unvested at december 31 , 2009 , 2008 and 2007 .as of december 31 , 2009 , there was $ 43 million of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of 1.6 years .stock-based performance awards all stock-based performance awards have either vested or been forfeited .the vesting date fair value of stock- based performance awards which vested during 2007 was $ 38 .24 .stockholders 2019 equity in each year , 2009 and 2008 , we issued 2 million in common stock upon the redemption of the exchangeable shares described below in addition to treasury shares issued for employee stock-based awards .the board of directors has authorized the repurchase of up to $ 5 billion of marathon common stock .purchases under the program may be in either open market transactions , including block purchases , or in privately negotiated transactions .we will use cash on hand , cash generated from operations , proceeds from potential asset sales or cash from available borrowings to acquire shares .this program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion .the repurchase program does not include specific price targets or timetables .as of december 31 , 2009 , we have acquired 66 million common shares at a cost of $ 2922 million under the program .no shares have been acquired since august 2008 .securities exchangeable into marathon common stock 2013 as discussed in note 6 , we acquired all of the outstanding shares of western on october 18 , 2007 .the western shareholders who were canadian residents received , at their election , cash , marathon common stock , securities exchangeable into marathon common stock ( the 201cexchangeable shares 201d ) or a combination thereof .the western shareholders elected to receive 5 million exchangeable shares as part of the acquisition consideration .the exchangeable shares are shares of an indirect canadian subsidiary of marathon and , at the acquisition date , were exchangeable on a one-for-one basis into marathon common stock .subsequent to the acquisition , the exchange ratio is adjusted to reflect cash dividends , if any , paid on marathon common stock and cash dividends , if any , paid on the exchangeable shares .the exchange ratio at december 31 , 2009 , was 1.06109 common shares for each exchangeable share .the exchangeable shares are exchangeable at the option of the holder at any time and are automatically redeemable on october 18 , 2011 .holders of exchangeable shares are entitled to instruct a trustee to vote ( or obtain a proxy from the trustee to vote directly ) on all matters submitted to the holders of marathon common stock .the number of votes to which each holder is entitled is equal to the whole number of shares of marathon common stock into which such holder 2019s exchangeable shares would be exchangeable based on the exchange ratio in effect on the record date for the vote .the voting right is attached to voting preferred shares of marathon that were issued to a trustee in an amount .
|
$ 64708890.11
| 1,010 | 105 |
106 |
what was the net change in diluted earnings ( loss ) per common share from continuing operations between 2007 and 2008?
|
in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly .the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements .in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available .the company included the disclosures required by this guidance in the accompanying consolidated financial statements .accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) .this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns .specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority .the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized .this guidance also expands income tax disclosure requirements .international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 .the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption .note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 .effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies .accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis .note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding .diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year .in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive .a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .
[['in millions except per share amounts', '2009', '2008', '2007'], ['earnings ( loss ) from continuing operations', '$ 663', '$ -1269 ( 1269 )', '$ 1215'], ['effect of dilutive securities ( a )', '2013', '2013', '2013'], ['earnings ( loss ) from continuing operations 2013 assumingdilution', '$ 663', '$ -1269 ( 1269 )', '$ 1215'], ['average common shares outstanding', '425.3', '421.0', '428.9'], ['effect of dilutive securities restricted performance share plan ( a )', '2.7', '2013', '3.7'], ['stock options ( b )', '2013', '2013', '0.4'], ['average common shares outstanding 2013 assuming dilution', '428.0', '421.0', '433.0'], ['basic earnings ( loss ) per common share from continuing operations', '$ 1.56', '$ -3.02 ( 3.02 )', '$ 2.83'], ['diluted earnings ( loss ) per common share from continuing operations', '$ 1.55', '$ -3.02 ( 3.02 )', '$ 2.81']]
average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive .( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date .note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 .it .
|
( $ 5.83 )
| 1,330 | 106 |
107 |
in 2008 , how much of the compensation will be used on stock purchases if the employees used 20% ( 20 % ) of their compensation?
|
notes to consolidated financial statements 2014 ( continued ) the weighted average grant-date fair value of share awards granted in the years ended may 31 , 2007 and 2006 was $ 45 and $ 36 , respectively .the total fair value of share awards vested during the years ended may 31 , 2008 , 2007 and 2006 was $ 4.1 million , $ 1.7 million and $ 1.4 million , respectively .we recognized compensation expenses for restricted stock of $ 5.7 million , $ 2.7 million , and $ 1.6 million in the years ended may 31 , 2008 , 2007 and 2006 .as of may 31 , 2008 , there was $ 15.2 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.9 years .employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized .employees may designate up to the lesser of $ 25 thousand or 20% ( 20 % ) of their annual compensation for the purchase of stock .for periods prior to october 1 , 2006 , the price for shares purchased under the plan was the lower of 85% ( 85 % ) of the market value on the first day or the last day of the quarterly purchase period .with the quarterly purchase period beginning on october 1 , 2006 , the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period ( the 201cpurchase date 201d ) .at may 31 , 2008 , 0.7 million shares had been issued under this plan , with 1.7 million shares reserved for future issuance .the weighted average grant-date fair value of each designated share purchased under this plan was $ 6 , $ 8 and $ 8 in the years ended may 31 , 2008 , 2007 and 2006 , respectively .for the quarterly purchases after october 1 , 2006 , the fair value of each designated share purchased under the employee stock purchase plan is based on the 15% ( 15 % ) discount on the purchase date .for purchases prior to october 1 , 2006 , the fair value of each designated share purchased under the employee stock purchase plan was estimated on the date of grant using the black-scholes valuation model using the following weighted average assumptions: .
[['', '2007', '2006'], ['risk-free interest rates', '4.93% ( 4.93 % )', '3.72% ( 3.72 % )'], ['expected volatility', '37.02% ( 37.02 % )', '26.06% ( 26.06 % )'], ['dividend yields', '0.19% ( 0.19 % )', '0.34% ( 0.34 % )'], ['expected lives', '3 months', '3 months']]
the risk-free interest rate is based on the yield of a zero coupon united states treasury security with a maturity equal to the expected life of the option from the date of the grant .our assumption on expected volatility is based on our historical volatility .the dividend yield assumption is calculated using our average stock price over the preceding year and the annualized amount of our current quarterly dividend .since the purchase price for shares under the plan is based on the market value on the first day or last day of the quarterly purchase period , we use an expected life of three months to determine the fair value of each designated share. .
|
$ 1.14 million
| 903 | 107 |
108 |
was the weighted-average risk-free rate greater than the dividend yield?
|
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. .
|
yes
| 771 | 108 |
109 |
what was the total revenues earned in 2016 from managementleasing and construction and development
|
39 annual report 2010 duke realty corporation | | related party transactions we provide property and asset management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .for the years ended december 31 , 2010 , 2009 and 2008 , respectively , we earned management fees of $ 7.6 million , $ 8.4 million and $ 7.8 million , leasing fees of $ 2.7 million , $ 4.2 million and $ 2.8 million and construction and development fees of $ 10.3 million , $ 10.2 million and $ 12.7 million from these companies .we recorded these fees based on contractual terms that approximate market rates for these types of services , and we have eliminated our ownership percentages of these fees in the consolidated financial statements .commitments and contingencies we have guaranteed the repayment of $ 95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments .we will be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service .management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees .we also have guaranteed the repayment of secured and unsecured loans of six of our unconsolidated subsidiaries .at december 31 , 2010 , the maximum guarantee exposure for these loans was approximately $ 245.4 million .with the exception of the guarantee of the debt of 3630 peachtree joint venture , for which we recorded a contingent liability in 2009 of $ 36.3 million , management believes it probable that we will not be required to satisfy these guarantees .we lease certain land positions with terms extending to december 2080 , with a total obligation of $ 103.6 million .no payments on these ground leases are material in any individual year .we are subject to various legal proceedings and claims that arise in the ordinary course of business .in the opinion of management , the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations .contractual obligations at december 31 , 2010 , we were subject to certain contractual payment obligations as described in the table below: .
[['contractual obligations', 'payments due by period ( in thousands ) total', 'payments due by period ( in thousands ) 2011', 'payments due by period ( in thousands ) 2012', 'payments due by period ( in thousands ) 2013', 'payments due by period ( in thousands ) 2014', 'payments due by period ( in thousands ) 2015', 'payments due by period ( in thousands ) thereafter'], ['long-term debt ( 1 )', '$ 5413606', '$ 629781', '$ 548966', '$ 725060', '$ 498912', '$ 473417', '$ 2537470'], ['lines of credit ( 2 )', '214225', '28046', '9604', '176575', '-', '-', '-'], ['share of debt of unconsolidated joint ventures ( 3 )', '447573', '87602', '27169', '93663', '34854', '65847', '138438'], ['ground leases', '103563', '2199', '2198', '2169', '2192', '2202', '92603'], ['operating leases', '2704', '840', '419', '395', '380', '370', '300'], ['development and construction backlog costs ( 4 )', '521041', '476314', '44727', '-', '-', '-', '-'], ['other', '1967', '1015', '398', '229', '90', '54', '181'], ['total contractual obligations', '$ 6704679', '$ 1225797', '$ 633481', '$ 998091', '$ 536428', '$ 541890', '$ 2768992']]
( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .interest expense for variable rate debt was calculated using the interest rates as of december 31 , 2010 .( 2 ) our unsecured lines of credit consist of an operating line of credit that matures february 2013 and the line of credit of a consolidated subsidiary that matures july 2011 .interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect .( 3 ) our share of unconsolidated joint venture debt includes both principal and interest .interest expense for variable rate debt was calculated using the interest rate at december 31 , 2010 .( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects. .
|
[2] : for the years ended december 31 , 2010 , 2009 and 2008 , respectively , we earned management fees of $ 7.6 million , $ 8.4 million and $ 7.8 million , leasing fees of $ 2.7 million , $ 4.2 million and $ 2.8 million and construction and development fees of $ 10.3 million , $ 10.2 million and $ 12.7 million from these companies .
| 1,347 | 109 |
110 |
what is the total net operating loss that must be utilized before expiration between may 31 , 2017 and may 31 , 2033?
|
undistributed earnings of $ 696.9 million from certain foreign subsidiaries are considered to be permanently reinvested abroad and will not be repatriated to the united states in the foreseeable future .because those earnings are considered to be indefinitely reinvested , no domestic federal or state deferred income taxes have been provided thereon .if we were to make a distribution of any portion of those earnings in the form of dividends or otherwise , we would be subject to both u.s .income taxes ( subject to an adjustment for foreign tax credits ) and withholding taxes payable to the various foreign jurisdictions .because of the availability of u.s .foreign tax credit carryforwards , it is not practicable to determine the domestic federal income tax liability that would be payable if such earnings were no longer considered to be reinvested indefinitely .a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized .changes to our valuation allowance during the years ended may 31 , 2015 and 2014 are summarized below ( in thousands ) : .
[['balance at may 31 2013', '$ -28464 ( 28464 )'], ['utilization of foreign net operating loss carryforwards', '2822'], ['allowance for foreign tax credit carryforward', '18061'], ['other', '382'], ['balance at may 31 2014', '-7199 ( 7199 )'], ['utilization of foreign net operating loss carryforwards', '3387'], ['other', '-11 ( 11 )'], ['balance at may 31 2015', '$ -3823 ( 3823 )']]
net operating loss carryforwards of foreign subsidiaries totaling $ 12.4 million and u.s .net operating loss carryforwards previously acquired totaling $ 19.8 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2033 if not utilized .capital loss carryforwards of u.s .subsidiaries totaling $ 4.7 million will expire if not utilized by may 31 , 2017 .tax credit carryforwards totaling $ 8.4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized .we conduct business globally and file income tax returns in the u.s .federal jurisdiction and various state and foreign jurisdictions .in the normal course of business , we are subject to examination by taxing authorities around the world .as a result of events that occurred in the fourth quarter of the year ended may 31 , 2015 , management concluded that it was more likely than not that the tax positions in a foreign jurisdiction , for which we had recorded estimated liabilities of $ 65.6 million in other noncurrent liabilities on our consolidated balance sheet , would be sustained on their technical merits based on information available as of may 31 , 2015 .therefore , the liability and corresponding deferred tax assets were eliminated as of may 31 , 2015 .the uncertain tax positions have been subject to an ongoing examination in that foreign jurisdiction by the tax authority .discussions and correspondence between the tax authority and us during the fourth quarter indicated that the likelihood of the positions being sustained had increased .subsequent to may 31 , 2015 , we received a final closure notice regarding the examination resulting in no adjustments to taxable income related to this matter for the tax returns filed for the periods ended may 31 , 2010 through may 31 , 2013 .the unrecognized tax benefits were effectively settled with this final closure notice .we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s .federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended on or before may 31 , 2013 .78 2013 global payments inc .| 2015 form 10-k annual report .
|
$ 32.2 million
| 971 | 110 |
111 |
based on the calculated increase in locomotive diesel fuel price in 2012 , what is the estimated total fuel cost for 2012?
|
operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
[['millions', '2012', '2011', '2010', '% ( % ) change 2012 v 2011', '% ( % ) change 2011 v 2010'], ['compensation and benefits', '$ 4685', '$ 4681', '$ 4314', '-% ( - % )', '9% ( 9 % )'], ['fuel', '3608', '3581', '2486', '1', '44'], ['purchased services and materials', '2143', '2005', '1836', '7', '9'], ['depreciation', '1760', '1617', '1487', '9', '9'], ['equipment and other rents', '1197', '1167', '1142', '3', '2'], ['other', '788', '782', '719', '1', '9'], ['total', '$ 14181', '$ 13833', '$ 11984', '3% ( 3 % )', '15% ( 15 % )']]
operating expenses increased $ 348 million in 2012 versus 2011 .depreciation , wage and benefit inflation , higher fuel prices and volume- related trucking services purchased by our logistics subsidiaries , contributed to higher expenses during the year .efficiency gains , volume related fuel savings ( 2% ( 2 % ) fewer gallons of fuel consumed ) and $ 38 million of weather related expenses in 2011 , which favorably affects the comparison , partially offset the cost increase .operating expenses increased $ 1.8 billion in 2011 versus 2010 .our fuel price per gallon rose 36% ( 36 % ) during 2011 , accounting for $ 922 million of the increase .wage and benefit inflation , volume-related costs , depreciation , and property taxes also contributed to higher expenses .expenses increased $ 20 million for costs related to the flooding in the midwest and $ 18 million due to the impact of severe heat and drought in the south , primarily texas .cost savings from productivity improvements and better resource utilization partially offset these increases .a $ 45 million one-time payment relating to a transaction with csx intermodal , inc ( csxi ) increased operating expenses during the first quarter of 2010 , which favorably affects the comparison of operating expenses in 2011 to those in 2010 .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .expenses in 2012 were essentially flat versus 2011 as operational improvements and cost reductions offset general wage and benefit inflation and higher pension and other postretirement benefits .in addition , weather related costs increased these expenses in 2011 .a combination of general wage and benefit inflation , volume-related expenses , higher training costs associated with new hires , additional crew costs due to speed restrictions caused by the midwest flooding and heat and drought in the south , and higher pension expense drove the increase during 2011 compared to 2010 .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .higher locomotive diesel fuel prices , which averaged $ 3.22 per gallon ( including taxes and transportation costs ) in 2012 , compared to $ 3.12 in 2011 , increased expenses by $ 105 million .volume , as measured by gross ton-miles , decreased 2% ( 2 % ) in 2012 versus 2011 , driving expense down .the fuel consumption rate was flat year-over-year .higher locomotive diesel fuel prices , which averaged $ 3.12 ( including taxes and transportation costs ) in 2011 , compared to $ 2.29 per gallon in 2010 , increased expenses by $ 922 million .in addition , higher gasoline prices for highway and non-highway vehicles also increased year-over-year .volume , as measured by gross ton-miles , increased 5% ( 5 % ) in 2011 versus 2010 , driving expense up by $ 122 million .purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment 2012 operating expenses .
|
1050000000
| 1,126 | 111 |
112 |
what percentage decrease of proved undeveloped reserves occurred during 2018?
|
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']]
.
|
3.1%
| 943 | 112 |
113 |
based on the review of the keystone acquisition expenses what was the percent of the total reserves established associated with severance related costs
|
lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 8 .restructuring and integration costs ( continued ) levels and the closure of excess facilities .to the extent these restructuring activities are associated with keystone operations , they are being accounted for in accordance with eitf issue no .95-3 , 2018 2018recognition of liabilities in connection with a purchase business combination . 2019 2019 restructuring activities associated with our existing operations are being accounted for in accordance with sfas no .146 , 2018 2018accounting for costs associated with exit or disposal activities . 2019 2019 in connection with the keystone restructuring activities , as part of the cost of the acquisition , we established reserves as detailed below .in accordance with eitf issue no .95-3 , we intend to finalize our restructuring plans no later than one year from the date of our acquisition of keystone .upon finalization of restructuring plans or settlement of obligations for less than the expected amount , any excess reserves will be reversed with a corresponding decrease in goodwill .accrued acquisition expenses are included in other accrued expenses in the accompanying consolidated balance sheets .the changes in accrued acquisition expenses directly related to the keystone acquisition during 2007 are as follows ( in thousands ) : severance excess related costs facility costs other total .
[['', 'severance related costs', 'excess facility costs', 'other', 'total'], ['reserves established', '$ 11233', '$ 2823', '$ 488', '$ 14544'], ['payments', '-1727 ( 1727 )', '-85 ( 85 )', '-488 ( 488 )', '-2300 ( 2300 )'], ['balance at december 31 2007', '$ 9506', '$ 2738', '$ 2014', '$ 12244']]
restructuring and integration costs associated with our existing operations are included in restructuring expenses on the accompanying consolidated statements of income .note 9 .related party transactions we sublease a portion of our corporate office space to an entity owned by the son of one of our principal stockholders for a pro rata percentage of the rent that we are charged .the total amounts received from this entity were approximately $ 54000 , $ 70000 and $ 49000 during the years ended december 31 , 2007 , 2006 and 2005 , respectively .we also paid this entity approximately $ 0.4 million during 2007 for consulting fees incurred in connection with our new secured debt facility .a corporation owned by our chairman of the board , who is also one of our principal stockholders , owns private aircraft that we use from time to time for business trips .we reimburse this corporation for out-of-pocket and other related flight expenses , as well as for other direct expenses incurred .the total amounts paid to this corporation were approximately $ 102000 , $ 6400 and $ 122000 during each of the years ended december 31 , 2007 , 2006 and 2005 , respectively .in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , who became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations .typical lease terms include an initial term of five years , with three five-year renewal options and purchase options at various times throughout the lease periods .we also maintain the right of first refusal concerning the sale of the leased property .lease payments to a principal stockholder who became an officer of the company after the acquisition of his business were approximately $ 0.8 million during each of the years ended december 31 , 2007 , 2006 and 2005 , respectively. .
|
77.2%
| 900 | 113 |
114 |
how did the percentage of operating income related to smokeless product change from 2012 to 2013 relative the total operating income?
|
part i item 1 .business .general development of business general : altria group , inc .is a holding company incorporated in the commonwealth of virginia in 1985 .at december 31 , 2014 , altria group , inc . 2019s wholly-owned subsidiaries included philip morris usa inc .( 201cpm usa 201d ) , which is engaged predominantly in the manufacture and sale of cigarettes in the united states ; john middleton co .( 201cmiddleton 201d ) , which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco , and is a wholly- owned subsidiary of pm usa ; and ust llc ( 201cust 201d ) , which through its wholly-owned subsidiaries , including u.s .smokeless tobacco company llc ( 201cusstc 201d ) and ste .michelle wine estates ltd .( 201cste .michelle 201d ) , is engaged in the manufacture and sale of smokeless tobacco products and wine .altria group , inc . 2019s other operating companies included nu mark llc ( 201cnu mark 201d ) , a wholly-owned subsidiary that is engaged in the manufacture and sale of innovative tobacco products , and philip morris capital corporation ( 201cpmcc 201d ) , a wholly-owned subsidiary that maintains a portfolio of finance assets , substantially all of which are leveraged leases .other altria group , inc .wholly-owned subsidiaries included altria group distribution company , which provides sales , distribution and consumer engagement services to certain altria group , inc .operating subsidiaries , and altria client services inc. , which provides various support services , such as legal , regulatory , finance , human resources and external affairs , to altria group , inc .and its subsidiaries .at december 31 , 2014 , altria group , inc .also held approximately 27% ( 27 % ) of the economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc .accounts for under the equity method of accounting .source of funds : because altria group , inc .is a holding company , its access to the operating cash flows of its wholly- owned subsidiaries consists of cash received from the payment of dividends and distributions , and the payment of interest on intercompany loans by its subsidiaries .at december 31 , 2014 , altria group , inc . 2019s principal wholly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their equity interests .in addition , altria group , inc .receives cash dividends on its interest in sabmiller if and when sabmiller pays such dividends .financial information about segments altria group , inc . 2019s reportable segments are smokeable products , smokeless products and wine .the financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of pmcc and the relative financial contribution of altria group , inc . 2019s innovative tobacco products businesses to altria group , inc . 2019s consolidated results .altria group , inc . 2019s chief operating decision maker reviews operating companies income to evaluate the performance of , and allocate resources to , the segments .operating companies income for the segments is defined as operating income before amortization of intangibles and general corporate expenses .interest and other debt expense , net , and provision for income taxes are centrally managed at the corporate level and , accordingly , such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by altria group , inc . 2019s chief operating decision maker .net revenues and operating companies income ( together with a reconciliation to earnings before income taxes ) attributable to each such segment for each of the last three years are set forth in note 15 .segment reporting to the consolidated financial statements in item 8 .financial statements and supplementary data of this annual report on form 10-k ( 201citem 8 201d ) .information about total assets by segment is not disclosed because such information is not reported to or used by altria group , inc . 2019s chief operating decision maker .segment goodwill and other intangible assets , net , are disclosed in note 4 .goodwill and other intangible assets , net to the consolidated financial statements in item 8 ( 201cnote 4 201d ) .the accounting policies of the segments are the same as those described in note 2 .summary of significant accounting policies to the consolidated financial statements in item 8 ( 201cnote 2 201d ) .the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2014', '2013', '2012'], ['smokeable products', '87.2% ( 87.2 % )', '84.5% ( 84.5 % )', '83.7% ( 83.7 % )'], ['smokeless products', '13.4', '12.2', '12.5'], ['wine', '1.7', '1.4', '1.4'], ['all other', '-2.3 ( 2.3 )', '1.9', '2.4'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .segment reporting to the consolidated financial statements in item 8 ( 201cnote 15 201d ) .narrative description of business portions of the information called for by this item are included in item 7 .management 2019s discussion and analysis of financial condition and results of operations - operating results by business segment of this annual report on form 10-k .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton and nu mark .altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products comprised of cigarettes manufactured and sold by pm usa and machine-made large altria_mdc_2014form10k_nolinks_crops.pdf 3 2/25/15 5:56 pm .
|
-2.4%
| 1,592 | 114 |
115 |
in 2004 what was the ratio of the obligations of equity affiliates to residual value guarantees
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guarantees in november 2002 , the fasb issued interpretation no .45 ( 201cfin 45 201d ) , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others , 201d an interpretation of fasb statements no .5 , 57 , and 107 and rescission of fasb interpretation no .34 .fin 45 clarifies the requirements of sfas no .5 , 201caccounting for contingencies , 201d relating to the guarantor 2019s accounting for , and disclosure of , the issuance of certain types of guarantees .disclosures about each group of similar guarantees are provided below and summarized in the following table: .
[['( dollars in millions )', 'december 31 2004'], ['obligations of equity affiliates', '$ 131'], ['residual value guarantees', '90'], ['total', '$ 221']]
if certain operating leases are terminated by the company , it guarantees a portion of the residual value loss , if any , incurred by the lessors in disposing of the related assets .under these operating leases , the residual value guarantees at december 31 , 2004 totaled $ 90 million and consisted primarily of leases for railcars , company aircraft , and other equipment .the company believes , based on current facts and circumstances , that a material payment pursuant to such guarantees is remote .guarantees and claims also arise during the ordinary course of business from relationships with suppliers , customers and non-consolidated affiliates when the company undertakes an obligation to guarantee the performance of others if specified triggering events occur .non-performance under a contract could trigger an obligation of the company .these potential claims include actions based upon alleged exposures to products , intellectual property and environmental matters , and other indemnifications .the ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims .however , while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized , management does not anticipate they will have a material adverse effect on the company 2019s consolidated financial position or liquidity .product warranty liability the company warrants to the original purchaser of its products that it will repair or replace without charge products if they fail due to a manufacturing defect .however , the company 2019s historical claims experience has not been material .the estimated product warranty liability for the company 2019s products as of december 31 , 2004 is approximately $ 1 million .the company accrues for product warranties when it is probable that customers will make claims under warranties relating to products that have been sold and a reasonable estimate of the costs can be made .variable interest entities the company has evaluated material relationships including the guarantees related to the third-party borrowings of joint ventures described above and has concluded that the entities are not variable interest entities ( 201cvies 201d ) or , in the case of primester , a joint venture that manufactures cellulose acetate at its kingsport , tennessee plant , the company is not the primary beneficiary of the vie .as such , in accordance with fin 46r , the company is not required to consolidate these entities .in addition , the company has evaluated long-term purchase obligations with two entities that may be vies at december 31 , 2004 .these potential vies are joint ventures from which the company has purchased raw materials and utilities for several years and purchases approximately $ 40 million of raw materials and utilities on an annual basis .the company has no equity interest in these entities and has confirmed that one party to each of these joint ventures does consolidate the potential vie .however , due to competitive and other reasons , the company has not been able to obtain the necessary financial information to determine whether the entities are vies , and if one or both are vies , whether or not the company is the primary beneficiary .notes to consolidated financial statements eastman chemical company and subsidiaries 2013 80 2013 .
|
1.5
| 907 | 115 |
116 |
what is the mathematical range in 2017 for 10% ( 10 % ) increase and 10% ( 10 % ) decrease in interest rate?
|
item 7a .quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .the majority of our debt ( approximately 94% ( 94 % ) and 93% ( 93 % ) as of december 31 , 2017 and 2016 , respectively ) bears interest at fixed rates .we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
[['as of december 31,', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates'], ['2017', '$ -20.2 ( 20.2 )', '$ 20.6'], ['2016', '-26.3 ( 26.3 )', '26.9']]
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .we did not have any interest rate swaps outstanding as of december 31 , 2017 .we had $ 791.0 of cash , cash equivalents and marketable securities as of december 31 , 2017 that we generally invest in conservative , short-term bank deposits or securities .the interest income generated from these investments is subject to both domestic and foreign interest rate movements .during 2017 and 2016 , we had interest income of $ 19.4 and $ 20.1 , respectively .based on our 2017 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 7.9 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2017 levels .foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .since we report revenues and expenses in u.s .dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .dollars ) from foreign operations .the foreign currencies that most impacted our results during 2017 included the british pound sterling and , to a lesser extent , brazilian real and south african rand .based on 2017 exchange rates and operating results , if the u.s .dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2017 levels .the functional currency of our foreign operations is generally their respective local currency .assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .however , certain subsidiaries may enter into transactions in currencies other than their functional currency .assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .
|
40.8
| 1,066 | 116 |
117 |
what was the percent of the carrying amount reported on the consolidated balance sheet of certain mortgage loans hfs from 2017 to 2018
|
changes in the fair value of funded and unfunded credit products are classified in principal transactions in citi 2019s consolidated statement of income .related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loan interest depending on the balance sheet classifications of the credit products .the changes in fair value for the years ended december 31 , 2018 and 2017 due to instrument-specific credit risk totaled to a loss of $ 27 million and a gain of $ 10 million , respectively .certain investments in unallocated precious metals citigroup invests in unallocated precious metals accounts ( gold , silver , platinum and palladium ) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities .under asc 815 , the investment is bifurcated into a debt host contract and a commodity forward derivative instrument .citigroup elects the fair value option for the debt host contract , and reports the debt host contract within trading account assets on the company 2019s consolidated balance sheet .the total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $ 0.4 billion and $ 0.9 billion at december 31 , 2018 and 2017 , respectively .the amounts are expected to fluctuate based on trading activity in future periods .as part of its commodity and foreign currency trading activities , citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties .when citi sells an unallocated precious metals investment , citi 2019s receivable from its depository bank is repaid and citi derecognizes its investment in the unallocated precious metal .the forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative , at fair value through earnings .as of december 31 , 2018 , there were approximately $ 13.7 billion and $ 10.3 billion in notional amounts of such forward purchase and forward sale derivative contracts outstanding , respectively .certain investments in private equity and real estate ventures and certain equity method and other investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .the company has elected the fair value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in citi 2019s investment companies , which are reported at fair value .the fair value option brings consistency in the accounting and evaluation of these investments .all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .these investments are classified as investments on citigroup 2019s consolidated balance sheet .changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .citigroup also elected the fair value option for certain non-marketable equity securities whose risk is managed with derivative instruments that are accounted for at fair value through earnings .these securities are classified as trading account assets on citigroup 2019s consolidated balance sheet .changes in the fair value of these securities and the related derivative instruments are recorded in principal transactions .effective january 1 , 2018 under asu 2016-01 and asu 2018-03 , a fair value option election is no longer required to measure these non-marketable equity securities through earnings .see note 1 to the consolidated financial statements for additional details .certain mortgage loans held-for-sale citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans hfs .these loans are intended for sale or securitization and are hedged with derivative instruments .the company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .the following table provides information about certain mortgage loans hfs carried at fair value: .
[['in millions of dollars', 'december 312018', 'december 31 2017'], ['carrying amount reported on the consolidated balance sheet', '$ 556', '$ 426'], ['aggregate fair value in excess of ( less than ) unpaid principal balance', '21', '14'], ['balance of non-accrual loans or loans more than 90 days past due', '2014', '2014'], ['aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due', '2014', '2014']]
the changes in the fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income .there was no net change in fair value during the years ended december 31 , 2018 and 2017 due to instrument-specific credit risk .related interest income continues to be measured based on the contractual interest rates and reported as interest revenue in the consolidated statement of income. .
|
30.5%
| 1,130 | 117 |
118 |
what are is the net change in the balance of unpaid losses during 2008?
|
we are continuing to invest in people and infrastructure to grow our presence in lines of businesses globally where we see an opportunity for ace to grow market share at reasonable terms .we are also continuing to invest in our enterprise risk management capability , our systems and data environment , and our research and development capabilities .critical accounting estimates our consolidated financial statements include amounts that , either by their nature or due to requirements of accounting princi- ples generally accepted in the u.s .( gaap ) , are determined using best estimates and assumptions .while we believe that the amounts included in our consolidated financial statements reflect our best judgment , actual amounts could ultimately materi- ally differ from those currently presented .we believe the items that require the most subjective and complex estimates are : 2022 unpaid loss and loss expense reserves , including long-tail asbestos and environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) and amortization of deferred policy acquisition costs and voba ; 2022 the assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable , including a provision for uncollectible reinsurance ; 2022 impairments to the carrying value of our investment portfolio ; 2022 the valuation of deferred tax assets ; 2022 the valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; and 2022 the valuation of goodwill .we believe our accounting policies for these items are of critical importance to our consolidated financial statements .the following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled : prior period development , asbestos and environmental and other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments , net realized gains ( losses ) , and other income and expense items .unpaid losses and loss expenses as an insurance and reinsurance company , we are required , by applicable laws and regulations and gaap , to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers .the estimate of the liabilities includes provisions for claims that have been reported but unpaid at the balance sheet date ( case reserves ) and for future obligations from claims that have been incurred but not reported ( ibnr ) at the balance sheet date ( ibnr may also include a provision for additional devel- opment on reported claims in instances where the case reserve is viewed to be potentially insufficient ) .the reserves provide for liabilities that exist for the company as of the balance sheet date .the loss reserve also includes an estimate of expenses associated with processing and settling these unpaid claims ( loss expenses ) .at december 31 , 2008 , our gross unpaid loss and loss expense reserves were $ 37.2 billion and our net unpaid loss and loss expense reserves were $ 24.2 billion .with the exception of certain structured settlements , for which the timing and amount of future claim payments are reliably determi- nable , our loss reserves are not discounted for the time value of money .in connection with such structured settlements , we carry reserves of $ 106 million ( net of discount ) .the table below presents a roll-forward of our unpaid losses and loss expenses for the indicated periods .( in millions of u.s .dollars ) losses reinsurance recoverable net losses .
[['( in millions of u.s . dollars )', 'gross losses', 'reinsurance recoverable', 'net losses'], ['balance at december 31 2006', '$ 35517', '$ 13509', '$ 22008'], ['losses and loss expenses incurred', '10831', '3480', '7351'], ['losses and loss expenses paid', '-9516 ( 9516 )', '-3582 ( 3582 )', '-5934 ( 5934 )'], ['other ( including foreign exchange revaluation )', '280', '113', '167'], ['balance at december 31 2007', '37112', '13520', '23592'], ['losses and loss expenses incurred', '10944', '3341', '7603'], ['losses and loss expenses paid', '-9899 ( 9899 )', '-3572 ( 3572 )', '-6327 ( 6327 )'], ['other ( including foreign exchange revaluation )', '-1367 ( 1367 )', '-387 ( 387 )', '-980 ( 980 )'], ['losses and loss expenses acquired', '386', '33', '353'], ['balance at december 31 2008', '$ 37176', '$ 12935', '$ 24241']]
.
|
650
| 1,117 | 118 |
119 |
what is the growth rate in the fair value of total investments in 2012?
|
notes to consolidated financial statements investments in funds that calculate net asset value per share cash instruments at fair value include investments in funds that are valued based on the net asset value per share ( nav ) of the investment fund .the firm uses nav as its measure of fair value for fund investments when ( i ) the fund investment does not have a readily determinable fair value and ( ii ) the nav of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting , including measurement of the underlying investments at fair value .the firm 2019s investments in funds that calculate nav primarily consist of investments in firm-sponsored funds where the firm co-invests with third-party investors .the private equity , credit and real estate funds are primarily closed-end funds in which the firm 2019s investments are not eligible for redemption .distributions will be received from these funds as the underlying assets are liquidated and it is estimated that substantially all of the underlying assets of existing funds will be liquidated over the next seven years .the firm continues to manage its existing funds taking into account the transition periods under the volcker rule of the u.s .dodd-frank wall street reform and consumer protection act ( dodd-frank act ) , although the rules have not yet been finalized .the firm 2019s investments in hedge funds are generally redeemable on a quarterly basis with 91 days 2019 notice , subject to a maximum redemption level of 25% ( 25 % ) of the firm 2019s initial investments at any quarter-end .the firm currently plans to comply with the volcker rule by redeeming certain of its interests in hedge funds .the firm redeemed approximately $ 1.06 billion of these interests in hedge funds during the year ended december 2012 .the table below presents the fair value of the firm 2019s investments in , and unfunded commitments to , funds that calculate nav. .
[['in millions', 'as of december 2012 fair value of investments', 'as of december 2012 unfunded commitments', 'as of december 2012 fair value of investments', 'unfunded commitments'], ['private equity funds1', '$ 7680', '$ 2778', '$ 8074', '$ 3514'], ['credit funds2', '3927', '2843', '3596', '3568'], ['hedge funds3', '2167', '2014', '3165', '2014'], ['real estatefunds4', '2006', '870', '1531', '1613'], ['total', '$ 15780', '$ 6491', '$ 16366', '$ 8695']]
1 .these funds primarily invest in a broad range of industries worldwide in a variety of situations , including leveraged buyouts , recapitalizations and growth investments .2 .these funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for mid- to large-sized leveraged and management buyout transactions , recapitalizations , financings , refinancings , acquisitions and restructurings for private equity firms , private family companies and corporate issuers .3 .these funds are primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies including long/short equity , credit , convertibles , risk arbitrage , special situations and capital structure arbitrage .4 .these funds invest globally , primarily in real estate companies , loan portfolios , debt recapitalizations and direct property .goldman sachs 2012 annual report 127 .
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-3.6%
| 827 | 119 |
120 |
was percentage of consumer packaging sales was due to foodservice net sales in 2005?
|
entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 .average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes .containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s .converted products due to stronger de- mand .costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels .the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings .on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited .consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity .in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix .consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 .operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) .consumer packaging in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['sales', '$ 2590', '$ 2605', '$ 2465'], ['operating profit', '$ 126', '$ 161', '$ 183']]
bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 .the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime .bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related .during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment .foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 .average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 .operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant .excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin .shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 .operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels .improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada .beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 .average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures .operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs .in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products .improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings .shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 .capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses .distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments .customer demand is generally sensitive to changes in general economic conditions , although the .
|
17%
| 1,423 | 120 |
121 |
what percent of net sales in fiscal 2014 where due to private brands?
|
equity method investment earnings we include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates .significant affiliates include the ardent mills joint venture and affiliates that produce and market potato products for retail and foodservice customers .our share of earnings from our equity method investments was $ 122.1 million ( $ 119.1 million in the commercial foods segment and $ 3.0 million in the consumer foods segment ) and $ 32.5 million ( $ 29.7 million in the commercial foods segment and $ 2.8 million in the consumer foods segment ) in fiscal 2015 and 2014 , respectively .the increase in fiscal 2015 compared to fiscal 2014 reflects the earnings from the ardent mills joint venture as well as higher profits for an international potato joint venture .the earnings from the ardent mills joint venture reflect results for 11 months of operations , as we recognize earnings on a one-month lag , due to differences in fiscal year periods .in fiscal 2014 , earnings also reflected a $ 3.4 million charge reflecting the year-end write-off of actuarial losses in excess of 10% ( 10 % ) of the pension liability for an international potato venture .results of discontinued operations our discontinued operations generated after-tax income of $ 366.6 million and $ 141.4 million in fiscal 2015 and 2014 , respectively .the results of discontinued operations for fiscal 2015 include a pre-tax gain of $ 625.6 million ( $ 379.6 million after-tax ) recognized on the formation of the ardent mills joint venture .the results for fiscal 2014 reflect a pre-tax gain of $ 90.0 million ( $ 55.7 million after-tax ) related to the disposition of three flour milling facilities as part of the ardent mills formation .in fiscal 2014 , we also completed the sale of a small snack business , medallion foods , for $ 32.0 million in cash .we recognized an after-tax loss of $ 3.5 million on the sale of this business in fiscal 2014 .in fiscal 2014 , we recognized an impairment charge related to allocated amounts of goodwill and intangible assets , totaling $ 15.2 million after-tax , in anticipation of this divestiture .we also completed the sale of the assets of the lightlife ae business for $ 54.7 million in cash .we recognized an after-tax gain of $ 19.8 million on the sale of this business in fiscal 2014 .earnings ( loss ) per share diluted loss per share in fiscal 2015 was $ 0.60 , including a loss of $ 1.46 per diluted share from continuing operations and earnings of $ 0.86 per diluted share from discontinued operations .diluted earnings per share in fiscal 2014 were $ 0.70 , including $ 0.37 per diluted share from continuing operations and $ 0.33 per diluted share from discontinued operations .see 201citems impacting comparability 201d above as several significant items affected the comparability of year-over-year results of operations .fiscal 2014 compared to fiscal 2013 net sales ( $ in millions ) reporting segment fiscal 2014 net sales fiscal 2013 net sales .
[['( $ in millions ) reporting segment', 'fiscal 2014 net sales', 'fiscal 2013 net sales', '% ( % ) inc ( dec )'], ['consumer foods', '7315.7', '7551.4', '( 3 ) % ( % )'], ['commercial foods', '4332.2', '4109.7', '5% ( 5 % )'], ['private brands', '4195.7', '1808.2', '132% ( 132 % )'], ['total', '$ 15843.6', '$ 13469.3', '18% ( 18 % )']]
overall , our net sales increased $ 2.37 billion to $ 15.84 billion in fiscal 2014 compared to fiscal 2013 , primarily related to the acquisition of ralcorp .consumer foods net sales for fiscal 2014 were $ 7.32 billion , a decrease of $ 235.7 million , or 3% ( 3 % ) , compared to fiscal 2013 .results reflected a 3% ( 3 % ) decrease in volume performance and a 1% ( 1 % ) decrease due to the impact of foreign exchange rates , partially offset by a 1% ( 1 % ) increase in price/mix .volume performance from our base businesses for fiscal 2014 was impacted negatively by competitor promotional activity .significant slotting and promotion investments related to new product launches , particularly in the first quarter , also weighed heavily on net sales in fiscal 2014 .in addition , certain shipments planned for the fourth quarter of fiscal 2014 were shifted to the first quarter of fiscal 2015 as a result of change in timing of retailer promotions and this negatively impacted volume performance. .
|
26%
| 1,197 | 121 |
122 |
what was the ratio of the total fair value of restricted shares and restricted stock units vested in 2007 to 2006
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prior to its adoption of sfas no .123 ( r ) , the company recorded compensation expense for restricted stock awards on a straight-line basis over their vesting period .if an employee forfeited the award prior to vesting , the company reversed out the previously expensed amounts in the period of forfeiture .as required upon adoption of sfas no .123 ( r ) , the company must base its accruals of compensation expense on the estimated number of awards for which the requisite service period is expected to be rendered .actual forfeitures are no longer recorded in the period of forfeiture .in 2005 , the company recorded a pre-tax credit of $ 2.8 million in cumulative effect of accounting change , that represents the amount by which compensation expense would have been reduced in periods prior to adoption of sfas no .123 ( r ) for restricted stock awards outstanding on july 1 , 2005 that are anticipated to be forfeited .a summary of non-vested restricted stock award and restricted stock unit activity is presented below : shares ( in thousands ) weighted- average date fair .
[['', 'shares ( in thousands )', 'weighted- average grant date fair value'], ['non-vested at december 31 2006:', '2878', '$ 13.01'], ['issued', '830', '$ 22.85'], ['released ( vested )', '-514 ( 514 )', '$ 15.93'], ['canceled', '-1197 ( 1197 )', '$ 13.75'], ['non-vested at december 31 2007:', '1997', '$ 15.91']]
as of december 31 , 2007 , there was $ 15.3 million of total unrecognized compensation cost related to non-vested awards .this cost is expected to be recognized over a weighted-average period of 1.6 years .the total fair value of restricted shares and restricted stock units vested was $ 11.0 million , $ 7.5 million and $ 4.1 million for the years ended december 31 , 2007 , 2006 and 2005 , respectively .employee stock purchase plan the shareholders of the company previously approved the 2002 employee stock purchase plan ( 201c2002 purchase plan 201d ) , and reserved 5000000 shares of common stock for sale to employees at a price no less than 85% ( 85 % ) of the lower of the fair market value of the common stock at the beginning of the one-year offering period or the end of each of the six-month purchase periods .under sfas no .123 ( r ) , the 2002 purchase plan was considered compensatory .effective august 1 , 2005 , the company changed the terms of its purchase plan to reduce the discount to 5% ( 5 % ) and discontinued the look-back provision .as a result , the purchase plan was not compensatory beginning august 1 , 2005 .for the year ended december 31 , 2005 , the company recorded $ 0.4 million in compensation expense for its employee stock purchase plan for the period in which the 2002 plan was considered compensatory until the terms were changed august 1 , 2005 .at december 31 , 2007 , 757123 shares were available for purchase under the 2002 purchase plan .401 ( k ) plan the company has a 401 ( k ) salary deferral program for eligible employees who have met certain service requirements .the company matches certain employee contributions ; additional contributions to this plan are at the discretion of the company .total contribution expense under this plan was $ 5.7 million , $ 5.7 million and $ 5.2 million for the years ended december 31 , 2007 , 2006 and 2005 , respectively. .
|
1.47
| 926 | 122 |
123 |
what was the ratio of the total contractual obligations for the liabilities recorded on the balance sheet to the commitments not recorded on the balance sheet
|
( e ) total contractual obligations are made up of the following components .( in millions ) .
[['liabilities recorded on the balance sheet', '$ 60578'], ['commitments not recorded on the balance sheet', '55688'], ['total', '$ 116266']]
off-balance sheet arrangements as of december 31 , 2015 , we did not have any material off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources .recent accounting pronouncements see note 3 to each of comcast 2019s and nbcuniversal 2019s consolidated financial statements for additional information related to recent accounting pronouncements .critical accounting judgments and estimates the preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets , liabilities , revenue and expenses , and the related disclosure of contingent assets and contingent liabilities .we base our judgments on our historical experience and on various other assump- tions that we believe are reasonable under the circumstances , the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources .actual results may differ from these estimates under different assumptions or conditions .we believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and the accounting for film and television costs are critical in the preparation of our consolidated financial statements .management has discussed the development and selection of these crit- ical accounting judgments and estimates with the audit committee of our board of directors , and the audit committee has reviewed our disclosures relating to them , which are presented below .see notes 9 and 6 to comcast 2019s consolidated financial statements for a discussion of our accounting policies with respect to these items .valuation and impairment testing of cable franchise rights our largest asset , our cable franchise rights , results from agreements we have with state and local govern- ments that allow us to construct and operate a cable business within a specified geographic area .the value of a franchise is derived from the economic benefits we receive from the right to solicit new customers and to market new services , such as advanced video services and high-speed internet and voice services , in a particular service area .the amounts we record for cable franchise rights are primarily a result of cable system acquisitions .typically when we acquire a cable system , the most significant asset we record is the value of the cable franchise rights .often these cable system acquisitions include multiple franchise areas .we cur- rently serve approximately 6400 franchise areas in the united states .we have concluded that our cable franchise rights have an indefinite useful life since there are no legal , regu- latory , contractual , competitive , economic or other factors which limit the period over which these rights will contribute to our cash flows .accordingly , we do not amortize our cable franchise rights but assess the carry- ing value of our cable franchise rights annually , or more frequently whenever events or changes in circumstances indicate that the carrying amount may exceed the fair value ( 201cimpairment testing 201d ) .67 comcast 2015 annual report on form 10-k .
|
1.09
| 704 | 123 |
124 |
what was the net change in thousands of the goodwill and intangible assets balance from october 31 , 2010 to october 31 , 2011?
|
synopsys , inc .notes to consolidated financial statements 2014continued purchase price allocation .the company allocated the total purchase consideration of $ 316.6 million ( including $ 4.6 million related to stock awards assumed ) to the assets acquired and liabilities assumed based on their respective fair values at the acquisition dates , including acquired identifiable intangible assets of $ 96.7 million and ipr&d of $ 13.2 million , resulting in total goodwill of $ 210.1 million .acquisition-related costs , consisting of professional services , severance costs , contract terminations and facilities closure costs , totaling $ 13.0 million were expensed as incurred in the consolidated statements of operations .goodwill primarily resulted from the company 2019s expectation of sales growth and cost synergies from the integration of virage 2019s technology with the company 2019s technology and operations to provide an expansion of products and market reach .identifiable intangible assets consisted of technology , customer relationships , contract rights and trademarks , were valued using the income method , and are being amortized over two to ten years .fair value of stock awards assumed .the company assumed unvested restricted stock units ( rsus ) and stock appreciation rights ( sars ) with a fair value of $ 21.7 million .of the total consideration , $ 4.6 million was allocated to the purchase consideration and $ 17.1 million was allocated to future services and expensed over their remaining service periods on a straight-line basis .other fiscal 2010 acquisitions during fiscal 2010 , the company completed seven other acquisitions for cash .the company allocated the total purchase consideration of $ 221.7 million to the assets acquired and liabilities assumed based on their respective fair values at the acquisition dates , resulting in total goodwill of $ 110.8 million .acquired identifiable intangible assets totaling $ 92.8 million are being amortized over their respective useful lives ranging from one to ten years .acquisition-related costs totaling $ 10.6 million were expensed as incurred in the consolidated statements of operations .the purchase consideration for one of the acquisitions included contingent consideration up to $ 10.0 million payable upon the achievement of certain technology milestones over three years .the contingent consideration was recorded as a liability at its estimated fair value determined based on the net present value of estimated payments of $ 7.8 million on the acquisition date and is being remeasured at fair value quarterly during the three-year contingency period with changes in its fair value recorded in the company 2019s statements of operations .there is no contingent consideration liability as of the end of fiscal 2012 relating to this acquisition .note 4 .goodwill and intangible assets goodwill consists of the following: .
[['', '( in thousands )'], ['balance at october 31 2010', '$ 1265843'], ['additions', '30717'], ['other adjustments ( 1 )', '-7274 ( 7274 )'], ['balance at october 31 2011', '$ 1289286'], ['additions', '687195'], ['other adjustments ( 1 )', '506'], ['balance at october 31 2012', '$ 1976987']]
( 1 ) adjustments primarily relate to changes in estimates for acquisitions that closed in the prior fiscal year for which the purchase price allocation was still preliminary , and achievement of certain milestones for an acquisition that closed prior to fiscal 2010. .
|
23443
| 828 | 124 |
125 |
what is the total value paid for purchased shares during november 2014?
|
celanese purchases of its equity securities information regarding repurchases of our common stock during the three months ended december 31 , 2014 is as follows : period number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program ( 2 ) .
[['period', 'totalnumberof sharespurchased ( 1 )', 'averageprice paidper share', 'total numberof sharespurchased aspart of publiclyannounced program', 'approximatedollarvalue of sharesremaining thatmay bepurchased underthe program ( 2 )'], ['october 1 - 31 2014', '192580', '$ 58.02', '164800', '$ 490000000'], ['november 1 - 30 2014', '468128', '$ 59.25', '468128', '$ 463000000'], ['december 1 - 31 2014', '199796', '$ 60.78', '190259', '$ 451000000'], ['total', '860504', '', '823187', '']]
___________________________ ( 1 ) includes 27780 and 9537 for october and december 2014 , respectively , related to shares withheld from employees to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .( 2 ) our board of directors has authorized the aggregate repurchase of $ 1.4 billion of our common stock since february 2008 .see note 17 - stockholders' equity in the accompanying consolidated financial statements for further information .performance graph the following performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that we specifically incorporate it by reference into such filing .comparison of cumulative total return .
|
27.7
| 537 | 125 |
126 |
what is the net increase in the balance of outstanding shares during 2013?
|
adobe systems incorporated notes to consolidated financial statements ( continued ) in the first quarter of fiscal 2013 , the executive compensation committee certified the actual performance achievement of participants in the 2012 performance share program ( the 201c2012 program 201d ) .based upon the achievement of specific and/or market- based performance goals outlined in the 2012 program , participants had the ability to receive up to 150% ( 150 % ) of the target number of shares originally granted .actual performance resulted in participants achieving 116% ( 116 % ) of target or approximately 1.3 million shares for the 2012 program .one third of the shares under the 2012 program vested in the first quarter of fiscal 2013 and the remaining two thirds vest evenly on the following two anniversaries of the grant , contingent upon the recipient's continued service to adobe .in the first quarter of fiscal 2012 , the executive compensation committee certified the actual performance achievement of participants in the 2011 performance share program ( the 201c2011 program 201d ) .based upon the achievement of goals outlined in the 2011 program , participants had the ability to receive up to 150% ( 150 % ) of the target number of shares originally granted .actual performance resulted in participants achieving 130% ( 130 % ) of target or approximately 0.5 million shares for the 2011 program .one third of the shares under the 2011 program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant , contingent upon the recipient's continued service to adobe .in the first quarter of fiscal 2011 , the executive compensation committee certified the actual performance achievement of participants in the 2010 performance share program ( the 201c2010 program 201d ) .based upon the achievement of goals outlined in the 2010 program , participants had the ability to receive up to 150% ( 150 % ) of the target number of shares originally granted .actual performance resulted in participants achieving 135% ( 135 % ) of target or approximately 0.3 million shares for the 2010 program .one third of the shares under the 2011 program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant , contingent upon the recipient's continued service to adobe .the following table sets forth the summary of performance share activity under our 2010 , 2011 and 2012 programs , based upon share awards actually achieved , for the fiscal years ended november 29 , 2013 , november 30 , 2012 and december 2 , 2011 ( in thousands ) : .
[['', '2013', '2012', '2011'], ['beginning outstanding balance', '388', '405', '557'], ['achieved', '1279', '492', '337'], ['released', '-665 ( 665 )', '-464 ( 464 )', '-436 ( 436 )'], ['forfeited', '-141 ( 141 )', '-45 ( 45 )', '-53 ( 53 )'], ['ending outstanding balance', '861', '388', '405']]
the total fair value of performance awards vested during fiscal 2013 , 2012 and 2011 was $ 25.4 million , $ 14.4 million and $ 14.8 million , respectively. .
|
473
| 891 | 126 |
127 |
what percentage of asset impairment expense for the year ended december 31 , 2011 was related to wind turbines & deposits?
|
the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 20 .impairment expense asset impairment asset impairment expense for the year ended december 31 , 2011 consisted of : ( in millions ) .
[['', '2011 ( in millions )'], ['wind turbines & deposits', '$ 116'], ['tisza ii', '52'], ['kelanitissa', '42'], ['other', '15'], ['total', '$ 225']]
wind turbines & deposits 2014during the third quarter of 2011 , the company evaluated the future use of certain wind turbines held in storage pending their installation .due to reduced wind turbine market pricing and advances in turbine technology , the company determined it was more likely than not that the turbines would be sold significantly before the end of their previously estimated useful lives .in addition , the company has concluded that more likely than not non-refundable deposits it had made in prior years to a turbine manufacturer for the purchase of wind turbines are not recoverable .the company determined it was more likely than not that it would not proceed with the purchase of turbines due to the availability of more advanced and lower cost turbines in the market .these developments were more likely than not as of september 30 , 2011 and as a result were considered impairment indicators and the company determined that an impairment had occurred as of september 30 , 2011 as the aggregate carrying amount of $ 161 million of these assets was not recoverable and was reduced to their estimated fair value of $ 45 million determined under the market approach .this resulted in asset impairment expense of $ 116 million .wind generation is reported in the corporate and other segment .in january 2012 , the company forfeited the deposits for which a full impairment charge was recognized in the third quarter of 2011 , and there is no obligation for further payments under the related turbine supply agreement .additionally , the company sold some of the turbines held in storage during the fourth quarter of 2011 and is continuing to evaluate the future use of the turbines held in storage .the company determined it is more likely than not that they will be sold , however they are not being actively marketed for sale at this time as the company is reconsidering the potential use of the turbines in light of recent development activity at one of its advance stage development projects .it is reasonably possible that the turbines could incur further loss in value due to changing market conditions and advances in technology .tisza ii 2014during the fourth quarter of 2011 , tisza ii , a 900 mw gas and oil-fired generation plant in hungary entered into annual negotiations with its offtaker .as a result of these negotiations , as well as the further deterioration of the economic environment in hungary , the company determined that an indicator of impairment existed at december 31 , 2011 .thus , the company performed an asset impairment test and determined that based on the undiscounted cash flow analysis , the carrying amount of tisza ii asset group was not recoverable .the fair value of the asset group was then determined using a discounted cash flow analysis .the carrying value of the tisza ii asset group of $ 94 million exceeded the fair value of $ 42 million resulting in the recognition of asset impairment expense of $ 52 million during the three months ended december 31 , 2011 .tisza ii is reported in the europe generation reportable segment .kelanitissa 2014in 2011 , the company recognized asset impairment expense of $ 42 million for the long-lived assets of kelanitissa , our diesel-fired generation plant in sri lanka .we have continued to evaluate the recoverability of our long-lived assets at kelanitissa as a result of both the existing government regulation which .
|
52%
| 885 | 127 |
128 |
what is the net change in cash for 2017?
|
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) operating income increased during 2017 when compared to 2016 , comprised of a decrease in revenue of $ 42.1 , as discussed above , a decrease in salaries and related expenses of $ 28.0 and a decrease in office and general expenses of $ 16.9 .the decrease in salaries and related expenses was primarily due to lower discretionary bonuses and incentive expense as well as a decrease in base salaries , benefits and tax .the decrease in office and general expenses was primarily due to decreases in adjustments to contingent acquisition obligations , as compared to the prior year .operating income increased during 2016 when compared to 2015 due to an increase in revenue of $ 58.8 , as discussed above , and a decrease in office and general expenses of $ 3.7 , partially offset by an increase in salaries and related expenses of $ 38.8 .the increase in salaries and related expenses was attributable to an increase in base salaries , benefits and tax primarily due to increases in our workforce to support business growth over the last twelve months .the decrease in office and general expenses was primarily due to lower production expenses related to pass-through costs , which are also reflected in revenue , for certain projects in which we acted as principal that decreased in size or did not recur during the current year .corporate and other certain corporate and other charges are reported as a separate line item within total segment operating income and include corporate office expenses , as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions .salaries and related expenses include salaries , long-term incentives , annual bonuses and other miscellaneous benefits for corporate office employees .office and general expenses primarily include professional fees related to internal control compliance , financial statement audits and legal , information technology and other consulting services that are engaged and managed through the corporate office .office and general expenses also include rental expense and depreciation of leasehold improvements for properties occupied by corporate office employees .a portion of centrally managed expenses are allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units .amounts allocated also include specific charges for information technology-related projects , which are allocated based on utilization .corporate and other expenses decreased during 2017 by $ 20.6 to $ 126.6 compared to 2016 , primarily due to lower annual incentive expense .corporate and other expenses increased during 2016 by $ 5.4 to $ 147.2 compared to 2015 .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 , 2017', 'years ended december 31 , 2016', 'years ended december 31 , 2015'], ['net income adjusted to reconcile to net cash provided by operating activities1', '$ 887.3', '$ 1023.2', '$ 848.8'], ['net cash used in working capital2', '-29.9 ( 29.9 )', '-414.9 ( 414.9 )', '-99.9 ( 99.9 )'], ['changes in other non-current assets and liabilities', '24.4', '-95.5 ( 95.5 )', '-60.4 ( 60.4 )'], ['net cash provided by operating activities', '$ 881.8', '$ 512.8', '$ 688.5'], ['net cash used in investing activities', '-196.2 ( 196.2 )', '-263.9 ( 263.9 )', '-199.7 ( 199.7 )'], ['net cash used in financing activities', '-1004.9 ( 1004.9 )', '-666.4 ( 666.4 )', '-490.9 ( 490.9 )']]
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 , net losses on sales of businesses and deferred income taxes .2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .operating activities due to the seasonality of our business , we typically use cash from working capital in the first nine months of a year , with the largest impact in the first quarter , and generate cash from working capital in the fourth quarter , driven by the seasonally strong media spending by our clients .quarterly and annual working capital results are impacted by the fluctuating annual media spending budgets of our clients as well as their changing media spending patterns throughout each year across various countries. .
|
-319.3
| 1,093 | 128 |
129 |
how much percent did the income tax benefit increase from 2014 to 2016?
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2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc .2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) .we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 .we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan .the 2011 plan permits grants of equity to employees , officers , directors and consultants .a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan .the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) .
[['', '2016', '2015 ( in thousands )', '2014'], ['share-based compensation expense', '$ 30809', '$ 21056', '$ 29793'], ['income tax benefit', '$ 9879', '$ 6907', '$ 7126']]
we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate .restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited .restricted shares cannot be sold or transferred until they have vested .restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date .restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period .the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period .performance units certain of our executives have been granted performance units under our long-term incentive plan .performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted .the number of shares is dependent upon the achievement of certain performance measures during the performance period .the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors .performance units are converted only after the compensation committee certifies performance based on pre-established goals .the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period .after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares .the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date .the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period .after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock .the compensation committee may set a range of possible performance-based outcomes for performance units .depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares .for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals .if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned .global payments inc .| 2016 form 10-k annual report 2013 83 .
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increased 38.6%
| 1,047 | 129 |
130 |
what was the ratio of the leases for splendour and legend of the seas in 1996 and 1995
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during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 .in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 .during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 .the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 .each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 .each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els .these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes .since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part .holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 .we may choose to pay the purchase price in cash or common stock or a combination thereof .during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares .in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes .most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares .during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan .in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas .during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations .under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating .the unsecured senior notes and senior debentures are not redeemable prior to maturity .our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio .we are in compliance with all covenants as of december 31 , 2005 .following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : .
[['2006', '$ 600883'], ['2007', '329493'], ['2008', '245257'], ['2009 ( 1 )', '361449'], ['2010', '687376']]
1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 .the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 .this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 .we may choose to pay any amounts in cash or common stock or a combination thereof .note 6 .shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction .as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share .total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock .the forward sale contract matured in february 2006 .during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us .upon settlement of the contract , we received 218089 additional shares of our common stock .these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 .our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock .offerings to employees are made on a quarterly basis .subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period .shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd .notes to the consolidated financial statements ( continued ) .
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1.02
| 1,771 | 130 |
131 |
what is the maximum exposure to loss for entergy if no cash is repaid to domestic utility companies , in millions?
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domestic utility companies and system energy notes to respective financial statements protested the disallowance of these deductions to the office of irs appeals .entergy expects to receive a notice of deficiency in 2005 for this item , and plans to vigorously contest this matter .entergy believes that the contingency provision established in its financial statements sufficiently covers the risk associated with this item .mark to market of certain power contracts in 2001 , entergy louisiana changed its method of accounting for tax purposes related to its wholesale electric power contracts .the most significant of these is the contract to purchase power from the vidalia hydroelectric project .the new tax accounting method has provided a cumulative cash flow benefit of approximately $ 790 million as of december 31 , 2004 .the related irs interest exposure is $ 93 million at december 31 , 2004 .this benefit is expected to reverse in the years 2005 through 2031 .the election did not reduce book income tax expense .the timing of the reversal of this benefit depends on several variables , including the price of power .due to the temporary nature of the tax benefit , the potential interest charge represents entergy's net earnings exposure .entergy louisiana's 2001 tax return is currently under examination by the irs , though no adjustments have yet been proposed with respect to the mark to market election .entergy believes that the contingency provision established in its financial statements will sufficiently cover the risk associated with this issue .cashpoint bankruptcy ( entergy arkansas , entergy gulf states , entergy louisiana , entergy mississippi , and entergy new orleans ) in 2003 the domestic utility companies entered an agreement with cashpoint network services ( cashpoint ) under which cashpoint was to manage a network of payment agents through which entergy's utility customers could pay their bills .the payment agent system allows customers to pay their bills at various commercial or governmental locations , rather than sending payments by mail .approximately one-third of entergy's utility customers use payment agents .on april 19 , 2004 , cashpoint failed to pay funds due to the domestic utility companies that had been collected through payment agents .the domestic utility companies then obtained a temporary restraining order from the civil district court for the parish of orleans , state of louisiana , enjoining cashpoint from distributing funds belonging to entergy , except by paying those funds to entergy .on april 22 , 2004 , a petition for involuntary chapter 7 bankruptcy was filed against cashpoint by other creditors in the united states bankruptcy court for the southern district of new york .in response to these events , the domestic utility companies expanded an existing contract with another company to manage all of their payment agents .the domestic utility companies filed proofs of claim in the cashpoint bankruptcy proceeding in september 2004 .although entergy cannot precisely determine at this time the amount that cashpoint owes to the domestic utility companies that may not be repaid , it has accrued an estimate of loss based on current information .if no cash is repaid to the domestic utility companies , an event entergy does not believe is likely , the current estimates of maximum exposure to loss are approximately as follows : amount ( in millions ) .
[['', 'amount ( in millions )'], ['entergy arkansas', '$ 1.8'], ['entergy gulf states', '$ 7.7'], ['entergy louisiana', '$ 8.8'], ['entergy mississippi', '$ 4.3'], ['entergy new orleans', '$ 2.4']]
environmental issues ( entergy gulf states ) entergy gulf states has been designated as a prp for the cleanup of certain hazardous waste disposal sites .as of december 31 , 2004 , entergy gulf states does not expect the remaining clean-up costs to exceed its recorded liability of $ 1.5 million for the remaining sites at which the epa has designated entergy gulf states as a prp. .
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25
| 870 | 131 |
132 |
what was the net change in millions of total debt from 2001 to 2002?
|
z i m m e r h o l d i n g s , i n c .a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement .fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee .mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates .the company has a $ 26 million uncommitted unsecured 8 .derivative financial instruments revolving line of credit .the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company .the uncommitted credit in currency exchange rates .as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business .in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company .in the event the months .the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes .for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations .the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings .the ineffective portion of requirement .this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 .outstanding borrowings under this uncommit- earnings .the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent .ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant .revolving unsecured line of credit .the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company .the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million .the fair value of derivative instruments recorded are considered restrictive to the operation of the business .in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 .there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 .earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit .the purpose of this line of credit is earnings over the next twelve months .to support short-term working capital needs of the company .the pricing is based upon money market rates .the agree- 9 .capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business .this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 .there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 .preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent .in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 .the company had no long-term debt intended to have anti-takeover effects .under this agreement as of december 31 , 2002 .one right attaches to each share of company common stock .outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. .
[['', '2002', '2001'], ['credit facility', '$ 156.2', '$ 358.2'], ['uncommitted credit facilities', '0.5', '5.7'], ['total debt', '$ 156.7', '$ 363.9']]
z i m m e r h o l d i n g s , i n c .a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement .fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee .mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates .the company has a $ 26 million uncommitted unsecured 8 .derivative financial instruments revolving line of credit .the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company .the uncommitted credit in currency exchange rates .as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business .in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company .in the event the months .the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes .for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations .the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings .the ineffective portion of requirement .this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 .outstanding borrowings under this uncommit- earnings .the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent .ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant .revolving unsecured line of credit .the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company .the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million .the fair value of derivative instruments recorded are considered restrictive to the operation of the business .in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 .there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 .earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit .the purpose of this line of credit is earnings over the next twelve months .to support short-term working capital needs of the company .the pricing is based upon money market rates .the agree- 9 .capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business .this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 .there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 .preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent .in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 .the company had no long-term debt intended to have anti-takeover effects .under this agreement as of december 31 , 2002 .one right attaches to each share of company common stock .outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. .
|
-207.2
| 2,787 | 132 |
133 |
when the company acquired the beneficial interest in the trust owning the leased naperville facility , the cash paid was what percentage of property , plant and equipment?\\n\\n[7] : certain administrative , divisional , and research and development personnel are based at the naperville facility.\\n\\n[8] : cash paid as a result of the transaction was $ 19.8 millio
|
in january 2016 , the company issued $ 800 million of debt securities consisting of a $ 400 million aggregate principal three year fixed rate note with a coupon rate of 2.00% ( 2.00 % ) and a $ 400 million aggregate principal seven year fixed rate note with a coupon rate of 3.25% ( 3.25 % ) .the proceeds were used to repay a portion of the company 2019s outstanding commercial paper , repay the remaining term loan balance , and for general corporate purposes .the company 2019s public notes and 144a notes may be redeemed by the company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium .upon the occurrence of a change of control accompanied by a downgrade of the notes below investment grade rating , within a specified time period , the company would be required to offer to repurchase the public notes and 144a notes at a price equal to 101% ( 101 % ) of the aggregate principal amount thereof , plus any accrued and unpaid interest to the date of repurchase .the public notes and 144a notes are senior unsecured and unsubordinated obligations of the company and rank equally with all other senior and unsubordinated indebtedness of the company .the company entered into a registration rights agreement in connection with the issuance of the 144a notes .subject to certain limitations set forth in the registration rights agreement , the company has agreed to ( i ) file a registration statement ( the 201cexchange offer registration statement 201d ) with respect to registered offers to exchange the 144a notes for exchange notes ( the 201cexchange notes 201d ) , which will have terms identical in all material respects to the new 10-year notes and new 30-year notes , as applicable , except that the exchange notes will not contain transfer restrictions and will not provide for any increase in the interest rate thereon in certain circumstances and ( ii ) use commercially reasonable efforts to cause the exchange offer registration statement to be declared effective within 270 days after the date of issuance of the 144a notes .until such time as the exchange offer registration statement is declared effective , the 144a notes may only be sold in accordance with rule 144a or regulation s of the securities act of 1933 , as amended .private notes the company 2019s private notes may be redeemed by the company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium .upon the occurrence of specified changes of control involving the company , the company would be required to offer to repurchase the private notes at a price equal to 100% ( 100 % ) of the aggregate principal amount thereof , plus any accrued and unpaid interest to the date of repurchase .additionally , the company would be required to make a similar offer to repurchase the private notes upon the occurrence of specified merger events or asset sales involving the company , when accompanied by a downgrade of the private notes below investment grade rating , within a specified time period .the private notes are unsecured senior obligations of the company and rank equal in right of payment with all other senior indebtedness of the company .the private notes shall be unconditionally guaranteed by subsidiaries of the company in certain circumstances , as described in the note purchase agreements as amended .other debt during 2015 , the company acquired the beneficial interest in the trust owning the leased naperville facility resulting in debt assumption of $ 100.2 million and the addition of $ 135.2 million in property , plant and equipment .certain administrative , divisional , and research and development personnel are based at the naperville facility .cash paid as a result of the transaction was $ 19.8 million .the assumption of debt and the majority of the property , plant and equipment addition represented non-cash financing and investing activities , respectively .the remaining balance on the assumed debt was settled in december 2017 and was reflected in the "other" line of the table above at december 31 , 2016 .covenants and future maturities the company is in compliance with all covenants under the company 2019s outstanding indebtedness at december 31 , 2017 .as of december 31 , 2017 , the aggregate annual maturities of long-term debt for the next five years were : ( millions ) .
[['2018', '$ 550'], ['2019', '397'], ['2020', '300'], ['2021', '1017'], ['2022', '497']]
.
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14.6%
| 1,114 | 133 |
134 |
what percentage of future minimum lease payments under noncancelable operating leases are due after 2019?
|
table of contents concentrations in the available sources of supply of materials and product although most components essential to the company 2019s business are generally available from multiple sources , a number of components are currently obtained from single or limited sources .in addition , the company competes for various components with other participants in the markets for mobile communication and media devices and personal computers .therefore , many components used by the company , including those that are available from multiple sources , are at times subject to industry-wide shortage and significant pricing fluctuations that could materially adversely affect the company 2019s financial condition and operating results .the company uses some custom components that are not commonly used by its competitors , and new products introduced by the company often utilize custom components available from only one source .when a component or product uses new technologies , initial capacity constraints may exist until the suppliers 2019 yields have matured or manufacturing capacity has increased .if the company 2019s supply of components for a new or existing product were delayed or constrained , or if an outsourcing partner delayed shipments of completed products to the company , the company 2019s financial condition and operating results could be materially adversely affected .the company 2019s business and financial performance could also be materially adversely affected depending on the time required to obtain sufficient quantities from the original source , or to identify and obtain sufficient quantities from an alternative source .continued availability of these components at acceptable prices , or at all , may be affected if those suppliers concentrated on the production of common components instead of components customized to meet the company 2019s requirements .the company has entered into agreements for the supply of many components ; however , there can be no guarantee that the company will be able to extend or renew these agreements on similar terms , or at all .therefore , the company remains subject to significant risks of supply shortages and price increases that could materially adversely affect its financial condition and operating results .substantially all of the company 2019s hardware products are manufactured by outsourcing partners that are located primarily in asia .a significant concentration of this manufacturing is currently performed by a small number of outsourcing partners , often in single locations .certain of these outsourcing partners are the sole-sourced suppliers of components and manufacturers for many of the company 2019s products .although the company works closely with its outsourcing partners on manufacturing schedules , the company 2019s operating results could be adversely affected if its outsourcing partners were unable to meet their production commitments .the company 2019s purchase commitments typically cover its requirements for periods up to 150 days .other off-balance sheet commitments operating leases the company leases various equipment and facilities , including retail space , under noncancelable operating lease arrangements .the company does not currently utilize any other off-balance sheet financing arrangements .the major facility leases are typically for terms not exceeding 10 years and generally contain multi-year renewal options .leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options .as of september 27 , 2014 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 5.0 billion , of which $ 3.6 billion related to leases for retail space .rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 717 million , $ 645 million and $ 488 million in 2014 , 2013 and 2012 , respectively .future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 27 , 2014 , are as follows ( in millions ) : apple inc .| 2014 form 10-k | 75 .
[['2015', '$ 662'], ['2016', '676'], ['2017', '645'], ['2018', '593'], ['2019', '534'], ['thereafter', '1877'], ['total', '$ 4987']]
.
|
38%
| 913 | 134 |
135 |
what percentage of major manufacturing sites are in europe middle east& africa?
|
taxing authorities could challenge our historical and future tax positions .our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory rates and changes in tax laws or their interpretation including changes related to tax holidays or tax incentives .our taxes could increase if certain tax holidays or incentives are not renewed upon expiration , or if tax rates or regimes applicable to us in such jurisdictions are otherwise increased .the amount of tax we pay is subject to our interpretation of applicable tax laws in the jurisdictions in which we file .we have taken and will continue to take tax positions based on our interpretation of such tax laws .in particular , we will seek to organize and operate ourselves in such a way that we are and remain tax resident in the united kingdom .additionally , in determining the adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .item 1b .unresolved staff comments we have no unresolved sec staff comments to report .item 2 .properties as of december 31 , 2016 , we owned or leased 126 major manufacturing sites and 15 major technical centers .a manufacturing site may include multiple plants and may be wholly or partially owned or leased .we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .we have a presence in 46 countries .the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .
[['', 'north america', 'europemiddle east& africa', 'asia pacific', 'south america', 'total'], ['electrical/electronic architecture', '32', '34', '25', '5', '96'], ['powertrain systems', '4', '8', '5', '1', '18'], ['electronics and safety', '3', '6', '3', '2014', '12'], ['total', '39', '48', '33', '6', '126']]
in addition to these manufacturing sites , we had 15 major technical centers : five in north america ; five in europe , middle east and africa ; four in asia pacific ; and one in south america .of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 75 are primarily owned and 66 are primarily leased .we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .we believe our evolving portfolio will meet current and anticipated future needs .item 3 .legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .however , the final amounts required to resolve these matters could differ materially from our recorded estimates. .
|
38%
| 853 | 135 |
136 |
did jpmorgan chase outperform the kbw bank index?
|
jpmorgan chase & co./2017 annual report 39 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 , 2012 , in jpmorgan chase common stock and in each of the above indices .the comparison assumes that all dividends are reinvested .december 31 , ( in dollars ) 2012 2013 2014 2015 2016 2017 .
[['december 31 ( in dollars )', '2012', '2013', '2014', '2015', '2016', '2017'], ['jpmorgan chase', '$ 100.00', '$ 136.71', '$ 150.22', '$ 162.79', '$ 219.06', '$ 277.62'], ['kbw bank index', '100.00', '137.76', '150.66', '151.39', '194.55', '230.72'], ['s&p financial index', '100.00', '135.59', '156.17', '153.72', '188.69', '230.47'], ['s&p 500 index', '100.00', '132.37', '150.48', '152.55', '170.78', '208.05']]
december 31 , ( in dollars ) 201720162015201420132012 .
|
yes
| 631 | 136 |
137 |
what is the percentage change in the average price for repurchased shares from october to december 2008?
|
act of 1933 , as amended , and section 1145 of the united states code .no underwriters were engaged in connection with such issuances .during the three months ended december 31 , 2008 , we issued an aggregate of 7173456 shares of our common stock upon conversion of $ 147.1 million principal amount of our 3.00% ( 3.00 % ) notes .pursuant to the terms of the indenture , holders of the 3.00% ( 3.00 % ) notes receive 48.7805 shares of our common stock for every $ 1000 principal amount of notes converted .in connection with the conversions , we paid such holders an aggregate of approximately $ 3.7 million , calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes .all shares were issued in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended .no underwriters were engaged in connection with such issuances .issuer purchases of equity securities during the three months ended december 31 , 2008 , we repurchased 2784221 shares of our common stock for an aggregate of $ 79.4 million , including commissions and fees , pursuant to our publicly announced stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .
[['period', 'total number of shares purchased ( 1 )', 'average price paid per share', 'total number of shares purchased as part of publicly announced plans or programs', 'approximate dollar value of shares that may yet be purchased under the plans orprograms ( in millions )'], ['october 2008', '1379180', '$ 30.51', '1379180', '$ 1005.3'], ['november 2008', '1315800', '$ 26.51', '1315800', '$ 970.4'], ['december 2008', '89241', '$ 27.32', '89241', '$ 967.9'], ['total fourth quarter', '2784221', '$ 28.53', '2784221', '$ 967.9']]
( 1 ) repurchases made pursuant to the $ 1.5 billion stock repurchase program approved by our board of directors in february 2008 .under this program , our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .to facilitate repurchases , we make purchases pursuant to a trading plan under rule 10b5-1 of the exchange act , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .this program may be discontinued at any time .as reflected in the above table , in the fourth quarter of 2008 , we significantly reduced purchases of common stock under our stock repurchase program based on the downturn in the economy and the disruptions in the financial and credit markets .subsequent to december 31 , 2008 , we repurchased approximately 28000 shares of our common stock for an aggregate of $ 0.8 million , including commissions and fees , pursuant to this program .we expect to continue to manage the pacing of the program in the future in response to general market conditions and other relevant factors. .
|
-10.5%
| 893 | 137 |
138 |
considering the years 2008-2010 , what is the average income from cash and cash investments , in millions?
|
o .segment information 2013 ( concluded ) ( 1 ) included in net sales were export sales from the u.s .of $ 246 million , $ 277 million and $ 275 million in 2010 , 2009 and 2008 , respectively .( 2 ) intra-company sales between segments represented approximately two percent of net sales in 2010 , three percent of net sales in 2009 and one percent of net sales in 2008 .( 3 ) included in net sales were sales to one customer of $ 1993 million , $ 2053 million and $ 2058 million in 2010 , 2009 and 2008 , respectively .such net sales were included in the following segments : cabinets and related products , plumbing products , decorative architectural products and other specialty products .( 4 ) net sales from the company 2019s operations in the u.s .were $ 5618 million , $ 5952 million and $ 7150 million in 2010 , 2009 and 2008 , respectively .( 5 ) net sales , operating ( loss ) profit , property additions and depreciation and amortization expense for 2010 , 2009 and 2008 excluded the results of businesses reported as discontinued operations in 2010 , 2009 and 2008 .( 6 ) included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill and other intangible assets as follows : plumbing products 2013 $ 1 million ; and installation and other services 2013 $ 720 million .included in segment operating profit ( loss ) for 2009 were impairment charges for goodwill as follows : plumbing products 2013 $ 39 million ; other specialty products 2013 $ 223 million .included in segment operating profit ( loss ) for 2008 were impairment charges for goodwill and other intangible assets as follows : cabinets and related products 2013 $ 59 million ; plumbing products 2013 $ 203 million ; installation and other services 2013 $ 52 million ; and other specialty products 2013 $ 153 million .( 7 ) general corporate expense , net included those expenses not specifically attributable to the company 2019s segments .( 8 ) during 2009 , the company recognized a curtailment loss related to the plan to freeze all future benefit accruals beginning january 1 , 2010 under substantially all of the company 2019s domestic qualified and non-qualified defined-benefit pension plans .see note m to the consolidated financial statements .( 9 ) the charge for litigation settlement in 2009 relates to a business unit in the cabinets and related products segment .the charge for litigation settlement in 2008 relates to a business unit in the installation and other services segment .( 10 ) see note l to the consolidated financial statements .( 11 ) long-lived assets of the company 2019s operations in the u.s .and europe were $ 3684 million and $ 617 million , $ 4628 million and $ 690 million , and $ 4887 million and $ 770 million at december 31 , 2010 , 2009 and 2008 , respectively .( 12 ) segment assets for 2009 and 2008 excluded the assets of businesses reported as discontinued operations .p .other income ( expense ) , net other , net , which is included in other income ( expense ) , net , was as follows , in millions: .
[['', '2010', '2009', '2008'], ['income from cash and cash investments', '$ 6', '$ 7', '$ 22'], ['other interest income', '1', '2', '2'], ['income from financial investments net ( note e )', '9', '3', '1'], ['other items net', '-9 ( 9 )', '17', '-22 ( 22 )'], ['total other net', '$ 7', '$ 29', '$ 3']]
masco corporation notes to consolidated financial statements 2014 ( continued ) .
|
11.67
| 1,026 | 138 |
139 |
what is the difference of the debt market value between 2016 and 2017 if interest rates decrease 10%?
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item 7a .quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .the majority of our debt ( approximately 94% ( 94 % ) and 93% ( 93 % ) as of december 31 , 2017 and 2016 , respectively ) bears interest at fixed rates .we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
[['as of december 31,', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates'], ['2017', '$ -20.2 ( 20.2 )', '$ 20.6'], ['2016', '-26.3 ( 26.3 )', '26.9']]
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .we did not have any interest rate swaps outstanding as of december 31 , 2017 .we had $ 791.0 of cash , cash equivalents and marketable securities as of december 31 , 2017 that we generally invest in conservative , short-term bank deposits or securities .the interest income generated from these investments is subject to both domestic and foreign interest rate movements .during 2017 and 2016 , we had interest income of $ 19.4 and $ 20.1 , respectively .based on our 2017 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 7.9 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2017 levels .foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .since we report revenues and expenses in u.s .dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .dollars ) from foreign operations .the foreign currencies that most impacted our results during 2017 included the british pound sterling and , to a lesser extent , brazilian real and south african rand .based on 2017 exchange rates and operating results , if the u.s .dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2017 levels .the functional currency of our foreign operations is generally their respective local currency .assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .however , certain subsidiaries may enter into transactions in currencies other than their functional currency .assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .
|
6.3
| 1,056 | 139 |
140 |
what is the difference in payments between entergy louisiana and entergy arkansas , in millions?
|
entergy corporation and subsidiaries notes to financial statements the ferc proceedings that resulted from rate filings made in 2007 , 2008 , and 2009 have been resolved by various orders issued by the ferc and appellate courts .see below for a discussion of rate filings since 2009 and the comprehensive recalculation filing directed by the ferc in the proceeding related to the 2010 rate filing .2010 rate filing based on calendar year 2009 production costs in may 2010 , entergy filed with the ferc the 2010 rates in accordance with the ferc 2019s orders in the system agreement proceeding , and supplemented the filing in september 2010 .several parties intervened in the proceeding at the ferc , including the lpsc and the city council , which also filed protests .in july 2010 the ferc accepted entergy 2019s proposed rates for filing , effective june 1 , 2010 , subject to refund , and set the proceeding for hearing and settlement procedures .settlement procedures have been terminated , and the alj scheduled hearings to begin in march 2011 .subsequently , in january 2011 the alj issued an order directing the parties and ferc staff to show cause why this proceeding should not be stayed pending the issuance of ferc decisions in the prior production cost proceedings currently before the ferc on review .in march 2011 the alj issued an order placing this proceeding in abeyance .in october 2013 the ferc issued an order granting clarification and denying rehearing with respect to its october 2011 rehearing order in this proceeding .the ferc clarified that in a bandwidth proceeding parties can challenge erroneous inputs , implementation errors , or prudence of cost inputs , but challenges to the bandwidth formula itself must be raised in a federal power act section 206 complaint or section 205 filing .subsequently in october 2013 the presiding alj lifted the stay order holding in abeyance the hearing previously ordered by the ferc and directing that the remaining issues proceed to a hearing on the merits .the hearing was held in march 2014 and the presiding alj issued an initial decision in september 2014 .briefs on exception were filed in october 2014 .in december 2015 the ferc issued an order affirming the initial decision in part and rejecting the initial decision in part .among other things , the december 2015 order directs entergy services to submit a compliance filing , the results of which may affect the rough production cost equalization filings made for the june - december 2005 , 2006 , 2007 , and 2008 test periods .in january 2016 the lpsc , the apsc , and entergy services filed requests for rehearing of the ferc 2019s december 2015 order .in february 2016 , entergy services submitted the compliance filing ordered in the december 2015 order .the result of the true-up payments and receipts for the recalculation of production costs resulted in the following payments/receipts among the utility operating companies : payments ( receipts ) ( in millions ) .
[['', 'payments ( receipts ) ( in millions )'], ['entergy arkansas', '$ 2'], ['entergy louisiana', '$ 6'], ['entergy mississippi', '( $ 4 )'], ['entergy new orleans', '( $ 1 )'], ['entergy texas', '( $ 3 )']]
2011 rate filing based on calendar year 2010 production costs in may 2011 , entergy filed with the ferc the 2011 rates in accordance with the ferc 2019s orders in the system agreement proceeding .several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest .in july 2011 the ferc accepted entergy 2019s proposed rates for filing , effective june 1 , 2011 , subject to refund , set the proceeding for hearing procedures , and then held those procedures in abeyance pending ferc decisions in the prior production cost proceedings currently before the ferc on review .in january 2014 the lpsc filed a petition for a writ of mandamus at the united states court of appeals for the fifth circuit .in its petition , the lpsc requested that the fifth circuit issue an order compelling the ferc to issue a final order in several proceedings related to the system agreement , including the 2011 rate filing based on calendar year 2010 production costs and the 2012 and 2013 rate filings discussed below .in march 2014 the fifth circuit rejected the lpsc 2019s petition for a writ of mandamus .in december 2014 the ferc rescinded its earlier abeyance order and consolidated the 2011 rate filing with the 2012 , 2013 .
|
4
| 1,146 | 140 |
141 |
what was the percentage of the increase in the basic earnings per share 2013 as reported from 2005 to 2006
|
stock-based compensation 2013 we have several stock-based compensation plans under which employees and non-employee directors receive stock options , nonvested retention shares , and nonvested stock units .we refer to the nonvested shares and stock units collectively as 201cretention awards 201d .we issue treasury shares to cover option exercises and stock unit vestings , while new shares are issued when retention shares vest .we adopted fasb statement no .123 ( r ) , share-based payment ( fas 123 ( r ) ) , on january 1 , 2006 .fas 123 ( r ) requires us to measure and recognize compensation expense for all stock-based awards made to employees and directors , including stock options .compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards ( generally the vesting period ) .the fair value of retention awards is the stock price on the date of grant , while the fair value of stock options is determined by using the black-scholes option pricing model .we elected to use the modified prospective transition method as permitted by fas 123 ( r ) and did not restate financial results for prior periods .we did not make an adjustment for the cumulative effect of these estimated forfeitures , as the impact was not material .as a result of the adoption of fas 123 ( r ) , we recognized expense for stock options in 2006 , in addition to retention awards , which were expensed prior to 2006 .stock-based compensation expense for the year ended december 31 , 2006 was $ 22 million , after tax , or $ 0.08 per basic and diluted share .this includes $ 9 million for stock options and $ 13 million for retention awards for 2006 .before taxes , stock-based compensation expense included $ 14 million for stock options and $ 21 million for retention awards for 2006 .we recorded $ 29 million of excess tax benefits as an inflow of financing activities in the consolidated statement of cash flows for the year ended december 31 , 2006 .prior to the adoption of fas 123 ( r ) , we applied the recognition and measurement principles of accounting principles board opinion no .25 , accounting for stock issued to employees , and related interpretations .no stock- based employee compensation expense related to stock option grants was reflected in net income , as all options granted under those plans had a grant price equal to the market value of our common stock on the date of grant .stock-based compensation expense related to retention shares , stock units , and other incentive plans was reflected in net income .the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the years ended december 31 , 2005 and 2004 based on the fair value method under fasb statement no .123 , accounting for stock-based compensation .pro forma stock-based compensation expense year ended december 31 , millions of dollars , except per share amounts 2005 2004 .
[['pro forma stock-based compensation expense', 'pro forma stock-based compensation expense', ''], ['millions of dollars except per share amounts', '2005', '2004'], ['net income as reported', '$ 1026', '$ 604'], ['stock-based employee compensation expense reported in net income net of tax', '13', '13'], ['total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]', '-50 ( 50 )', '-35 ( 35 )'], ['pro forma net income', '$ 989', '$ 582'], ['earnings per share 2013 basic as reported', '$ 3.89', '$ 2.33'], ['earnings per share 2013 basic pro forma', '$ 3.75', '$ 2.25'], ['earnings per share 2013 diluted as reported', '$ 3.85', '$ 2.30'], ['earnings per share 2013 diluted pro forma', '$ 3.71', '$ 2.22']]
[a] stock options for executives granted in 2003 and 2002 included a reload feature .this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .the reload feature of these option grants could only be exercised if the .
|
66.9%
| 1,067 | 141 |
142 |
for 2011 , tax related assets were how much of total current assets and prepaids?
|
american tower corporation and subsidiaries notes to consolidated financial statements loss on retirement of long-term obligations 2014loss on retirement of long-term obligations primarily includes cash paid to retire debt in excess of its carrying value , cash paid to holders of convertible notes in connection with note conversions and non-cash charges related to the write-off of deferred financing fees .loss on retirement of long-term obligations also includes gains from repurchasing or refinancing certain of the company 2019s debt obligations .earnings per common share 2014basic and diluted 2014basic income from continuing operations per common share for the years ended december 31 , 2012 , 2011 and 2010 represents income from continuing operations attributable to american tower corporation divided by the weighted average number of common shares outstanding during the period .diluted income from continuing operations per common share for the years ended december 31 , 2012 , 2011 and 2010 represents income from continuing operations attributable to american tower corporation divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents , including unvested restricted stock , shares issuable upon exercise of stock options and warrants as determined under the treasury stock method and upon conversion of the company 2019s convertible notes , as determined under the if-converted method .retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements .the company 2019s matching contribution for the years ended december 31 , 2012 , 2011 and 2010 is 50% ( 50 % ) up to a maximum 6% ( 6 % ) of a participant 2019s contributions .for the years ended december 31 , 2012 , 2011 and 2010 , the company contributed approximately $ 4.4 million , $ 2.9 million and $ 1.9 million to the plan , respectively .2 .prepaid and other current assets prepaid and other current assets consist of the following as of december 31 , ( in thousands ) : .
[['', '2012', '2011 ( 1 )'], ['prepaid income tax', '$ 57665', '$ 31384'], ['prepaid operating ground leases', '56916', '49585'], ['value added tax and other consumption tax receivables', '22443', '81276'], ['prepaid assets', '19037', '28031'], ['other miscellaneous current assets', '66790', '59997'], ['balance as of december 31,', '$ 222851', '$ 250273']]
( 1 ) december 31 , 2011 balances have been revised to reflect purchase accounting measurement period adjustments. .
|
45%
| 685 | 142 |
143 |
what portion of the rent expense is covered through sublease income in 2014?
|
adobe systems incorporated notes to consolidated financial statements ( continued ) note 15 .commitments and contingencies lease commitments we lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 .we also have one land lease that expires in 2091 .rent expense includes base contractual rent and variable costs such as building expenses , utilities , taxes , insurance and equipment rental .rent expense and sublease income for these leases for fiscal 2014 , 2013 and 2012 were as follows ( in thousands ) : .
[['', '2014', '2013', '2012'], ['rent expense', '$ 111149', '$ 118976', '$ 105809'], ['less : sublease income', '1412', '3057', '2330'], ['net rent expense', '$ 109737', '$ 115919', '$ 103479']]
we occupy three office buildings in san jose , california where our corporate headquarters are located .we reference these office buildings as the almaden tower and the east and west towers .in august 2014 , we exercised our option to purchase the east and west towers for a total purchase price of $ 143.2 million .upon purchase , our investment in the lease receivable of $ 126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the east and west towers lease agreement .we capitalized the east and west towers as property and equipment on our consolidated balance sheets at $ 144.1 million , the lesser of cost or fair value , which represented the total purchase price plus other direct costs associated with the purchase .see note 6 for discussion of our east and west towers purchase .the lease agreement for the almaden tower is effective through march 2017 .we are the investors in the lease receivable related to the almaden tower lease in the amount of $ 80.4 million , which is recorded as investment in lease receivable on our consolidated balance sheets .as of november 28 , 2014 , the carrying value of the lease receivable related to the almaden tower approximated fair value .under the agreement for the almaden tower , we have the option to purchase the building at any time during the lease term for $ 103.6 million .if we purchase the building , the investment in the lease receivable may be credited against the purchase price .the residual value guarantee under the almaden tower obligation is $ 89.4 million .the almaden tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly .as of november 28 , 2014 , we were in compliance with all of the covenants .in the case of a default , the lessor may demand we purchase the building for an amount equal to the lease balance , or require that we remarket or relinquish the building .if we choose to remarket or are required to do so upon relinquishing the building , we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the residual value guarantee amount less our investment in lease receivable .the almaden tower lease qualifies for operating lease accounting treatment and , as such , the building and the related obligation are not included in our consolidated balance sheets .see note 16 for discussion of our capital lease obligation .unconditional purchase obligations our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. .
|
1.3%
| 842 | 143 |
144 |
what is the total return for every dollar invested in advanced auto parts in january 2009 and sold in january 2011?
|
stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s retail index .the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on january 3 , 2009 , and that any dividends have been reinvested .the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock .comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p retail index company/index january 3 , january 2 , january 1 , december 31 , december 29 , december 28 .
[['company/index', 'january 3 2009', 'january 2 2010', 'january 1 2011', 'december 31 2011', 'december 29 2012', 'december 28 2013'], ['advance auto parts', '$ 100.00', '$ 119.28', '$ 195.80', '$ 206.86', '$ 213.14', '$ 327.63'], ['s&p 500 index', '100.00', '119.67', '134.97', '134.96', '150.51', '197.62'], ['s&p retail index', '100.00', '141.28', '174.70', '179.79', '219.77', '321.02']]
.
|
0.96
| 458 | 144 |
145 |
what is the percent of the valuation allowance to the state net operating loss carry forwards at december 312012
|
republic services , inc .notes to consolidated financial statements 2014 ( continued ) changes in the deferred tax valuation allowance for the years ended december 31 , 2012 , 2011 and 2010 are as follows: .
[['', '2012', '2011', '2010'], ['valuation allowance beginning of year', '$ 118.1', '$ 120.1', '$ 126.5'], ['additions charged to income', '1.9', '2.1', '8.3'], ['usage', '-3.2 ( 3.2 )', '-4.3 ( 4.3 )', '-10.4 ( 10.4 )'], ['expirations of state net operating losses', '-0.3 ( 0.3 )', '-0.3 ( 0.3 )', '-0.3 ( 0.3 )'], ['other net', '8.3', '0.5', '-4.0 ( 4.0 )'], ['valuation allowance end of year', '$ 124.8', '$ 118.1', '$ 120.1']]
in assessing the realizability of deferred tax assets , management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized after the initial recognition of the deferred tax asset .we also provide valuation allowances , as needed , to offset portions of deferred tax assets due to uncertainty surrounding the future realization of such deferred tax assets .we adjust the valuation allowance in the period management determines it is more likely than not that deferred tax assets will or will not be realized .we have state net operating loss carryforwards with an estimated tax effect of $ 130.2 million available at december 31 , 2012 .these state net operating loss carryforwards expire at various times between 2013 and 2032 .we believe that it is more likely than not that the benefit from certain state net operating loss carryforwards will not be realized .in recognition of this risk , at december 31 , 2012 , we have provided a valuation allowance of $ 113.5 million for certain state net operating loss carryforwards .at december 31 , 2012 , we also have provided a valuation allowance of $ 11.3 million for certain other deferred tax assets .deferred income taxes have not been provided on the undistributed earnings of our puerto rican subsidiaries of approximately $ 40 million and $ 39 million as of december 31 , 2012 and 2011 , respectively , as such earnings are considered to be permanently invested in those subsidiaries .if such earnings were to be remitted to us as dividends , we would incur approximately $ 14 million of federal income taxes .we made income tax payments ( net of refunds received ) of approximately $ 185 million , $ 173 million and $ 418 million for 2012 , 2011 and 2010 , respectively .income taxes paid in 2012 and 2011 reflect the favorable tax depreciation provisions of the tax relief , unemployment insurance reauthorization , and job creation act of 2010 ( tax relief act ) that was signed into law in december 2010 .the tax relief act included 100% ( 100 % ) bonus depreciation for property placed in service after september 8 , 2010 and through december 31 , 2011 ( and for certain long-term construction projects to be placed in service in 2012 ) and 50% ( 50 % ) bonus depreciation for property placed in service in 2012 ( and for certain long-term construction projects to be placed in service in 2013 ) .income taxes paid in 2010 includes $ 111 million related to the settlement of certain tax liabilities regarding bfi risk management companies .we and our subsidiaries are subject to income tax in the u.s .and puerto rico , as well as income tax in multiple state jurisdictions .our compliance with income tax rules and regulations is periodically audited by tax authorities .these authorities may challenge the positions taken in our tax filings .thus , to provide for certain potential tax exposures , we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations. .
|
87.1%
| 993 | 145 |
146 |
in 2016 what is the anticipated percentage increase in the aircraft fuel expense
|
table of contents certain union-represented american mainline employees are covered by agreements that are not currently amendable .until those agreements become amendable , negotiations for jcbas will be conducted outside the traditional rla bargaining process described above , and , in the meantime , no self-help will be permissible .the piedmont mechanics and stock clerks and the psa dispatchers have agreements that are now amendable and are engaged in traditional rla negotiations .none of the unions representing our employees presently may lawfully engage in concerted refusals to work , such as strikes , slow-downs , sick-outs or other similar activity , against us .nonetheless , there is a risk that disgruntled employees , either with or without union involvement , could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance .for more discussion , see part i , item 1a .risk factors 2013 201cunion disputes , employee strikes and other labor-related disruptions may adversely affect our operations . 201d aircraft fuel our operations and financial results are significantly affected by the availability and price of jet fuel .based on our 2016 forecasted mainline and regional fuel consumption , we estimate that , as of december 31 , 2015 , a one cent per gallon increase in aviation fuel price would increase our 2016 annual fuel expense by $ 44 million .the following table shows annual aircraft fuel consumption and costs , including taxes , for our mainline operations for 2015 and 2014 ( gallons and aircraft fuel expense in millions ) .year gallons average price per gallon aircraft fuel expense percent of total mainline operating expenses .
[['year', 'gallons', 'average price pergallon', 'aircraft fuel expense', 'percent of total mainline operating expenses'], ['2015', '3611', '$ 1.72', '$ 6226', '21.6% ( 21.6 % )'], ['2014', '3644', '2.91', '10592', '33.2% ( 33.2 % )']]
total fuel expenses for our wholly-owned and third-party regional carriers operating under capacity purchase agreements of american were $ 1.2 billion and $ 2.0 billion for the years ended december 31 , 2015 and 2014 , respectively .as of december 31 , 2015 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption .as such , and assuming we do not enter into any future transactions to hedge our fuel consumption , we will continue to be fully exposed to fluctuations in fuel prices .our current policy is not to enter into transactions to hedge our fuel consumption , although we review that policy from time to time based on market conditions and other factors .fuel prices have fluctuated substantially over the past several years .we cannot predict the future availability , price volatility or cost of aircraft fuel .natural disasters , political disruptions or wars involving oil-producing countries , changes in fuel-related governmental policy , the strength of the u.s .dollar against foreign currencies , changes in access to petroleum product pipelines and terminals , speculation in the energy futures markets , changes in aircraft fuel production capacity , environmental concerns and other unpredictable events may result in fuel supply shortages , additional fuel price volatility and cost increases in the future .see part i , item 1a .risk factors 2013 201cour business is dependent on the price and availability of aircraft fuel .continued periods of high volatility in fuel costs , increased fuel prices and significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity . 201d insurance we maintain insurance of the types that we believe are customary in the airline industry , including insurance for public liability , passenger liability , property damage , and all-risk coverage for damage to our aircraft .principal coverage includes liability for injury to members of the public , including passengers , damage to .
|
0.71%
| 880 | 146 |
147 |
what os the growth rate in the average price of shares from october to december 2009?
|
we are required under the terms of our preferred stock to pay scheduled quarterly dividends , subject to legally available funds .for so long as the preferred stock remains outstanding , ( 1 ) we will not declare , pay or set apart funds for the payment of any dividend or other distribution with respect to any junior stock or parity stock and ( 2 ) neither we , nor any of our subsidiaries , will , subject to certain exceptions , redeem , purchase or otherwise acquire for consideration junior stock or parity stock through a sinking fund or otherwise , in each case unless we have paid or set apart funds for the payment of all accumulated and unpaid dividends with respect to the shares of preferred stock and any parity stock for all preceding dividend periods .pursuant to this policy , we paid quarterly dividends of $ 0.265625 per share on our preferred stock on february 1 , 2009 , may 1 , 2009 , august 3 , 2009 and november 2 , 2009 and similar quarterly dividends during each quarter of 2008 .the annual cash dividend declared and paid during the years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million , respectively .on january 5 , 2010 , we declared a cash dividend of $ 0.265625 per share on our preferred stock amounting to $ 3 million and a cash dividend of $ 0.04 per share on our series a common stock amounting to $ 6 million .both cash dividends are for the period from november 2 , 2009 to january 31 , 2010 and were paid on february 1 , 2010 to holders of record as of january 15 , 2010 .on february 1 , 2010 , we announced we would elect to redeem all of our outstanding preferred stock on february 22 , 2010 .holders of the preferred stock also have the right to convert their shares at any time prior to 5:00 p.m. , new york city time , on february 19 , 2010 , the business day immediately preceding the february 22 , 2010 redemption date .based on the number of outstanding shares as of december 31 , 2009 and considering the redemption of our preferred stock , cash dividends to be paid in 2010 are expected to result in annual dividend payments less than those paid in 2009 .the amount available to us to pay cash dividends is restricted by our senior credit agreement .any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on , among other things , our results of operations , cash requirements , financial condition , contractual restrictions and other factors that our board of directors may deem relevant .celanese purchases of its equity securities the table below sets forth information regarding repurchases of our series a common stock during the three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program .
[['period', 'total number of shares purchased ( 1 )', 'average price paid per share', 'total number of shares purchased as part of publicly announced program', 'approximate dollar value of shares remaining that may be purchased under the program'], ['october 1-31 2009', '24980', '$ 24.54', '-', '$ 122300000.00'], ['november 1-30 2009', '-', '$ -', '-', '$ 122300000.00'], ['december 1-31 2009', '334', '$ 32.03', '-', '$ 122300000.00']]
( 1 ) relates to shares employees have elected to have withheld to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .no shares were purchased during the three months ended december 31 , 2009 under our previously announced stock repurchase plan .%%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n| .
|
30.5%
| 1,047 | 147 |
148 |
in 2008 what was the percent of the recurring capital expenditures associated with leasing costs
|
customary conditions .we will retain a 20% ( 20 % ) equity interest in the joint venture .as of december 31 , 2008 , the joint venture has acquired seven properties from us and we received year-to-date net sale proceeds and financing distributions of approximately $ 251.6 million .in january 2008 , we sold a tract of land to an unconsolidated joint venture in which we hold a 50% ( 50 % ) equity interest and received a distribution , commensurate to our partner 2019s 50% ( 50 % ) ownership interest , of approximately $ 38.3 million .in november 2008 , that unconsolidated joint venture entered a loan agreement with a consortium of banks and distributed a portion of the loan proceeds to us and our partner , with our share of the distribution totaling $ 20.4 million .uses of liquidity our principal uses of liquidity include the following : 2022 property investment ; 2022 recurring leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt ; and 2022 other contractual obligations .property investment we evaluate development and acquisition opportunities based upon market outlook , supply and long-term growth potential .our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well as disposing of selected properties .in light of current economic conditions , management continues to evaluate our investment priorities and we are limiting new development expenditures .recurring expenditures one of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments .the following is a summary of our recurring capital expenditures for the years ended december 31 , 2008 , 2007 and 2006 , respectively ( in thousands ) : .
[['', '2008', '2007', '2006'], ['recurring tenant improvements', '$ 36885', '$ 45296', '$ 41895'], ['recurring leasing costs', '28205', '32238', '32983'], ['building improvements', '9724', '8402', '8122'], ['totals', '$ 74814', '$ 85936', '$ 83000']]
dividends and distributions in order to qualify as a reit for federal income tax purposes , we must currently distribute at least 90% ( 90 % ) of our taxable income to shareholders .because depreciation is a non-cash expense , cash flow will typically be greater than operating income .we paid dividends per share of $ 1.93 , $ 1.91 and $ 1.89 for the years ended december 31 , 2008 , 2007 and 2006 , respectively .we expect to continue to distribute taxable earnings to meet the requirements to maintain our reit status .however , distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . in january 2009 , our board of directors resolved to decrease our annual dividend from $ 1.94 per share to $ 1.00 per share in order to retain additional cash to help meet our capital needs .we anticipate retaining additional cash of approximately $ 145.2 million per year , when compared to an annual dividend of $ 1.94 per share , as the result of this action .at december 31 , 2008 we had six series of preferred shares outstanding .the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 8.375% ( 8.375 % ) and are paid in arrears quarterly. .
|
37.7%
| 922 | 148 |
149 |
what was the sum of the notes issued by entergy to nypa
|
entergy corporation and subsidiaries notes to financial statements in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .if entergy's debt ratio exceeds this limit , or if entergy corporation or certain of the utility operating companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur .entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have received ferc long-term financing orders authorizing long-term securities issuances .entergy arkansas has received an apsc long-term financing order authorizing long-term securities issuances .the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through august 2010 .capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; permit the continued commercial operation of grand gulf ; pay in full all system energy indebtedness for borrowed money when due ; and enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt .entergy texas securitization bonds - hurricane rita in april 2007 , the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas' hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .in june 2007 , entergy gulf states reconstruction funding i , llc , a company wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) , as follows : amount ( in thousands ) .
[['', 'amount ( in thousands )'], ['senior secured transition bonds series a:', ''], ['tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013', '$ 93500'], ['tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018', '121600'], ['tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022', '114400'], ['total senior secured transition bonds', '$ 329500']]
.
|
916
| 914 | 149 |
150 |
what is the percentage change in interest income from 2015 to 2016?
|
item 7a .quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
[['as of december 31,', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates'], ['2016', '$ -26.3 ( 26.3 )', '$ 26.9'], ['2015', '-33.7 ( 33.7 )', '34.7']]
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .we do not have any interest rate swaps outstanding as of december 31 , 2016 .we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .the interest income generated from these investments is subject to both domestic and foreign interest rate movements .during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .since we report revenues and expenses in u.s .dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .dollars ) from foreign operations .the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .based on 2016 exchange rates and operating results , if the u.s .dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .the functional currency of our foreign operations is generally their respective local currency .assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .however , certain subsidiaries may enter into transactions in currencies other than their functional currency .assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .
|
-11.8%
| 1,056 | 150 |
151 |
what was the average system energy 2019s receivables from 2008 to 2011
|
system energy resources , inc .management 2019s financial discussion and analysis sources of capital system energy 2019s sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt issuances ; and bank financing under new or existing facilities .system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .all debt and common stock issuances by system energy require prior regulatory approval .debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .system energy has sufficient capacity under these tests to meet its foreseeable capital needs .in february 2012 , system energy vie issued $ 50 million of 4.02% ( 4.02 % ) series h notes due february 2017 .system energy used the proceeds to purchase additional nuclear fuel .system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 200 million .see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits .system energy has also obtained an order from the ferc authorizing long-term securities issuances .the current long-term authorization extends through july 2013 .system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years: .
[['2011', '2010', '2009', '2008'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 120424', '$ 97948', '$ 90507', '$ 42915']]
see note 4 to the financial statements for a description of the money pool .nuclear matters system energy owns and operates grand gulf .system energy is , therefore , subject to the risks related to owning and operating a nuclear plant .these include risks from the use , storage , handling and disposal of high- level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts .in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning .after the nuclear incident in japan resulting from the march 2011 earthquake and tsunami , the nrc established a task force to conduct a review of processes and regulations relating to nuclear facilities in the united states .the task force issued a near term ( 90-day ) report in july 2011 that has made recommendations , which are currently being evaluated by the nrc .it is anticipated that the nrc will issue certain orders and requests for information to nuclear plant licensees by the end of the first quarter 2012 that will begin to implement the task force 2019s recommendations .these orders may require u.s .nuclear operators , including entergy , to undertake plant modifications or perform additional analyses that could , among other things , result in increased costs and capital requirements associated with operating entergy 2019s nuclear plants. .
|
87948.5
| 791 | 151 |
152 |
what is the percentage change in the balance of reinsurance receivables and premium receivables from 2013 to 2014?
|
b .investments .fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets .fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) .the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities .the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities .fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency .the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities .for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions .interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) .unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses .short-term investments are stated at cost , which approximates market value .realized gains or losses on sales of investments are determined on the basis of identified cost .for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s .treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security .for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs .when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value .retrospective adjustments are employed to recalculate the values of asset-backed securities .each acquisition lot is reviewed to recalculate the effective yield .the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition .outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities .conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types .other invested assets include limited partnerships and rabbi trusts .limited partnerships are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag .c .uncollectible receivable balances .the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances .such reserves are presented in the table below for the periods indicated. .
[['( dollars in thousands )', 'years ended december 31 , 2014', 'years ended december 31 , 2013'], ['reinsurance receivables and premium receivables', '$ 29497', '$ 29905']]
.
|
-1.4%
| 846 | 152 |
153 |
by what percentage did adjustments to valuation allowances increase from 2011 to 2012>
|
provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to the increase in pretax income from continuing operations , including the impact of the resumption of sales in libya in the first quarter of 2012 .the following is an analysis of the effective income tax rates for 2012 and 2011: .
[['', '2012', '2011'], ['statutory rate applied to income from continuing operations before income taxes', '35% ( 35 % )', '35% ( 35 % )'], ['effects of foreign operations including foreign tax credits', '18', '6'], ['change in permanent reinvestment assertion', '2014', '5'], ['adjustments to valuation allowances', '21', '14'], ['tax law changes', '2014', '1'], ['effective income tax rate on continuing operations', '74% ( 74 % )', '61% ( 61 % )']]
the effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income .the provision for income taxes is allocated on a discrete , stand-alone basis to pretax segment income and to individual items not allocated to segments .the difference between the total provision and the sum of the amounts allocated to segments appears in the "corporate and other unallocated items" shown in the reconciliation of segment income to net income below .effects of foreign operations 2013 the effects of foreign operations on our effective tax rate increased in 2012 as compared to 2011 , primarily due to the resumption of sales in libya in the first quarter of 2012 , where the statutory rate is in excess of 90 percent .change in permanent reinvestment assertion 2013 in the second quarter of 2011 , we recorded $ 716 million of deferred u.s .tax on undistributed earnings of $ 2046 million that we previously intended to permanently reinvest in foreign operations .offsetting this tax expense were associated foreign tax credits of $ 488 million .in addition , we reduced our valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred u.s .tax on previously undistributed earnings .adjustments to valuation allowances 2013 in 2012 and 2011 , we increased the valuation allowance against foreign tax credits because it is more likely than not that we will be unable to realize all u.s .benefits on foreign taxes accrued in those years .see item 8 .financial statements and supplementary data - note 10 to the consolidated financial statements for further information about income taxes .discontinued operations is presented net of tax , and reflects our downstream business that was spun off june 30 , 2011 and our angola business which we agreed to sell in 2013 .see item 8 .financial statements and supplementary data 2013 notes 3 and 6 to the consolidated financial statements for additional information. .
|
50%
| 696 | 153 |
154 |
what is the growth rate in net earnings attributable to altria group inc . in 2017?
|
10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc performance stock units : in january 2017 , altria group , inc .granted an aggregate of 187886 performance stock units to eligible employees .the payout of the performance stock units requires the achievement of certain performance measures , which were predetermined at the time of grant , over a three-year performance cycle .these performance measures consist of altria group , inc . 2019s adjusted diluted earnings per share ( 201ceps 201d ) compounded annual growth rate and altria group , inc . 2019s total shareholder return relative to a predetermined peer group .the performance stock units are also subject to forfeiture if certain employment conditions are not met .at december 31 , 2017 , altria group , inc .had 170755 performance stock units remaining , with a weighted-average grant date fair value of $ 70.39 per performance stock unit .the fair value of the performance stock units at the date of grant , net of estimated forfeitures , is amortized to expense over the performance period .altria group , inc .recorded pre-tax compensation expense related to performance stock units for the year ended december 31 , 2017 of $ 6 million .the unamortized compensation expense related to altria group , inc . 2019s performance stock units was $ 7 million at december 31 , 2017 .altria group , inc .did not grant any performance stock units during 2016 and 2015 .note 12 .earnings per share basic and diluted eps were calculated using the following: .
[['( in millions )', 'for the years ended december 31 , 2017', 'for the years ended december 31 , 2016', 'for the years ended december 31 , 2015'], ['net earnings attributable to altria group inc .', '$ 10222', '$ 14239', '$ 5241'], ['less : distributed and undistributed earnings attributable to share-based awards', '-14 ( 14 )', '-24 ( 24 )', '-10 ( 10 )'], ['earnings for basic and diluted eps', '$ 10208', '$ 14215', '$ 5231'], ['weighted-average shares for basic and diluted eps', '1921', '1952', '1961']]
net earnings attributable to altria group , inc .$ 10222 $ 14239 $ 5241 less : distributed and undistributed earnings attributable to share-based awards ( 14 ) ( 24 ) ( 10 ) earnings for basic and diluted eps $ 10208 $ 14215 $ 5231 weighted-average shares for basic and diluted eps 1921 1952 1961 .
|
-28.2%
| 720 | 154 |
155 |
what percent did cash flow from hedges reduce after reclassification?
|
zimmer biomet holdings , inc .2015 form 10-k annual report notes to consolidated financial statements ( continued ) interest to the date of redemption .in addition , the merger notes and the 3.375% ( 3.375 % ) senior notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date .between the closing date and june 30 , 2015 , we repaid the biomet senior notes we assumed in the merger .the fair value of the principal amount plus interest was $ 2798.6 million .these senior notes required us to pay a call premium in excess of the fair value of the notes when they were repaid .as a result , we recognized $ 22.0 million in non-operating other expense related to this call premium .the estimated fair value of our senior notes as of december 31 , 2015 , based on quoted prices for the specific securities from transactions in over-the-counter markets ( level 2 ) , was $ 8837.5 million .the estimated fair value of the japan term loan as of december 31 , 2015 , based upon publicly available market yield curves and the terms of the debt ( level 2 ) , was $ 96.4 million .the carrying value of the u.s .term loan approximates fair value as it bears interest at short-term variable market rates .we have entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed- rate obligations on our senior notes due 2019 and 2021 .see note 14 for additional information regarding the interest rate swap agreements .we also have available uncommitted credit facilities totaling $ 35.8 million .at december 31 , 2015 and 2014 , the weighted average interest rate for our long-term borrowings was 2.9 percent and 3.5 percent , respectively .we paid $ 207.1 million , $ 67.5 million and $ 68.1 million in interest during 2015 , 2014 and 2013 , respectively .13 .accumulated other comprehensive ( loss ) income oci refers to certain gains and losses that under gaap are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders 2019 equity .amounts in oci may be reclassified to net earnings upon the occurrence of certain events .our oci is comprised of foreign currency translation adjustments , unrealized gains and losses on cash flow hedges , unrealized gains and losses on available-for-sale securities , and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans .foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity .unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings .unrealized gains and losses on available-for-sale securities are reclassified to net earnings if we sell the security before maturity or if the unrealized loss is considered to be other-than-temporary .amounts related to defined benefit plans that are in oci are reclassified over the service periods of employees in the plan .the reclassification amounts are allocated to all employees in the plans and , therefore , the reclassified amounts may become part of inventory to the extent they are considered direct labor costs .see note 15 for more information on our defined benefit plans .the following table shows the changes in the components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined benefit .
[['', 'foreign currency translation', 'cash flow hedges', 'unrealized gains on securities', 'defined benefit plan items'], ['balance december 31 2014', '$ 111.8', '$ 70.1', '$ -0.4 ( 0.4 )', '$ -143.4 ( 143.4 )'], ['oci before reclassifications', '-305.2 ( 305.2 )', '52.7', '-0.2 ( 0.2 )', '-30.6 ( 30.6 )'], ['reclassifications', '2013', '-93.0 ( 93.0 )', '2013', '9.2'], ['balance december 31 2015', '$ -193.4 ( 193.4 )', '$ 29.8', '$ -0.6 ( 0.6 )', '$ -164.8 ( 164.8 )']]
.
|
75.73%
| 1,065 | 155 |
156 |
what was the net income attributable to noncontrolling interests net income attributable to noncontrolling interests for the year ended december 31 , 2014 in million
|
dispositions of depreciable real estate assets excluded from discontinued operations we recorded a gain on sale of depreciable assets excluded from discontinued operations of $ 190.0 million for the year ended december 31 , 2015 , an increase of approximately $ 147.3 million from the $ 42.6 million gain on sale of depreciable assets recorded for the year ended december 31 , 2014 .the increase was primarily the result of increased disposition activity .dispositions increased from eight multifamily properties for the year ended december 31 , 2014 , to 21 multifamily properties for the year ended december 31 , 2015 .gain from real estate joint ventures we recorded a gain from real estate joint ventures of $ 6.0 million during the year ended december 31 , 2014 as opposed to no material gain or loss being recorded during the year ended december 31 , 2015 .the decrease was primarily a result of recording a $ 3.4 million gain for the disposition of ansley village by mid-america multifamily fund ii , or fund ii , as well as a $ 2.8 million gain for the promote fee received from our fund ii partner during 2014 .the promote fee was received as a result of maa achieving certain performance metrics in its management of the fund ii properties over the life of the joint venture .there were no such gains recorded during the year ended december 31 , 2015 .discontinued operations we recorded a gain on sale of discontinued operations of $ 5.4 million for the year ended december 31 , 2014 .we did not record a gain or loss on sale of discontinued operations during the year ended december 31 , 2015 , due to the adoption of asu 2014-08 , reporting discontinued operations and disclosures of disposals of components of an entity , which resulted in dispositions being included in the gain on sale of depreciable real estate assets excluded from discontinued operations and is discussed further below .net income attributable to noncontrolling interests net income attributable to noncontrolling interests for the year ended december 31 , 2015 was approximately $ 18.5 million , an increase of $ 10.2 million from the year ended december 31 , 2014 .this increase is consistent with the increase to overall net income and is primarily a result of the items discussed above .net income attributable to maa primarily as a result of the items discussed above , net income attributable to maa increased by approximately $ 184.3 million in the year ended december 31 , 2015 from the year ended december 31 , 2014 .comparison of the year ended december 31 , 2014 to the year ended december 31 , 2013 the comparison of the year ended december 31 , 2014 to the year ended december 31 , 2013 shows the segment break down based on the 2014 same store portfolios .a comparison using the 2015 same store portfolio would not be comparative due to the nature of the classifications as a result of the merger .property revenues the following table shows our property revenues by segment for the years ended december 31 , 2014 and december 31 , 2013 ( dollars in thousands ) : year ended december 31 , 2014 year ended december 31 , 2013 increase percentage increase .
[['', 'year ended december 31 2014', 'year ended december 31 2013', 'increase', 'percentage increase'], ['large market same store', '$ 252029', '$ 241194', '$ 10835', '4.5% ( 4.5 % )'], ['secondary market same store', '246800', '242464', '4336', '1.8% ( 1.8 % )'], ['same store portfolio', '498829', '483658', '15171', '3.1% ( 3.1 % )'], ['non-same store and other', '493349', '151185', '342164', '226.3% ( 226.3 % )'], ['total', '$ 992178', '$ 634843', '$ 357335', '56.3% ( 56.3 % )']]
job title mid-america apartment 10-k revision 1 serial <12345678> date sunday , march 20 , 2016 job number 304352-1 type page no .51 operator abigaels .
|
8.3
| 1,131 | 156 |
157 |
what is the change in fair value of foreign currency instruments from 2018 to 2019?
|
the table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 26 , 2019 and may 27 , 2018 , and the average fair value impact during the year ended may 26 , 2019. .
[['in millions', 'fair value impact may 26 2019', 'fair value impact averageduringfiscal 2019', 'fair value impact may 27 2018'], ['interest rate instruments', '$ 74.4', '$ 46.1', '$ 33.2'], ['foreign currency instruments', '16.8', '19.0', '21.3'], ['commodity instruments', '4.1', '2.5', '1.9'], ['equity instruments', '2.3', '2.2', '2.0']]
.
|
-4.5
| 245 | 157 |
158 |
considering the years 2015-2017 , what is the average expense for environmental remediation at sites , in millions of dollars?
|
note 18 2013 earnings per share ( eps ) basic eps is calculated by dividing net earnings attributable to allegion plc by the weighted-average number of ordinary shares outstanding for the applicable period .diluted eps is calculated after adjusting the denominator of the basic eps calculation for the effect of all potentially dilutive ordinary shares , which in the company 2019s case , includes shares issuable under share-based compensation plans .the following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations. .
[['in millions', '2017', '2016', '2015'], ['weighted-average number of basic shares', '95.1', '95.8', '95.9'], ['shares issuable under incentive stock plans', '0.9', '1.1', '1.0'], ['weighted-average number of diluted shares', '96.0', '96.9', '96.9']]
at december 31 , 2017 , 0.1 million stock options were excluded from the computation of weighted average diluted shares outstanding because the effect of including these shares would have been anti-dilutive .note 19 2013 commitments and contingencies the company is involved in various litigations , claims and administrative proceedings , including those related to environmental and product warranty matters .amounts recorded for identified contingent liabilities are estimates , which are reviewed periodically and adjusted to reflect additional information when it becomes available .subject to the uncertainties inherent in estimating future costs for contingent liabilities , except as expressly set forth in this note , management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition , results of operations , liquidity or cash flows of the company .environmental matters the company is dedicated to an environmental program to reduce the utilization and generation of hazardous materials during the manufacturing process and to remediate identified environmental concerns .as to the latter , the company is currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities .the company regularly evaluates its remediation programs and considers alternative remediation methods that are in addition to , or in replacement of , those currently utilized by the company based upon enhanced technology and regulatory changes .changes to the company's remediation programs may result in increased expenses and increased environmental reserves .the company is sometimes a party to environmental lawsuits and claims and has received notices of potential violations of environmental laws and regulations from the u.s .environmental protection agency and similar state authorities .it has also been identified as a potentially responsible party ( "prp" ) for cleanup costs associated with off-site waste disposal at federal superfund and state remediation sites .for all such sites , there are other prps and , in most instances , the company 2019s involvement is minimal .in estimating its liability , the company has assumed it will not bear the entire cost of remediation of any site to the exclusion of other prps who may be jointly and severally liable .the ability of other prps to participate has been taken into account , based on our understanding of the parties 2019 financial condition and probable contributions on a per site basis .additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future .the company incurred $ 3.2 million , $ 23.3 million , and $ 4.4 million of expenses during the years ended december 31 , 2017 , 2016 and 2015 , respectively , for environmental remediation at sites presently or formerly owned or leased by the company .in the fourth-quarter of 2016 , with the collaboration and approval of state regulators , the company launched a proactive , alternative approach to remediate two sites in the united states .this approach will allow the company to more aggressively address environmental conditions at these sites and reduce the impact of potential changes in regulatory requirements .as a result , the company recorded a $ 15 million charge for environmental remediation in the fourth quarter of 2016 .environmental remediation costs are recorded in costs of goods sold within the consolidated statements of comprehensive income .as of december 31 , 2017 and 2016 , the company has recorded reserves for environmental matters of $ 28.9 million and $ 30.6 million .the total reserve at december 31 , 2017 and 2016 included $ 8.9 million and $ 9.6 million related to remediation of sites previously disposed by the company .environmental reserves are classified as accrued expenses and other current liabilities or other noncurrent liabilities based on their expected term .the company's total current environmental reserve at december 31 , 2017 and 2016 was $ 12.6 million and $ 6.1 million and the remainder is classified as noncurrent .given the evolving nature of environmental laws , regulations and technology , the ultimate cost of future compliance is uncertain. .
|
10.3
| 1,094 | 158 |
159 |
what was the change in tier 1 capital in millions between 2011 and 2012?
|
notes to consolidated financial statements note 20 .regulation and capital adequacy the federal reserve board is the primary regulator of group inc. , a bank holding company under the bank holding company act of 1956 ( bhc act ) and a financial holding company under amendments to the bhc act effected by the u.s .gramm-leach-bliley act of 1999 .as a bank holding company , the firm is subject to consolidated regulatory capital requirements that are computed in accordance with the federal reserve board 2019s risk-based capital requirements ( which are based on the 2018basel 1 2019 capital accord of the basel committee ) .these capital requirements are expressed as capital ratios that compare measures of capital to risk-weighted assets ( rwas ) .the firm 2019s u.s .bank depository institution subsidiaries , including gs bank usa , are subject to similar capital requirements .under the federal reserve board 2019s capital adequacy requirements and the regulatory framework for prompt corrective action that is applicable to gs bank usa , the firm and its u.s .bank depository institution subsidiaries must meet specific capital requirements that involve quantitative measures of assets , liabilities and certain off- balance-sheet items as calculated under regulatory reporting practices .the firm and its u.s .bank depository institution subsidiaries 2019 capital amounts , as well as gs bank usa 2019s prompt corrective action classification , are also subject to qualitative judgments by the regulators about components , risk weightings and other factors .many of the firm 2019s subsidiaries , including gs&co .and the firm 2019s other broker-dealer subsidiaries , are subject to separate regulation and capital requirements as described below .group inc .federal reserve board regulations require bank holding companies to maintain a minimum tier 1 capital ratio of 4% ( 4 % ) and a minimum total capital ratio of 8% ( 8 % ) .the required minimum tier 1 capital ratio and total capital ratio in order to be considered a 201cwell-capitalized 201d bank holding company under the federal reserve board guidelines are 6% ( 6 % ) and 10% ( 10 % ) , respectively .bank holding companies may be expected to maintain ratios well above the minimum levels , depending on their particular condition , risk profile and growth plans .the minimum tier 1 leverage ratio is 3% ( 3 % ) for bank holding companies that have received the highest supervisory rating under federal reserve board guidelines or that have implemented the federal reserve board 2019s risk-based capital measure for market risk .other bank holding companies must have a minimum tier 1 leverage ratio of 4% ( 4 % ) .the table below presents information regarding group inc . 2019s regulatory capital ratios. .
[['$ in millions', 'as of december 2012', 'as of december 2011'], ['tier 1 capital', '$ 66977', '$ 63262'], ['tier 2 capital', '$ 13429', '$ 13881'], ['total capital', '$ 80406', '$ 77143'], ['risk-weighted assets', '$ 399928', '$ 457027'], ['tier 1 capital ratio', '16.7% ( 16.7 % )', '13.8% ( 13.8 % )'], ['total capital ratio', '20.1% ( 20.1 % )', '16.9% ( 16.9 % )'], ['tier 1 leverage ratio', '7.3% ( 7.3 % )', '7.0% ( 7.0 % )']]
rwas under the federal reserve board 2019s risk-based capital requirements are calculated based on the amount of market risk and credit risk .rwas for market risk are determined by reference to the firm 2019s value-at-risk ( var ) model , supplemented by other measures to capture risks not reflected in the firm 2019s var model .credit risk for on- balance sheet assets is based on the balance sheet value .for off-balance sheet exposures , including otc derivatives and commitments , a credit equivalent amount is calculated based on the notional amount of each trade .all such assets and exposures are then assigned a risk weight depending on , among other things , whether the counterparty is a sovereign , bank or a qualifying securities firm or other entity ( or if collateral is held , depending on the nature of the collateral ) .tier 1 leverage ratio is defined as tier 1 capital under basel 1 divided by average adjusted total assets ( which includes adjustments for disallowed goodwill and intangible assets , and the carrying value of equity investments in non-financial companies that are subject to deductions from tier 1 capital ) .184 goldman sachs 2012 annual report .
|
3715
| 1,097 | 159 |
160 |
for the period from 2013 to 2016 , what was the combined balance ( in thousands ) for money pool receivables?\\n
|
system energy resources , inc .management 2019s financial discussion and analysis also in addition to the contractual obligations , system energy has $ 382.3 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions .see note 3 to the financial statements for additional information regarding unrecognized tax benefits .in addition to routine spending to maintain operations , the planned capital investment estimate includes specific investments and initiatives such as the nuclear fleet operational excellence initiative , as discussed below in 201cnuclear matters , 201d and plant improvements .as a wholly-owned subsidiary , system energy dividends its earnings to entergy corporation at a percentage determined monthly .sources of capital system energy 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; and 2022 bank financing under new or existing facilities .system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .all debt and common stock issuances by system energy require prior regulatory approval .debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .system energy has sufficient capacity under these tests to meet its foreseeable capital needs .system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
[['2016', '2015', '2014', '2013'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 33809', '$ 39926', '$ 2373', '$ 9223']]
see note 4 to the financial statements for a description of the money pool .the system energy nuclear fuel company variable interest entity has a credit facility in the amount of $ 120 million scheduled to expire in may 2019 .as of december 31 , 2016 , $ 66.9 million in letters of credit were outstanding under the credit facility to support a like amount of commercial paper issued by the system energy nuclear fuel company variable interest entity .see note 4 to the financial statements for additional discussion of the variable interest entity credit facility .system energy obtained authorizations from the ferc through october 2017 for the following : 2022 short-term borrowings not to exceed an aggregate amount of $ 200 million at any time outstanding ; 2022 long-term borrowings and security issuances ; and 2022 long-term borrowings by its nuclear fuel company variable interest entity .see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits. .
|
85331
| 675 | 160 |
161 |
what is the total amount amortized to revenue in the last three years , ( in millions ) ?
|
entergy corporation and subsidiaries notes to financial statements amount ( in millions ) .
[['', 'amount ( in millions )'], ['plant ( including nuclear fuel )', '$ 727'], ['decommissioning trust funds', '252'], ['other assets', '41'], ['total assets acquired', '1020'], ['purchased power agreement ( below market )', '420'], ['decommissioning liability', '220'], ['other liabilities', '44'], ['total liabilities assumed', '684'], ['net assets acquired', '$ 336']]
subsequent to the closing , entergy received approximately $ 6 million from consumers energy company as part of the post-closing adjustment defined in the asset sale agreement .the post-closing adjustment amount resulted in an approximately $ 6 million reduction in plant and a corresponding reduction in other liabilities .for the ppa , which was at below-market prices at the time of the acquisition , non-utility nuclear will amortize a liability to revenue over the life of the agreement .the amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices .amounts amortized to revenue were $ 53 million in 2009 , $ 76 million in 2008 , and $ 50 million in 2007 .the amounts to be amortized to revenue for the next five years will be $ 46 million for 2010 , $ 43 million for 2011 , $ 17 million in 2012 , $ 18 million for 2013 , and $ 16 million for 2014 .nypa value sharing agreements non-utility nuclear's purchase of the fitzpatrick and indian point 3 plants from nypa included value sharing agreements with nypa .in october 2007 , non-utility nuclear and nypa amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms .under the amended value sharing agreements , non-utility nuclear will make annual payments to nypa based on the generation output of the indian point 3 and fitzpatrick plants from january 2007 through december 2014 .non-utility nuclear will pay nypa $ 6.59 per mwh for power sold from indian point 3 , up to an annual cap of $ 48 million , and $ 3.91 per mwh for power sold from fitzpatrick , up to an annual cap of $ 24 million .the annual payment for each year's output is due by january 15 of the following year .non-utility nuclear will record its liability for payments to nypa as power is generated and sold by indian point 3 and fitzpatrick .an amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants .in 2009 , 2008 , and 2007 , non-utility nuclear recorded $ 72 million as plant for generation during each of those years .this amount will be depreciated over the expected remaining useful life of the plants .in august 2008 , non-utility nuclear entered into a resolution of a dispute with nypa over the applicability of the value sharing agreements to its fitzpatrick and indian point 3 nuclear power plants after the planned spin-off of the non-utility nuclear business .under the resolution , non-utility nuclear agreed not to treat the separation as a "cessation event" that would terminate its obligation to make the payments under the value sharing agreements .as a result , after the spin-off transaction , enexus will continue to be obligated to make payments to nypa under the amended and restated value sharing agreements. .
|
179
| 854 | 161 |
162 |
what portion of the total minimum payment is related to interest?
|
table of contents hologic , inc .notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) location during fiscal 2009 .the company was responsible for a significant portion of the construction costs and therefore was deemed , for accounting purposes , to be the owner of the building during the construction period , in accordance with asc 840 , leases , subsection 40-15-5 .during the year ended september 27 , 2008 , the company recorded an additional $ 4400 in fair market value of the building , which was completed in fiscal 2008 .this is in addition to the $ 3000 fair market value of the land and the $ 7700 fair market value related to the building constructed that cytyc had recorded as of october 22 , 2007 .the company has recorded such fair market value within property and equipment on its consolidated balance sheets .at september 26 , 2009 , the company has recorded $ 1508 in accrued expenses and $ 16329 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 ten years with the option to extend for two consecutive five-year terms .the lease term commenced in may 2008 , at which time the company began transferring the company 2019s costa rican operations to this facility .it is expected that this process will be complete by february 2009 .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 ( formerly sfas no .98 ( 201csfas 98 201d ) , accounting for leases : sale-leaseback transactions involving real estate , sales-type leases of real estate , definition of the lease term , and initial direct costs of direct financing leases 2014an amendment of financial accounting standards board ( 201cfasb 201d ) statements no .13 , 66 , and 91 and a rescission of fasb statement no .26 and technical bulletin no .79-11 ) .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 will remain on the company 2019s financial statements throughout the lease term , and the building and leasehold improvements will be 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 26 , 2009: .
[['', 'amount'], ['fiscal 2010', '$ 1508'], ['fiscal 2011', '1561'], ['fiscal 2012', '1616'], ['fiscal 2013', '1672'], ['fiscal 2014', '1731'], ['thereafter', '7288'], ['total minimum payments', '15376'], ['less-amount representing interest', '-6094 ( 6094 )'], ['total', '$ 9282']]
in addition , as a result of the merger with cytyc , the company assumed the obligation 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 .in 2011 , the company will have an option to lease an additional 30000 square feet .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 was deemed , for accounting purposes , to be the owner of the building during the construction period in accordance with asc 840-40-15-5 .the $ 13200 fair market value of the facility is included within property and equipment , net on the consolidated balance sheet .at september 26 , 2009 , the company has recorded $ 982 in accrued expenses and source : hologic inc , 10-k , november 24 , 2009 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. .
|
39.6%
| 1,078 | 162 |
163 |
what portion of total shares repurchased in the fourth quarter of 2010 occurred during october?
|
issuer purchases of equity securities during the three months ended december 31 , 2010 , we repurchased 1460682 shares of our common stock for an aggregate of $ 74.6 million , including commissions and fees , pursuant to our publicly announced stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .
[['period', 'total number of shares purchased ( 1 )', 'average price paid per share', 'total number of shares purchased as part of publicly announced plans or programs', 'approximate dollar value of shares that may yet be purchasedunder the plans or programs ( in millions )'], ['october 2010', '722890', '$ 50.76', '722890', '$ 369.1'], ['november 2010', '400692', '$ 51.81', '400692', '$ 348.3'], ['december 2010', '337100', '$ 50.89', '337100', '$ 331.1'], ['total fourth quarter', '1460682', '$ 51.08', '1460682', '$ 331.1']]
( 1 ) repurchases made pursuant to the $ 1.5 billion stock repurchase program approved by our board of directors in february 2008 ( the 201cbuyback 201d ) .under this program , our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .to facilitate repurchases , we make purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .this program may be discontinued at any time .subsequent to december 31 , 2010 , we repurchased 1122481 shares of our common stock for an aggregate of $ 58.0 million , including commissions and fees , pursuant to the buyback .as of february 11 , 2011 , we had repurchased a total of 30.9 million shares of our common stock for an aggregate of $ 1.2 billion , including commissions and fees pursuant to the buyback .we expect to continue to manage the pacing of the remaining $ 273.1 million under the buyback in response to general market conditions and other relevant factors. .
|
49.5%
| 665 | 163 |
164 |
what was the percent growth or decline of research & engineering as a percent of revenue from 2010 to 2011
|
equity in net earnings of affiliated companies equity income from the m-i swaco joint venture in 2010 represents eight months of equity income through the closing of the smith transaction .interest expense interest expense of $ 298 million in 2011 increased by $ 91 million compared to 2010 primarily due to the $ 4.6 billion of long-term debt that schlumberger issued during 2011 .interest expense of $ 207 million in 2010 decreased by $ 14 million compared to 2009 primarily due to a decline in the weighted average borrowing rates , from 3.9% ( 3.9 % ) to 3.2% ( 3.2 % ) .research & engineering and general & administrative expenses , as a percentage of revenue , were as follows: .
[['', '2011', '2010', '2009'], ['research & engineering', '2.7% ( 2.7 % )', '3.3% ( 3.3 % )', '3.5% ( 3.5 % )'], ['general & administrative', '1.1% ( 1.1 % )', '1.1% ( 1.1 % )', '1.1% ( 1.1 % )']]
although research & engineering decreased as a percentage of revenue in 2011 as compared to 2010 and in 2010 compared to 2009 , it has increased in absolute dollars by $ 154 million and $ 117 million , respectively .these increases in absolute dollars were driven in large part by the impact of the smith acquisition .income taxes the schlumberger effective tax rate was 24.4% ( 24.4 % ) in 2011 , 17.3% ( 17.3 % ) in 2010 , and 19.6% ( 19.6 % ) in 2009 .the schlumberger effective tax rate is sensitive to the geographic mix of earnings .when the percentage of pretax earnings generated outside of north america increases , the schlumberger effective tax rate will generally decrease .conversely , when the percentage of pretax earnings generated outside of north america decreases , the schlumberger effective tax rate will generally increase .the effective tax rate for both 2011 and 2010 was impacted by the charges and credits described in note 3 to the consolidated financial statements .excluding the impact of these charges and credits , the effective tax rate in 2011 was 24.0% ( 24.0 % ) compared to 20.6% ( 20.6 % ) in 2010 .this increase in the effective tax rate , excluding the impact of the charges and credits , was primarily attributable to the fact that schlumberger generated a larger proportion of its pretax earnings in north america in 2011 as compared to 2010 as a result of improved market conditions and the effect of a full year 2019s activity from the acquired smith businesses .the effective tax rate for 2009 was also impacted by the charges and credits described in note 3 to the consolidated financial statements , but to a much lesser extent .excluding charges and credits , the effective tax rate in 2010 was 20.6% ( 20.6 % ) compared to 19.2% ( 19.2 % ) in 2009 .this increase is largely attributable to the geographic mix of earnings as well as the inclusion of four months 2019 results from the acquisition of smith , which served to increase the schlumberger effective tax charges and credits schlumberger recorded significant charges and credits in continuing operations during 2011 , 2010 and 2009 .these charges and credits , which are summarized below , are more fully described in note 3 to the consolidated financial statements. .
|
-18.2%
| 909 | 164 |
165 |
of the decreases related to prior years' tax positions , what percent of the 2013 amount is the gross decrease related to the taxability of the alternative energy tax credits claimed in 2009 excise tax returns by boise inc?
|
cash payments for federal , state , and foreign income taxes were $ 238.3 million , $ 189.5 million , and $ 90.7 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .the following table summarizes the changes related to pca 2019s gross unrecognized tax benefits excluding interest and penalties ( dollars in millions ) : .
[['', '2015', '2014', '2013'], ['balance as of january 1', '$ -4.4 ( 4.4 )', '$ -5.4 ( 5.4 )', '$ -111.3 ( 111.3 )'], ['increase related to acquisition of boise inc . ( a )', '2014', '2014', '-65.2 ( 65.2 )'], ['increases related to prior years 2019 tax positions', '-2.8 ( 2.8 )', '-1.0 ( 1.0 )', '-0.1 ( 0.1 )'], ['increases related to current year tax positions', '-0.4 ( 0.4 )', '-0.3 ( 0.3 )', '-1.5 ( 1.5 )'], ["decreases related to prior years' tax positions ( b )", '2014', '0.9', '64.8'], ['settlements with taxing authorities ( c )', '0.7', '0.5', '106.2'], ['expiration of the statute of limitations', '1.1', '0.9', '1.7'], ['balance at december 31', '$ -5.8 ( 5.8 )', '$ -4.4 ( 4.4 )', '$ -5.4 ( 5.4 )']]
( a ) in 2013 , pca acquired $ 65.2 million of gross unrecognized tax benefits from boise inc .that related primarily to the taxability of the alternative energy tax credits .( b ) the 2013 amount includes a $ 64.3 million gross decrease related to the taxability of the alternative energy tax credits claimed in 2009 excise tax returns by boise inc .for further discussion regarding these credits , see note 7 , alternative energy tax credits .( c ) the 2013 amount includes a $ 104.7 million gross decrease related to the conclusion of the internal revenue service audit of pca 2019s alternative energy tax credits .for further discussion regarding these credits , see note 7 , alternative energy tax credits .at december 31 , 2015 , pca had recorded a $ 5.8 million gross reserve for unrecognized tax benefits , excluding interest and penalties .of the total , $ 4.2 million ( net of the federal benefit for state taxes ) would impact the effective tax rate if recognized .pca recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense .at december 31 , 2015 and 2014 , we had an insignificant amount of interest and penalties recorded for unrecognized tax benefits included in the table above .pca does not expect the unrecognized tax benefits to change significantly over the next 12 months .pca is subject to taxation in the united states and various state and foreign jurisdictions .a federal examination of the tax years 2010 2014 2012 was concluded in february 2015 .a federal examination of the 2013 tax year began in october 2015 .the tax years 2014 2014 2015 remain open to federal examination .the tax years 2011 2014 2015 remain open to state examinations .some foreign tax jurisdictions are open to examination for the 2008 tax year forward .through the boise acquisition , pca recorded net operating losses and credit carryforwards from 2008 through 2011 and 2013 that are subject to examinations and adjustments for at least three years following the year in which utilized .7 .alternative energy tax credits the company generates black liquor as a by-product of its pulp manufacturing process , which entitled it to certain federal income tax credits .when black liquor is mixed with diesel , it is considered an alternative fuel that was eligible for a $ 0.50 per gallon refundable alternative energy tax credit for gallons produced before december 31 , 2009 .black liquor was also eligible for a $ 1.01 per gallon taxable cellulosic biofuel producer credit for gallons of black liquor produced and used in 2009 .in 2013 , we reversed $ 166.0 million of a reserve for unrecognized tax benefits for alternative energy tax credits as a benefit to income taxes .approximately $ 103.9 million ( $ 102.0 million of tax , net of the federal benefit for state taxes , plus $ 1.9 million of accrued interest ) of the reversal is due to the completion of the irs .
|
99%
| 1,186 | 165 |
166 |
what percentage of total afudc in 2016 accounted for allowance for borrowed funds used during construction?
|
income taxes american water and its subsidiaries participate in a consolidated federal income tax return for u.s .tax purposes .members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns .certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes .the company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements .these deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse .in addition , the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences , previously flowed through to customers , reverse .investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets .the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis .see note 13 2014income taxes .allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction .the regulated utility subsidiaries record afudc to the extent permitted by the pucs .the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations .any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations .afudc is summarized in the following table for the years ended december 31: .
[['', '2017', '2016', '2015'], ['allowance for other funds used during construction', '$ 19', '$ 15', '$ 13'], ['allowance for borrowed funds used during construction', '8', '6', '8']]
environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s .federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business .environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate .remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated .a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california .the company agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 .remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31 , 2017 and 2016 , respectively .derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates .these derivative contracts are entered into for periods consistent with the related underlying .
|
28.6%
| 760 | 166 |
167 |
what was the growth rate of the ventas stock as of 12/31/2003
|
stock performance graph the following performance graph compares the cumulative total return ( including dividends ) to the holders of our common stock from december 31 , 2002 through december 31 , 2007 , with the cumulative total returns of the nyse composite index , the ftse nareit composite reit index ( the 201call reit index 201d ) , the ftse nareit healthcare equity reit index ( the 201chealthcare reit index 201d ) and the russell 1000 index over the same period .the comparison assumes $ 100 was invested on december 31 , 2002 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends , as applicable .we have included the nyse composite index in the performance graph because our common stock is listed on the nyse .we have included the other indices because we believe that they are either most representative of the industry in which we compete , or otherwise provide a fair basis for comparison with ventas , and are therefore particularly relevant to an assessment of our performance .the figures in the table below are rounded to the nearest dollar. .
[['', '12/31/2002', '12/31/2003', '12/31/2004', '12/31/2005', '12/31/2006', '12/31/2007'], ['ventas', '$ 100', '$ 206', '$ 270', '$ 331', '$ 457', '$ 512'], ['nyse composite index', '$ 100', '$ 132', '$ 151', '$ 166', '$ 200', '$ 217'], ['all reit index', '$ 100', '$ 138', '$ 181', '$ 196', '$ 262', '$ 215'], ['healthcare reit index', '$ 100', '$ 154', '$ 186', '$ 189', '$ 273', '$ 279'], ['russell 1000 index', '$ 100', '$ 130', '$ 145', '$ 154', '$ 178', '$ 188']]
ventas nyse composite index all reit index healthcare reit index russell 1000 index .
|
106%
| 589 | 167 |
168 |
what is the total yearly interest expense related to the notes issued in january 2016?
|
in january 2016 , the company issued $ 800 million of debt securities consisting of a $ 400 million aggregate principal three year fixed rate note with a coupon rate of 2.00% ( 2.00 % ) and a $ 400 million aggregate principal seven year fixed rate note with a coupon rate of 3.25% ( 3.25 % ) .the proceeds were used to repay a portion of the company 2019s outstanding commercial paper , repay the remaining term loan balance , and for general corporate purposes .the company 2019s public notes and 144a notes may be redeemed by the company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium .upon the occurrence of a change of control accompanied by a downgrade of the notes below investment grade rating , within a specified time period , the company would be required to offer to repurchase the public notes and 144a notes at a price equal to 101% ( 101 % ) of the aggregate principal amount thereof , plus any accrued and unpaid interest to the date of repurchase .the public notes and 144a notes are senior unsecured and unsubordinated obligations of the company and rank equally with all other senior and unsubordinated indebtedness of the company .the company entered into a registration rights agreement in connection with the issuance of the 144a notes .subject to certain limitations set forth in the registration rights agreement , the company has agreed to ( i ) file a registration statement ( the 201cexchange offer registration statement 201d ) with respect to registered offers to exchange the 144a notes for exchange notes ( the 201cexchange notes 201d ) , which will have terms identical in all material respects to the new 10-year notes and new 30-year notes , as applicable , except that the exchange notes will not contain transfer restrictions and will not provide for any increase in the interest rate thereon in certain circumstances and ( ii ) use commercially reasonable efforts to cause the exchange offer registration statement to be declared effective within 270 days after the date of issuance of the 144a notes .until such time as the exchange offer registration statement is declared effective , the 144a notes may only be sold in accordance with rule 144a or regulation s of the securities act of 1933 , as amended .private notes the company 2019s private notes may be redeemed by the company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium .upon the occurrence of specified changes of control involving the company , the company would be required to offer to repurchase the private notes at a price equal to 100% ( 100 % ) of the aggregate principal amount thereof , plus any accrued and unpaid interest to the date of repurchase .additionally , the company would be required to make a similar offer to repurchase the private notes upon the occurrence of specified merger events or asset sales involving the company , when accompanied by a downgrade of the private notes below investment grade rating , within a specified time period .the private notes are unsecured senior obligations of the company and rank equal in right of payment with all other senior indebtedness of the company .the private notes shall be unconditionally guaranteed by subsidiaries of the company in certain circumstances , as described in the note purchase agreements as amended .other debt during 2015 , the company acquired the beneficial interest in the trust owning the leased naperville facility resulting in debt assumption of $ 100.2 million and the addition of $ 135.2 million in property , plant and equipment .certain administrative , divisional , and research and development personnel are based at the naperville facility .cash paid as a result of the transaction was $ 19.8 million .the assumption of debt and the majority of the property , plant and equipment addition represented non-cash financing and investing activities , respectively .the remaining balance on the assumed debt was settled in december 2017 and was reflected in the "other" line of the table above at december 31 , 2016 .covenants and future maturities the company is in compliance with all covenants under the company 2019s outstanding indebtedness at december 31 , 2017 .as of december 31 , 2017 , the aggregate annual maturities of long-term debt for the next five years were : ( millions ) .
[['2018', '$ 550'], ['2019', '397'], ['2020', '300'], ['2021', '1017'], ['2022', '497']]
.
|
21
| 1,050 | 168 |
169 |
what was the net change in millions in the accumulated depreciation and amortization of real estate assets from 2016 to 2017?
|
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. .
|
323
| 403 | 169 |
170 |
what is the change in weighted average shares outstanding for diluted net earnings per share between 2005 and 2006 , in millions?
|
our tax returns are currently under examination in various foreign jurisdictions .the major foreign tax jurisdictions under examination include germany , italy and switzerland .it is reasonably possible that such audits will be resolved in the next twelve months , but we do not anticipate that the resolution of these audits would result in any material impact on our results of operations or financial position .12 .capital stock and earnings per share we have 2 million shares of series a participating cumulative preferred stock authorized for issuance , none of which were outstanding as of december 31 , 2007 .the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .
[['', '2007', '2006', '2005'], ['weighted average shares outstanding for basic net earnings per share', '235.5', '243.0', '247.1'], ['effect of dilutive stock options and other equity awards', '2.0', '2.4', '2.7'], ['weighted average shares outstanding for diluted net earnings per share', '237.5', '245.4', '249.8']]
weighted average shares outstanding for basic net earnings per share 235.5 243.0 247.1 effect of dilutive stock options and other equity awards 2.0 2.4 2.7 weighted average shares outstanding for diluted net earnings per share 237.5 245.4 249.8 for the year ended december 31 , 2007 , an average of 3.1 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock .for the years ended december 31 , 2006 and 2005 , an average of 7.6 million and 2.9 million options , respectively , were not included .in december 2005 , our board of directors authorized a stock repurchase program of up to $ 1 billion through december 31 , 2007 .in december 2006 , our board of directors authorized an additional stock repurchase program of up to $ 1 billion through december 31 , 2008 .as of december 31 , 2007 we had acquired approximately 19345200 shares at a cost of $ 1378.9 million , before commissions .13 .segment data we design , develop , manufacture and market reconstructive orthopaedic implants , including joint and dental , spinal implants , trauma products and related orthopaedic surgical products which include surgical supplies and instruments designed to aid in orthopaedic surgical procedures and post-operation rehabilitation .we also provide other healthcare related services .revenue related to these services currently represents less than 1 percent of our total net sales .we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .this structure is the basis for our reportable segment information discussed below .management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , acquisition , integration and other expenses , inventory step-up , in-process research and development write- offs and intangible asset amortization expense .global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions , and u.s .and puerto rico based manufacturing operations and logistics .intercompany transactions have been eliminated from segment operating profit .management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s and puerto rico based manufacturing operations and logistics and corporate assets .z i m m e r h o l d i n g s , i n c .2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) .
|
-4.4
| 1,026 | 170 |
171 |
3 net income ( loss ) $ 132.8 \\n5 income tax expense ( benefit ) 62.7
|
( 2 ) for purposes of calculating the ratio of earnings to fixed charges , earnings consist of earnings before income taxes minus income from equity investees plus fixed charges .fixed charges consist of interest expense and the portion of rental expense we believe is representative of the interest component of rental expense .( a ) for the years ended december 31 , 2010 and 2009 , earnings available for fixed charges were inadequate to cover fixed charges by $ 37.0 million and $ 461.2 million , respectively .( 3 ) ebitda is defined as consolidated net income ( loss ) before interest expense , income tax expense ( benefit ) , depreciation , and amortization .adjusted ebitda , which is a measure defined in our credit agreements , is calculated by adjusting ebitda for certain items of income and expense including ( but not limited to ) the following : ( a ) non-cash equity-based compensation ; ( b ) goodwill impairment charges ; ( c ) sponsor fees ; ( d ) certain consulting fees ; ( e ) debt-related legal and accounting costs ; ( f ) equity investment income and losses ; ( g ) certain severance and retention costs ; ( h ) gains and losses from the early extinguishment of debt ; ( i ) gains and losses from asset dispositions outside the ordinary course of business ; and ( j ) non-recurring , extraordinary or unusual gains or losses or expenses .we have included a reconciliation of ebitda and adjusted ebitda in the table below .both ebitda and adjusted ebitda are considered non-gaap financial measures .generally , a non-gaap financial measure is a numerical measure of a company 2019s performance , financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with gaap .non-gaap measures used by the company may differ from similar measures used by other companies , even when similar terms are used to identify such measures .we believe that ebitda and adjusted ebitda provide helpful information with respect to our operating performance and cash flows including our ability to meet our future debt service , capital expenditures and working capital requirements .adjusted ebitda also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreements .the following unaudited table sets forth reconciliations of net income ( loss ) to ebitda and ebitda to adjusted ebitda for the periods presented: .
[['( in millions )', 'years ended december 31 , 2013', 'years ended december 31 , 2012', 'years ended december 31 , 2011', 'years ended december 31 , 2010', 'years ended december 31 , 2009'], ['net income ( loss )', '$ 132.8', '$ 119.0', '$ 17.1', '$ -29.2 ( 29.2 )', '$ -373.4 ( 373.4 )'], ['depreciation and amortization', '208.2', '210.2', '204.9', '209.4', '218.2'], ['income tax expense ( benefit )', '62.7', '67.1', '11.2', '-7.8 ( 7.8 )', '-87.8 ( 87.8 )'], ['interest expense net', '250.1', '307.4', '324.2', '391.9', '431.7'], ['ebitda', '653.8', '703.7', '557.4', '564.3', '188.7'], ['non-cash equity-based compensation', '8.6', '22.1', '19.5', '11.5', '15.9'], ['sponsor fees', '2.5', '5.0', '5.0', '5.0', '5.0'], ['consulting and debt-related professional fees', '0.1', '0.6', '5.1', '15.1', '14.1'], ['goodwill impairment', '2014', '2014', '2014', '2014', '241.8'], ['net loss ( gain ) on extinguishments of long-term debt', '64.0', '17.2', '118.9', '-2.0 ( 2.0 )', '2014'], ['litigation net ( i )', '-4.1 ( 4.1 )', '4.3', '2014', '2014', '2014'], ['ipo- and secondary-offering related expenses', '75.0', '2014', '2014', '2014', '2014'], ['other adjustments ( ii )', '8.6', '13.7', '11.4', '7.9', '-0.1 ( 0.1 )'], ['adjusted ebitda', '$ 808.5', '$ 766.6', '$ 717.3', '$ 601.8', '$ 465.4']]
( i ) relates to unusual , non-recurring litigation matters .( ii ) includes certain retention costs and equity investment income , certain severance costs in 2009 and a gain related to the sale of the informacast software and equipment in 2009. .
|
32.1%
| 1,274 | 171 |
172 |
what was the specialty business profit margin in 2006
|
expenses decreased to $ 23 million from $ 115 million in 2006 and $ 146 million in 2005 , reflecting the reduced level of operations .operating profits for the real estate division , which principally sells higher-and-better-use properties , were $ 32 million , $ 124 million and $ 198 million in 2007 , 2006 and 2005 , respectively .looking forward to 2008 , operating profits are expected to decline significantly , reflecting the reduced level of forestland holdings .operating earn- ings will primarily reflect the periodic sales of remaining acreage , and can be expected to vary from quarter to quarter depending on the timing of sale transactions .specialty businesses and other the specialty businesses and other segment princi- pally includes the operating results of the arizona chemical business as well as certain smaller busi- nesses .the arizona chemical business was sold in february 2007 .thus , operating results in 2007 reflect only two months of activity .specialty businesses and other in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['sales', '$ 135', '$ 935', '$ 915'], ['operating profit', '$ 6', '$ 61', '$ 4']]
liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .while changes in key cash operating costs , such as energy , raw material and transportation costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operat- ing cycle .as part of our continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america .financing activities in 2007 continued the focus on the transformation plan objectives of returning value to shareholders through additional repurchases of common stock and strengthening the balance sheet through further reductions of management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms .at december 31 , 2007 , the com- pany 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 .cash provided by operations cash provided by continuing operations totaled $ 1.9 billion , compared with $ 1.0 billion for 2006 and $ 1.2 billion for 2005 .the 2006 amount is net of a $ 1.0 bil- lion voluntary cash pension plan contribution made in the fourth quarter of 2006 .the major components of cash provided by continuing operations are earn- ings from continuing operations adjusted for non-cash income and expense items and changes in working capital .earnings from continuing oper- ations , adjusted for non-cash items and excluding the pension contribution in 2006 , increased by $ 123 million in 2007 versus 2006 .this compared with an increase of $ 584 million for 2006 over 2005 .international paper 2019s investments in accounts receiv- able and inventory less accounts payable and accrued liabilities , totaled $ 1.7 billion at december 31 , 2007 .cash used for these working capital components increased by $ 539 million in 2007 , compared with a $ 354 million increase in 2006 and a $ 558 million increase in 2005 .investment activities investment activities in 2007 included the receipt of $ 1.7 billion of additional cash proceeds from divest- itures , and the use of $ 239 million for acquisitions and $ 578 million for an investment in a 50% ( 50 % ) equity interest in ilim holding s.a .in russia .capital spending from continuing operations was $ 1.3 billion in 2007 , or 119% ( 119 % ) of depreciation and amortization , comparable to $ 1.0 billion , or 87% ( 87 % ) of depreciation and amortization in 2006 , and $ 992 mil- lion , or 78% ( 78 % ) of depreciation and amortization in 2005 .the increase in 2007 reflects spending for the con- version of the pensacola paper machine to the pro- duction of linerboard , a fluff pulp project at our riegelwood mill , and a specialty pulp production project at our svetogorsk mill in russia , all of which were part of the company 2019s transformation plan. .
|
6.52%
| 1,154 | 172 |
173 |
what is the percentage change in the number of non-vested performance awards from 2012 to 2013?
|
the fair value of performance awards is calculated using the market value of a share of snap-on 2019s common stock on the date of grant .the weighted-average grant date fair value of performance awards granted during 2013 , 2012 and 2011 was $ 77.33 , $ 60.00 and $ 55.97 , respectively .vested performance share units approximated 148000 shares as of 2013 year end , 213000 shares as of 2012 year end and 54208 shares as of 2011 year end .performance share units of 213459 shares were paid out in 2013 and 53990 shares were paid out in 2012 ; no performance share units were paid out in 2011 .earned performance share units are generally paid out following the conclusion of the applicable performance period upon approval by the organization and executive compensation committee of the company 2019s board of directors ( the 201cboard 201d ) .based on the company 2019s 2013 performance , 84413 rsus granted in 2013 were earned ; assuming continued employment , these rsus will vest at the end of fiscal 2015 .based on the company 2019s 2012 performance , 95047 rsus granted in 2012 were earned ; assuming continued employment , these rsus will vest at the end of fiscal 2014 .based on the company 2019s 2011 performance , 159970 rsus granted in 2011 were earned ; these rsus vested as of fiscal 2013 year end and were paid out shortly thereafter .as a result of employee retirements , a total of 1614 of the rsus earned in 2012 and 2011 vested pursuant to the terms of the related award agreements and the underlying shares were paid out in the third quarter of 2013 .the changes to the company 2019s non-vested performance awards in 2013 are as follows : shares ( in thousands ) fair value price per share* .
[['', 'shares ( in thousands )', 'fair valueprice pershare*'], ['non-vested performance awards at beginning of year', '509', '$ 59.36'], ['granted', '180', '77.33'], ['vested', '-306 ( 306 )', '58.94'], ['cancellations', '-2 ( 2 )', '69.23'], ['non-vested performance awards at end of year', '381', '68.13']]
* weighted-average as of 2013 year end there was approximately $ 12.9 million of unrecognized compensation cost related to non-vested performance awards that is expected to be recognized as a charge to earnings over a weighted-average period of 1.6 years .stock appreciation rights ( 201csars 201d ) the company also issues cash-settled and stock-settled sars to certain key non-u.s .employees .sars have a contractual term of ten years and vest ratably on the first , second and third anniversaries of the date of grant .sars are granted with an exercise price equal to the market value of a share of snap-on 2019s common stock on the date of grant .cash-settled sars provide for the cash payment of the excess of the fair market value of snap-on 2019s common stock price on the date of exercise over the grant price .cash-settled sars have no effect on dilutive shares or shares outstanding as any appreciation of snap-on 2019s common stock value over the grant price is paid in cash and not in common stock .in 2013 , the company began issuing stock-settled sars that are accounted for as equity instruments and provide for the issuance of snap-on common stock equal to the amount by which the company 2019s stock has appreciated over the exercise price .stock-settled sars have an effect on dilutive shares and shares outstanding as any appreciation of snap-on 2019s common stock value over the exercise price will be settled in shares of common stock .2013 annual report 101 .
|
-25.1%
| 1,034 | 173 |
174 |
what is the net income in 2016?
|
2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .income tax expense .
[['( in millions )', 'gaap 2016', 'gaap 2015', 'gaap 2014', 'gaap 2016', 'gaap 2015', '2014'], ['operating income ( 1 )', '$ 4570', '$ 4664', '$ 4474', '$ 4674', '$ 4695', '$ 4563'], ['total nonoperating income ( expense ) ( 1 ) ( 2 )', '-108 ( 108 )', '-69 ( 69 )', '-49 ( 49 )', '-108 ( 108 )', '-70 ( 70 )', '-56 ( 56 )'], ['income before income taxes ( 2 )', '$ 4462', '$ 4595', '$ 4425', '$ 4566', '$ 4625', '$ 4507'], ['income tax expense', '$ 1290', '$ 1250', '$ 1131', '$ 1352', '$ 1312', '$ 1197'], ['effective tax rate', '28.9% ( 28.9 % )', '27.2% ( 27.2 % )', '25.6% ( 25.6 % )', '29.6% ( 29.6 % )', '28.4% ( 28.4 % )', '26.6% ( 26.6 % )']]
( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .( 2 ) net of net income ( loss ) attributable to nci .the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .the significant foreign jurisdictions that have lower statutory tax rates than the u.s .federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .u.s .income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .2016 .income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .2015 .income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .2014 .income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .
|
3280
| 1,436 | 174 |
175 |
what was the total long-term debt for citigroup subsidiaries long-term debt at december 312008
|
sources of liquidity primary sources of liquidity for citigroup and its principal subsidiaries include : 2022 deposits ; 2022 collateralized financing transactions ; 2022 senior and subordinated debt ; 2022 commercial paper ; 2022 trust preferred and preferred securities ; and 2022 purchased/wholesale funds .citigroup 2019s funding sources are diversified across funding types and geography , a benefit of its global franchise .funding for citigroup and its major operating subsidiaries includes a geographically diverse retail and corporate deposit base of $ 774.2 billion .these deposits are diversified across products and regions , with approximately two-thirds of them outside of the u.s .this diversification provides the company with an important , stable and low-cost source of funding .a significant portion of these deposits has been , and is expected to be , long-term and stable , and are considered to be core .there are qualitative as well as quantitative assessments that determine the company 2019s calculation of core deposits .the first step in this process is a qualitative assessment of the deposits .for example , as a result of the company 2019s qualitative analysis certain deposits with wholesale funding characteristics are excluded from consideration as core .deposits that qualify under the company 2019s qualitative assessments are then subjected to quantitative analysis .excluding the impact of changes in foreign exchange rates and the sale of our retail banking operations in germany during the year ending december 31 , 2008 , the company 2019s deposit base remained stable .on a volume basis , deposit increases were noted in transaction services , u.s .retail banking and smith barney .this was partially offset by the company 2019s decision to reduce deposits considered wholesale funding , consistent with the company 2019s de-leveraging efforts , and declines in international consumer banking and the private bank .citigroup and its subsidiaries have historically had a significant presence in the global capital markets .the company 2019s capital markets funding activities have been primarily undertaken by two legal entities : ( i ) citigroup inc. , which issues long-term debt , medium-term notes , trust preferred securities , and preferred and common stock ; and ( ii ) citigroup funding inc .( cfi ) , a first-tier subsidiary of citigroup , which issues commercial paper , medium-term notes and structured equity-linked and credit-linked notes , all of which are guaranteed by citigroup .other significant elements of long- term debt on the consolidated balance sheet include collateralized advances from the federal home loan bank system , long-term debt related to the consolidation of icg 2019s structured investment vehicles , asset-backed outstandings , and certain borrowings of foreign subsidiaries .each of citigroup 2019s major operating subsidiaries finances its operations on a basis consistent with its capitalization , regulatory structure and the environment in which it operates .particular attention is paid to those businesses that for tax , sovereign risk , or regulatory reasons cannot be freely and readily funded in the international markets .citigroup 2019s borrowings have historically been diversified by geography , investor , instrument and currency .decisions regarding the ultimate currency and interest rate profile of liquidity generated through these borrowings can be separated from the actual issuance through the use of derivative instruments .citigroup is a provider of liquidity facilities to the commercial paper programs of the two primary credit card securitization trusts with which it transacts .citigroup may also provide other types of support to the trusts .as a result of the recent economic downturn , its impact on the cashflows of the trusts , and in response to credit rating agency reviews of the trusts , the company increased the credit enhancement in the omni trust , and plans to provide additional enhancement to the master trust ( see note 23 to consolidated financial statements on page 175 for a further discussion ) .this support preserves investor sponsorship of our card securitization franchise , an important source of liquidity .banking subsidiaries there are various legal limitations on the ability of citigroup 2019s subsidiary depository institutions to extend credit , pay dividends or otherwise supply funds to citigroup and its non-bank subsidiaries .the approval of the office of the comptroller of the currency , in the case of national banks , or the office of thrift supervision , in the case of federal savings banks , is required if total dividends declared in any calendar year exceed amounts specified by the applicable agency 2019s regulations .state-chartered depository institutions are subject to dividend limitations imposed by applicable state law .in determining the declaration of dividends , each depository institution must also consider its effect on applicable risk-based capital and leverage ratio requirements , as well as policy statements of the federal regulatory agencies that indicate that banking organizations should generally pay dividends out of current operating earnings .non-banking subsidiaries citigroup also receives dividends from its non-bank subsidiaries .these non-bank subsidiaries are generally not subject to regulatory restrictions on dividends .however , as discussed in 201ccapital resources and liquidity 201d on page 94 , the ability of cgmhi to declare dividends can be restricted by capital considerations of its broker-dealer subsidiaries .cgmhi 2019s consolidated balance sheet is liquid , with the vast majority of its assets consisting of marketable securities and collateralized short-term financing agreements arising from securities transactions .cgmhi monitors and evaluates the adequacy of its capital and borrowing base on a daily basis to maintain liquidity and to ensure that its capital base supports the regulatory capital requirements of its subsidiaries .some of citigroup 2019s non-bank subsidiaries , including cgmhi , have credit facilities with citigroup 2019s subsidiary depository institutions , including citibank , n.a .borrowings under these facilities must be secured in accordance with section 23a of the federal reserve act .there are various legal restrictions on the extent to which a bank holding company and certain of its non-bank subsidiaries can borrow or obtain credit from citigroup 2019s subsidiary depository institutions or engage in certain other transactions with them .in general , these restrictions require that transactions be on arm 2019s length terms and be secured by designated amounts of specified collateral .see note 20 to the consolidated financial statements on page 169 .at december 31 , 2008 , long-term debt and commercial paper outstanding for citigroup , cgmhi , cfi and citigroup 2019s subsidiaries were as follows : in billions of dollars citigroup parent company cgmhi ( 2 ) citigroup funding inc .( 2 ) citigroup subsidiaries long-term debt $ 192.3 $ 20.6 $ 37.4 $ 109.3 ( 1 ) .
[['in billions of dollars', 'citigroup parent company', 'cgmhi ( 2 )', 'citigroup funding inc. ( 2 )', 'other citigroup subsidiaries', ''], ['long-term debt', '$ 192.3', '$ 20.6', '$ 37.4', '$ 109.3', '-1 ( 1 )'], ['commercial paper', '$ 2014', '$ 2014', '$ 28.6', '$ 0.5', '']]
( 1 ) at december 31 , 2008 , approximately $ 67.4 billion relates to collateralized advances from the federal home loan bank .( 2 ) citigroup inc .guarantees all of cfi 2019s debt and cgmhi 2019s publicly issued securities. .
|
359.6
| 1,645 | 175 |
176 |
what is the growth rate in net reserves in 2005?
|
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 .
|
-11.1%
| 1,337 | 176 |
177 |
what portion of 2009 capital leases are current liabilities?
|
14 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation , and $ 2024 million , net of $ 869 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 , 2009 were as follows : millions of dollars operating leases capital leases .
[['millions of dollars', 'operatingleases', 'capital leases'], ['2010', '$ 576', '$ 290'], ['2011', '570', '292'], ['2012', '488', '247'], ['2013', '425', '256'], ['2014', '352', '267'], ['later years', '2901', '1623'], ['total minimum lease payments', '$ 5312', '$ 2975'], ['amount representing interest', 'n/a', '-914 ( 914 )'], ['present value of minimum lease payments', 'n/a', '$ 2061']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 686 million in 2009 , $ 747 million in 2008 , and $ 810 million in 2007 .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 .15 .commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at .
|
17.9%
| 727 | 177 |
178 |
what was the percentage change in total expense for all operating leases between 2002 and 2003?
|
edwards lifesciences corporation notes to consolidated financial statements 2014 ( continued ) future minimum lease payments ( including interest ) under noncancelable operating leases and aggregate debt maturities at december 31 , 2004 were as follows ( in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13.1 $ 2014 2006*************************************************************** 11.5 2014 2007*************************************************************** 8.9 2014 2008*************************************************************** 8.0 2014 2009*************************************************************** 7.2 2014 thereafter ********************************************************** 1.1 267.1 total obligations and commitments************************************** $ 49.8 $ 267.1 included in debt at december 31 , 2004 and 2003 were unsecured notes denominated in japanese yen of a57.0 billion ( us$ 67.1 million ) and a56.0 billion ( us$ 55.8 million ) , respectively .certain facilities and equipment are leased under operating leases expiring at various dates .most of the operating leases contain renewal options .total expense for all operating leases was $ 14.0 million , $ 12.3 million , and $ 6.8 million for the years 2004 , 2003 and 2002 , respectively .11 .financial instruments and risk management fair values of financial instruments the consolidated financial statements include financial instruments whereby the fair market value of such instruments may differ from amounts reflected on a historical basis .financial instruments of the company consist of cash deposits , accounts and other receivables , investments in unconsolidated affiliates , accounts payable , certain accrued liabilities and debt .the fair values of certain investments in unconsolidated affiliates are estimated based on quoted market prices .for other investments , various methods are used to estimate fair value , including external valuations and discounted cash flows .the carrying amount of the company 2019s long-term debt approximates fair market value based on prevailing market rates .the company 2019s other financial instruments generally approximate their fair values based on the short-term nature of these instruments. .
[['', 'operating leases', 'aggregate debt maturities'], ['2005', '$ 13.1', '$ 2014'], ['2006', '11.5', '2014'], ['2007', '8.9', '2014'], ['2008', '8.0', '2014'], ['2009', '7.2', '2014'], ['thereafter', '1.1', '267.1'], ['total obligations and commitments', '$ 49.8', '$ 267.1']]
edwards lifesciences corporation notes to consolidated financial statements 2014 ( continued ) future minimum lease payments ( including interest ) under noncancelable operating leases and aggregate debt maturities at december 31 , 2004 were as follows ( in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13.1 $ 2014 2006*************************************************************** 11.5 2014 2007*************************************************************** 8.9 2014 2008*************************************************************** 8.0 2014 2009*************************************************************** 7.2 2014 thereafter ********************************************************** 1.1 267.1 total obligations and commitments************************************** $ 49.8 $ 267.1 included in debt at december 31 , 2004 and 2003 were unsecured notes denominated in japanese yen of a57.0 billion ( us$ 67.1 million ) and a56.0 billion ( us$ 55.8 million ) , respectively .certain facilities and equipment are leased under operating leases expiring at various dates .most of the operating leases contain renewal options .total expense for all operating leases was $ 14.0 million , $ 12.3 million , and $ 6.8 million for the years 2004 , 2003 and 2002 , respectively .11 .financial instruments and risk management fair values of financial instruments the consolidated financial statements include financial instruments whereby the fair market value of such instruments may differ from amounts reflected on a historical basis .financial instruments of the company consist of cash deposits , accounts and other receivables , investments in unconsolidated affiliates , accounts payable , certain accrued liabilities and debt .the fair values of certain investments in unconsolidated affiliates are estimated based on quoted market prices .for other investments , various methods are used to estimate fair value , including external valuations and discounted cash flows .the carrying amount of the company 2019s long-term debt approximates fair market value based on prevailing market rates .the company 2019s other financial instruments generally approximate their fair values based on the short-term nature of these instruments. .
|
81%
| 1,152 | 178 |
179 |
what was the percent of the pre-tax expense incurred as part of the early redemption to the redemption amount
|
9 .junior subordinated debt securities payable in accordance with the provisions of the junior subordinated debt securities which were issued on march 29 , 2004 , holdings elected to redeem the $ 329897 thousand of 6.2% ( 6.2 % ) junior subordinated debt securities outstanding on may 24 , 2013 .as a result of the early redemption , the company incurred pre-tax expense of $ 7282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities .interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: .
[['( dollars in thousands )', 'years ended december 31 , 2015', 'years ended december 31 , 2014', 'years ended december 31 , 2013'], ['interest expense incurred', '$ -', '$ -', '$ 8181']]
holdings considered the mechanisms and obligations relating to the trust preferred securities , taken together , constituted a full and unconditional guarantee by holdings of capital trust ii 2019s payment obligations with respect to their trust preferred securities .10 .reinsurance and trust agreements certain subsidiaries of group have established trust agreements , which effectively use the company 2019s investments as collateral , as security for assumed losses payable to certain non-affiliated ceding companies .at december 31 , 2015 , the total amount on deposit in trust accounts was $ 454384 thousand .on april 24 , 2014 , the company entered into two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ) , a bermuda based special purpose reinsurer , to provide the company with catastrophe reinsurance coverage .these agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events .the first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of the southeastern united states .the second agreement provides up to $ 200000 thousand of reinsurance coverage from named storms in specified states of the southeast , mid-atlantic and northeast regions of the united states and puerto rico as well as reinsurance coverage from earthquakes in specified states of the southeast , mid-atlantic , northeast and west regions of the united states , puerto rico and british columbia .on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro re to provide the company with catastrophe reinsurance coverage .this agreement is a multi-year reinsurance contract which covers specified earthquake events .the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage .these agreements are multi-year reinsurance contracts which cover named storm and earthquake events .the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated , external investors .on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) .on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) .on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) .the proceeds from the issuance of the series 2014-1 notes , the series 2014-2 notes and the series 2015-1 notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s. .
|
2.21%
| 1,011 | 179 |
180 |
based on the review of the simultaneous investments of the jpmorgan chase common stock in various indices what was the ratio of the performance of the kbw bank index to the s&p financial index
|
jpmorgan chase & co./2017 annual report 39 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 , 2012 , in jpmorgan chase common stock and in each of the above indices .the comparison assumes that all dividends are reinvested .december 31 , ( in dollars ) 2012 2013 2014 2015 2016 2017 .
[['december 31 ( in dollars )', '2012', '2013', '2014', '2015', '2016', '2017'], ['jpmorgan chase', '$ 100.00', '$ 136.71', '$ 150.22', '$ 162.79', '$ 219.06', '$ 277.62'], ['kbw bank index', '100.00', '137.76', '150.66', '151.39', '194.55', '230.72'], ['s&p financial index', '100.00', '135.59', '156.17', '153.72', '188.69', '230.47'], ['s&p 500 index', '100.00', '132.37', '150.48', '152.55', '170.78', '208.05']]
december 31 , ( in dollars ) 201720162015201420132012 .
|
0.985
| 660 | 180 |
181 |
what is the percentage change in the system energy 2019s receivables from the money pool from 2015 to 2016?
|
system energy resources , inc .management 2019s financial discussion and analysis also in addition to the contractual obligations , system energy has $ 382.3 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions .see note 3 to the financial statements for additional information regarding unrecognized tax benefits .in addition to routine spending to maintain operations , the planned capital investment estimate includes specific investments and initiatives such as the nuclear fleet operational excellence initiative , as discussed below in 201cnuclear matters , 201d and plant improvements .as a wholly-owned subsidiary , system energy dividends its earnings to entergy corporation at a percentage determined monthly .sources of capital system energy 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; and 2022 bank financing under new or existing facilities .system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .all debt and common stock issuances by system energy require prior regulatory approval .debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .system energy has sufficient capacity under these tests to meet its foreseeable capital needs .system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
[['2016', '2015', '2014', '2013'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 33809', '$ 39926', '$ 2373', '$ 9223']]
see note 4 to the financial statements for a description of the money pool .the system energy nuclear fuel company variable interest entity has a credit facility in the amount of $ 120 million scheduled to expire in may 2019 .as of december 31 , 2016 , $ 66.9 million in letters of credit were outstanding under the credit facility to support a like amount of commercial paper issued by the system energy nuclear fuel company variable interest entity .see note 4 to the financial statements for additional discussion of the variable interest entity credit facility .system energy obtained authorizations from the ferc through october 2017 for the following : 2022 short-term borrowings not to exceed an aggregate amount of $ 200 million at any time outstanding ; 2022 long-term borrowings and security issuances ; and 2022 long-term borrowings by its nuclear fuel company variable interest entity .see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits. .
|
-15.3%
| 677 | 181 |
182 |
principal payments required for 2009 were what percent of those for 2010?
|
vornado realty trust notes to consolidated financial statements ( continued ) 9 .debt - continued our revolving credit facility and senior unsecured notes contain financial covenants which require us to maintain minimum interest coverage ratios and limit our debt to market capitalization ratios .we believe that we have complied with all of our financial covenants as of december 31 , 2007 .on may 9 , 2006 , we executed supplemental indentures with respect to our senior unsecured notes due 2007 , 2009 and 2010 ( collectively , the 201cnotes 201d ) , pursuant to our consent solicitation statement dated april 18 , 2006 , as amended .holders of approximately 96.7% ( 96.7 % ) of the aggregate principal amount of the notes consented to the solicitation .the supplemental indentures contain modifications of certain covenants and related defined terms governing the terms of the notes to make them consistent with corresponding provisions of the covenants and defined terms included in the senior unsecured notes due 2011 issued on february 16 , 2006 .the supplemental indentures also include a new covenant that provides for an increase in the interest rate of the notes upon certain decreases in the ratings assigned by rating agencies to the notes .in connection with the consent solicitation we paid an aggregate fee of $ 2241000 to the consenting note holders , which will be amortized into expense over the remaining term of the notes .in addition , we incurred advisory and professional fees aggregating $ 1415000 , which were expensed in 2006 .the net carrying amount of properties collateralizing the notes and mortgages payable amounted to $ 10.920 billion at december 31 , 2007 .as at december 31 , 2007 , the principal repayments required for the next five years and thereafter are as follows : ( amounts in thousands ) .
[['year ending december 31,', 'amount'], ['2008', '$ 526768'], ['2009', '478269'], ['2010', '778320'], ['2011', '1071195'], ['2012', '609546'], ['thereafter', '5473734']]
.
|
61.4%
| 560 | 182 |
183 |
what percentage of factory retail stores as of april 2 , 2011 is asia?
|
table of contents 2022 rugby is a vertical retail format featuring an aspirational lifestyle collection of apparel and accessories for men and women .the brand is characterized by a youthful , preppy attitude which resonates throughout the line and the store experience .in addition to generating sales of our products , our worldwide full-price stores set , reinforce and capitalize on the image of our brands .our stores range in size from approximately 800 to over 38000 square feet .these full-price stores are situated in major upscale street locations and upscale regional malls , generally in large urban markets .we generally lease our stores for initial periods ranging from 5 to 10 years with renewal options .factory retail stores we extend our reach to additional consumer groups through our 191 polo ralph lauren factory stores worldwide .our factory stores are generally located in outlet centers .we generally lease our stores for initial periods ranging from 5 to 10 years with renewal options .during fiscal 2011 , we added 19 new polo ralph lauren factory stores , net , and assumed 2 factory stores in connection with the south korea licensed operations acquisition ( see 201crecent developments 201d for further discussion ) .we operated the following factory retail stores as of april 2 , 2011 : location ralph lauren .
[['location', 'polo ralph lauren'], ['united states', '140'], ['europe', '31'], ['asia ( a )', '20'], ['total', '191']]
( a ) includes japan , south korea , china , hong kong , indonesia , malaysia , the philippines , singapore , taiwan and thailand .2022 polo ralph lauren domestic factory stores offer selections of our menswear , womenswear , children 2019s apparel , accessories , home furnishings and fragrances .ranging in size from approximately 2500 to 20000 square feet , with an average of approximately 9500 square feet , these stores are principally located in major outlet centers in 37 states and puerto rico .2022 europe factory stores offer selections of our menswear , womenswear , children 2019s apparel , accessories , home furnishings and fragrances .ranging in size from approximately 2300 to 10500 square feet , with an average of approximately 6000 square feet , these stores are located in 11 countries , principally in major outlet centers .2022 asia factory stores offer selections of our menswear , womenswear , children 2019s apparel , accessories and fragrances .ranging in size from approximately 1000 to 12000 square feet , with an average of approximately 5000 square feet , these stores are primarily located throughout japan and in or near other major cities within the asia-pacific region , principally in major outlet centers .factory stores obtain products from our suppliers , our product licensing partners and our retail and e-commerce stores .concessions-based shop-within-shops in asia , the terms of trade for shop-within-shops are largely conducted on a concessions basis , whereby inventory continues to be owned by us ( not the department store ) until ultimate sale to the end consumer and the salespeople involved in the sales transaction are generally our employees .as of april 2 , 2011 , we had 510 concessions-based shop-within-shops at approximately 236 retail locations dedicated to our ralph lauren-branded products , primarily in asia , including 178 concessions-based shop-in-shops related to the south korea licensed operations acquisition .the size of our concessions-based shop-within-shops typically ranges from approximately 180 to 3600 square feet .we share in the cost of these shop-within-shops with our department store partners. .
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10%
| 853 | 183 |
184 |
in 2011 what was the percent of the change in the performance shares outstanding
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during the year ended december 31 , 2011 , we granted 354660 performance share units having a fair value based on our grant date closing stock price of $ 28.79 .these units are payable in stock and are subject to certain financial performance criteria .the fair value of these performance share unit awards is based on the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded .the number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200% ( 200 % ) .as of december 31 , 2011 , estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% ( 150 % ) to 195% ( 195 % ) .for the legacy frontier performance share units assumed at july 1 , 2011 , performance is based on market performance criteria , which is calculated as the total shareholder return achieved by hollyfrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period .these share unit awards are payable in stock based on share price performance relative to the defined peer group and can range from zero to 125% ( 125 % ) of the initial target award .these performance share units were valued at july 1 , 2011 using a monte carlo valuation model , which simulates future stock price movements using key inputs including grant date and measurement date stock prices , expected stock price performance , expected rate of return and volatility of our stock price relative to the peer group over the three-year performance period .the fair value of these performance share units at july 1 , 2011 was $ 8.6 million .of this amount , $ 7.3 million relates to post-merger services and will be recognized ratably over the remaining service period through 2013 .a summary of performance share unit activity and changes during the year ended december 31 , 2011 is presented below: .
[['performance share units', 'grants'], ['outstanding at january 1 2011 ( non-vested )', '556186'], ['granted ( 1 )', '354660'], ['vesting and transfer of ownership to recipients', '-136058 ( 136058 )'], ['outstanding at december 31 2011 ( non-vested )', '774788']]
( 1 ) includes 225116 non-vested performance share grants under the legacy frontier plan that were outstanding and retained by hollyfrontier at july 1 , 2011 .for the year ended december 31 , 2011 we issued 178148 shares of our common stock having a fair value of $ 2.6 million related to vested performance share units .based on the weighted average grant date fair value of $ 20.71 there was $ 11.7 million of total unrecognized compensation cost related to non-vested performance share units .that cost is expected to be recognized over a weighted-average period of 1.1 years .note 7 : cash and cash equivalents and investments in marketable securities our investment portfolio at december 31 , 2011 consisted of cash , cash equivalents and investments in debt securities primarily issued by government and municipal entities .we also hold 1000000 shares of connacher oil and gas limited common stock that was received as partial consideration upon the sale of our montana refinery in we invest in highly-rated marketable debt securities , primarily issued by government and municipal entities that have maturities at the date of purchase of greater than three months .we also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase .all of these instruments , including investments in equity securities , are classified as available- for-sale .as a result , they are reported at fair value using quoted market prices .interest income is recorded as earned .unrealized gains and losses , net of related income taxes , are reported as a component of accumulated other comprehensive income .upon sale , realized gains and losses on the sale of marketable securities are computed based on the specific identification of the underlying cost of the securities sold and the unrealized gains and losses previously reported in other comprehensive income are reclassified to current earnings. .
|
39.3%
| 1,016 | 184 |
185 |
what is the percent change of servicing fees between 1999 and 2000?
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an average of 7.1 in 2000 .the top 100 largest clients used an average of 11.3 products in 2001 , up from an average of 11.2 in 2000 .state street benefits significantly from its ability to derive revenue from the transaction flows of clients .this occurs through the management of cash positions , including deposit balances and other short-term investment activities , using state street 2019s balance sheet capacity .significant foreign currency transaction volumes provide potential for foreign exchange trading revenue as well .fee revenue total operating fee revenuewas $ 2.8 billion in 2001 , compared to $ 2.7 billion in 2000 , an increase of 6% ( 6 % ) .adjusted for the formation of citistreet , the growth in fee revenue was 8% ( 8 % ) .growth in servicing fees of $ 199million , or 14% ( 14 % ) , was the primary contributor to the increase in fee revenue .this growth primarily reflects several large client wins installed starting in the latter half of 2000 and continuing throughout 2001 , and strength in fee revenue from securities lending .declines in equity market values worldwide offset some of the growth in servicing fees .management fees were down 5% ( 5 % ) , adjusted for the formation of citistreet , reflecting the decline in theworldwide equitymarkets .foreign exchange trading revenue was down 5% ( 5 % ) , reflecting lower currency volatility , and processing fees and other revenue was up 21% ( 21 % ) , primarily due to gains on the sales of investment securities .servicing and management fees are a function of several factors , including the mix and volume of assets under custody and assets under management , securities positions held , and portfolio transactions , as well as types of products and services used by clients .state street estimates , based on a study conducted in 2000 , that a 10% ( 10 % ) increase or decrease in worldwide equity values would cause a corresponding change in state street 2019s total revenue of approximately 2% ( 2 % ) .if bond values were to increase or decrease by 10% ( 10 % ) , state street would anticipate a corresponding change of approximately 1% ( 1 % ) in its total revenue .securities lending revenue in 2001 increased approximately 40% ( 40 % ) over 2000 .securities lending revenue is reflected in both servicing fees and management fees .securities lending revenue is a function of the volume of securities lent and interest rate spreads .while volumes increased in 2001 , the year-over-year increase is primarily due to wider interest rate spreads resulting from the unusual occurrence of eleven reductions in the u.s .federal funds target rate during 2001 .f e e r e v e n u e ( dollars in millions ) 2001 ( 1 ) 2000 1999 ( 2 ) change adjusted change 00-01 ( 3 ) .
[['( dollars in millions )', '2001 ( 1 )', '2000', '1999 ( 2 )', 'change 00-01', 'adjusted change 00-01 ( 3 )'], ['servicing fees', '$ 1624', '$ 1425', '$ 1170', '14% ( 14 % )', '14% ( 14 % )'], ['management fees', '511', '581', '600', '-12 ( 12 )', '-5 ( 5 )'], ['foreign exchange trading', '368', '387', '306', '-5 ( 5 )', '-5 ( 5 )'], ['processing fees and other', '329', '272', '236', '21', '21'], ['total fee revenue', '$ 2832', '$ 2665', '$ 2312', '6', '8']]
( 1 ) 2001 results exclude the write-off of state street 2019s total investment in bridge of $ 50 million ( 2 ) 1999 results exclude the one-time charge of $ 57 million related to the repositioning of the investment portfolio ( 3 ) 2000 results adjusted for the formation of citistreet 4 state street corporation .
|
21.7%
| 1,021 | 185 |
186 |
what percentage of repurchased stock was purchased in the open market?
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2022 reed city , michigan 2022 chanhassen , minnesota 2013 bakeries & foodservice segment 2022 hannibal , missouri 2022 joplin , missouri 2013 bakeries & foodservice segment 2022 vineland , new jersey 2022 albuquerque , new mexico 2022 buffalo , new york 2022 martel , ohio 2013 bakeries & foodservice segment 2022 wellston , ohio 2022 murfreesboro , tennessee 2022 milwaukee , wisconsin we own flour mills at eight locations : vallejo , california ( not currently operating ) ; vernon , california ; avon , iowa ; minneapolis , minnesota ( 2 ) ; kansas city , missouri ; great falls , montana ; and buffalo , new york .we also operate six terminal grain elevators ( in minnesota and wisconsin , two of which are leased ) , and have country grain elevators in seven locations ( primarily in idaho ) , plus additional seasonal elevators ( primarily in idaho ) .we also own or lease warehouse space aggregating approximately 12.2 million square feet , of which approxi- mately 9.6 million square feet are leased .we lease a number of sales and administrative offices in the united states , canada and elsewhere around the world , totaling approxi- mately 2.8 million square feet .item 3 legal proceedings we are the subject of various pending or threatened legal actions in the ordinary course of our business .all such matters are subject to many uncertainties and outcomes that are not predictable with assurance .in our manage- ment 2019s opinion , there were no claims or litigation pending as of may 28 , 2006 , that are reasonably likely to have a material adverse effect on our consolidated financial posi- tion or results of operations .item 4 submission of matters to a vote of security holders part ii item 5 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is listed on the new york stock exchange .on july 14 , 2006 , there were approximately 34675 record holders of our common stock .information regarding the market prices for our common stock and dividend payments for the two most recent fiscal years is set forth in note eighteen to the consolidated financial statements on page 53 in item eight of this report .infor- mation regarding restrictions on our ability to pay dividends in certain situations is set forth in note eight to the consol- idated financial statements on pages 43 and 44 in item eight of this report .the following table sets forth information with respect to shares of our common stock that we purchased during the three fiscal months ended may 28 , 2006 : issuer purchases of equity securities period number of shares purchased ( a ) average price paid per share total number of shares purchased as part of a publicly announced program maximum number of shares that may yet be purchased under the program ( b ) february 27 , 2006 through april 2 , 2006 111772 $ 49.55 2013 2013 april 3 , 2006 through april 30 , 2006 445466 $ 49.06 2013 2013 may 1 , 2006 through may 28 , 2006 1182100 $ 49.79 2013 2013 .
[['period', 'totalnumberof sharespurchased ( a )', 'averageprice paidper share', 'total numberof sharespurchased aspart of apubliclyannouncedprogram', 'maximumnumberof sharesthat may yetbe purchasedundertheprogram ( b )'], ['february 27 2006 through april 2 2006', '111772', '$ 49.55', '2013', '2013'], ['april 3 2006 through april 30 2006', '445466', '$ 49.06', '2013', '2013'], ['may 1 2006 through may 28 2006', '1182100', '$ 49.79', '2013', '2013'], ['total', '1739338', '$ 49.59', '2013', '2013']]
( a ) the total number of shares purchased includes : ( i ) 231500 shares purchased from the esop fund of our 401 ( k ) savings plan ; ( ii ) 8338 shares of restricted stock withheld for the payment of with- holding taxes upon vesting of restricted stock ; and ( iii ) 1499500 shares purchased in the open market .( b ) on february 21 , 2000 , we announced that our board of directors autho- rized us to repurchase up to 170 million shares of our common stock to be held in our treasury .the board did not specify a time period or an expiration date for the authorization. .
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86.21%
| 1,215 | 186 |
187 |
2001 south american revenues were what in millions?
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of sales , competitive supply gross margin declined in south america , europe/africa and the caribbean and remained relatively flat in north america and asia .large utilities gross margin increased $ 201 million , or 37% ( 37 % ) , to $ 739 million in 2001 from $ 538 million in 2000 .excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , large utilities gross margin increased 10% ( 10 % ) to $ 396 million in 2001 .large utilities gross margin as a percentage of revenues increased to 30% ( 30 % ) in 2001 from 25% ( 25 % ) in 2000 .in the caribbean ( which includes venezuela ) , large utility gross margin increased $ 166 million and was due to a full year of contribution from edc which was acquired in june 2000 .also , in north america , the gross margin contributions from both ipalco and cilcorp increased .growth distribution gross margin increased $ 165 million , or 126% ( 126 % ) to $ 296 million in 2001 from $ 131 million in 2000 .excluding businesses acquired during 2001 and 2000 , growth distribution gross margin increased 93% ( 93 % ) to $ 268 million in 2001 .growth distribution gross margin as a percentage of revenue increased to 18% ( 18 % ) in 2001 from 10% ( 10 % ) in 2000 .growth distribution business gross margin , as well as gross margin as a percentage of sales , increased in south america and the caribbean , but decreased in europe/africa and asia .in south america , growth distribution margin increased $ 157 million and was 38% ( 38 % ) of revenues .the increase is due primarily to sul 2019s sales of excess energy into the southeast market where rationing was taking place .in the caribbean , growth distribution margin increased $ 39 million and was 5% ( 5 % ) of revenues .the increase is due mainly to lower losses at ede este and an increase in contribution from caess .in europe/africa , growth distribution margin decreased $ 10 million and was negative due to losses at sonel .in asia , growth distribution margin decreased $ 18 million and was negative due primarily to an increase in losses at telasi .the breakdown of aes 2019s gross margin for the years ended december 31 , 2001 and 2000 , based on the geographic region in which they were earned , is set forth below. .
[['north america', '2001 $ 912 million', '% ( % ) of revenue 25% ( 25 % )', '2000 $ 844 million', '% ( % ) of revenue 25% ( 25 % )', '% ( % ) change 8% ( 8 % )'], ['south america', '$ 522 million', '30% ( 30 % )', '$ 416 million', '36% ( 36 % )', '25% ( 25 % )'], ['caribbean*', '$ 457 million', '25% ( 25 % )', '$ 226 million', '21% ( 21 % )', '102% ( 102 % )'], ['europe/africa', '$ 310 million', '22% ( 22 % )', '$ 371 million', '29% ( 29 % )', '( 16% ( 16 % ) )'], ['asia', '$ 101 million', '15% ( 15 % )', '$ 138 million', '22% ( 22 % )', '( 27% ( 27 % ) )']]
* includes venezuela and colombia .selling , general and administrative expenses selling , general and administrative expenses increased $ 38 million , or 46% ( 46 % ) , to $ 120 million in 2001 from $ 82 million in 2000 .selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in 2001 and 2000 .the overall increase in selling , general and administrative expenses is due to increased development activities .interest expense , net net interest expense increased $ 327 million , or 29% ( 29 % ) , to $ 1.5 billion in 2001 from $ 1.1 billion in 2000 .net interest expense as a percentage of revenues increased to 16% ( 16 % ) in 2001 from 15% ( 15 % ) in 2000 .net interest expense increased overall primarily due to interest expense at new businesses , additional corporate interest expense arising from senior debt issued during 2001 to finance new investments and mark-to-market losses on interest rate related derivative instruments. .
|
1740
| 1,190 | 187 |
188 |
what was the change in millions of rental expense for operating leases from 2010 to 2011?
|
2012 ppg annual report and form 10-k 45 costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the "2010 credit agreement" ) which was subsequently terminated in july 2012 .the 2010 credit agreement provided for a $ 1.2 billion unsecured revolving credit facility .in connection with entering into the 2010 credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .there were no outstanding amounts due under either revolving facility at the times of their termination .the 2010 credit agreement was set to terminate on august 5 , 2013 .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 705 million of which $ 34 million was used as of december 31 , 2012 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2012 and 2011 , was as follows: .
[['( millions )', '2012', '2011'], ['other weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011', '$ 39', '$ 33'], ['total', '$ 39', '$ 33']]
ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2012 , total indebtedness was 42% ( 42 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2012 , 2011 and 2010 totaled $ 219 million , $ 212 million and $ 189 million , respectively .in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 and 2010 , respectively .the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2012 , are ( in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016 , $ 64 in 2017 and $ 135 thereafter .the company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012 .the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .as of december 31 , 2012 and 2011 , guarantees outstanding were $ 96 million and $ 90 million , respectively .the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .a portion of such debt is secured by the assets of the related entities .the carrying values of these guarantees were $ 11 million and $ 13 million as of december 31 , 2012 and 2011 , respectively , and the fair values were $ 11 million and $ 21 million , as of december 31 , 2012 and 2011 , respectively .the fair value of each guarantee was estimated by comparing the net present value of two hypothetical cash flow streams , one based on ppg 2019s incremental borrowing rate and the other based on the borrower 2019s incremental borrowing rate , as of the effective date of the guarantee .both streams were discounted at a risk free rate of return .the company does not believe any loss related to these letters of credit , surety bonds or guarantees is likely .9 .fair value measurement the accounting guidance on fair value measurements establishes a hierarchy with three levels of inputs used to determine fair value .level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities , are considered to be the most reliable evidence of fair value , and should be used whenever available .level 2 inputs are observable prices that are not quoted on active exchanges .level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities .table of contents notes to the consolidated financial statements .
|
16
| 1,472 | 188 |
189 |
what is the net of increases related to tax positions taken during a prior period and decreases related to tax positions taken during a prior period , in millions?
|
table of contents notes to consolidated financial statements ( continued ) note 5 2014income taxes ( continued ) fin 48 in the first quarter of 2008 , the company adopted fin 48 .upon adoption of fin 48 , the company 2019s cumulative effect of a change in accounting principle resulted in an increase to retained earnings of $ 11 million .the company had historically classified interest and penalties and unrecognized tax benefits as current liabilities .beginning with the adoption of fin 48 , the company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as non-current liabilities in the consolidated balance sheet .the total amount of gross unrecognized tax benefits as of the date of adoption of fin 48 was $ 475 million , of which $ 209 million , if recognized , would affect the company 2019s effective tax rate .as of september 27 , 2008 , the total amount of gross unrecognized tax benefits was $ 506 million , of which $ 253 million , if recognized , would affect the company 2019s effective tax rate .the company 2019s total gross unrecognized tax benefits are classified as non-current liabilities in the consolidated balance sheet .the aggregate changes in the balance of gross unrecognized tax benefits , which excludes interest and penalties , for the fiscal year ended september 27 , 2008 , is as follows ( in millions ) : the company 2019s policy to include interest and penalties related to unrecognized tax benefits within the provision for income taxes did not change as a result of adopting fin 48 .as of the date of adoption , the company had accrued $ 203 million for the gross interest and penalties relating to unrecognized tax benefits .as of september 27 , 2008 , the total amount of gross interest and penalties accrued was $ 219 million , which is classified as non-current liabilities in the consolidated balance sheet .in 2008 , the company recognized interest expense in connection with tax matters of $ 16 million .the company is subject to taxation and files income tax returns in the u.s .federal jurisdiction and in many state and foreign jurisdictions .for u.s .federal income tax purposes , all years prior to 2002 are closed .the years 2002-2003 have been examined by the internal revenue service ( the 201cirs 201d ) and disputed issues have been taken to administrative appeals .the irs is currently examining the 2004-2006 years .in addition , the company is also subject to audits by state , local , and foreign tax authorities .in major states and major foreign jurisdictions , the years subsequent to 1988 and 2000 , respectively , generally remain open and could be subject to examination by the taxing authorities .management believes that an adequate provision has been made for any adjustments that may result from tax examinations .however , the outcome of tax audits cannot be predicted with certainty .if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs .although timing of the resolution and/or closure of audits is highly uncertain , the company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months. .
[['balance as of september 30 2007', '$ 475'], ['increases related to tax positions taken during a prior period', '27'], ['decreases related to tax positions taken during a prior period', '-70 ( 70 )'], ['increases related to tax positions taken during the current period', '85'], ['decreases related to settlements with taxing authorities', '2014'], ['decreases related to expiration of statute of limitations', '-11 ( 11 )'], ['balance as of september 27 2008', '$ 506']]
.
|
-43
| 922 | 189 |
190 |
what is the percentage change in 401 ( k ) contributions from 2001 to 2002?
|
american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the following table illustrates the effect on net loss and net loss per share if the company had applied the fair value recognition provisions of sfas no .123 to stock-based compensation .the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : .
[['', '2002', '2001', '2000'], ['net loss as reported', '$ -1141879 ( 1141879 )', '$ -450094 ( 450094 )', '$ -194628 ( 194628 )'], ['less : total stock-based employee compensation expense determined under fair value basedmethod for all awards net of related tax effect', '-38126 ( 38126 )', '-50540 ( 50540 )', '-51186 ( 51186 )'], ['pro-forma net loss', '$ -1180005 ( 1180005 )', '$ -500634 ( 500634 )', '$ -245814 ( 245814 )'], ['basic and diluted net loss per share 2014as reported', '$ -5.84 ( 5.84 )', '$ -2.35 ( 2.35 )', '$ -1.15 ( 1.15 )'], ['basic and diluted net loss per share 2014pro-forma', '$ -6.04 ( 6.04 )', '$ -2.61 ( 2.61 )', '$ -1.46 ( 1.46 )']]
fair value of financial instruments 2014as of december 31 , 2002 , the carrying amounts of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 210.9 million , $ 212.7 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 291.4 million , $ 187.2 million , $ 144.4 million and $ 780.0 million , respectively .as of december 31 , 2001 , the carrying amount of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 204.1 million , $ 212.8 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 268.3 million , $ 173.1 million , $ 158.2 million and $ 805.0 million , respectively .fair values were determined based on quoted market prices .the carrying values of all other financial instruments reasonably approximate the related fair values as of december 31 , 2002 and 2001 .retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements .under the plan , the company matches 35% ( 35 % ) of participants 2019 contributions up to a maximum 5% ( 5 % ) of a participant 2019s compensation .the company contributed approximately $ 979000 , $ 1540000 and $ 1593000 to the plan for the years ended december 31 , 2002 , 2001 and 2000 , respectively .recent accounting pronouncements 2014in june 2001 , the fasb issued sfas no .143 , 201caccounting for asset retirement obligations . 201d this statement establishes accounting standards for the recognition and measurement of liabilities associated with the retirement of tangible long-lived assets and the related asset retirement costs .the requirements of sfas no .143 are effective for the company as of january 1 , 2003 .the company will adopt this statement in the first quarter of 2003 and does not expect the impact of adopting this statement to have a material impact on its consolidated financial position or results of operations .in august 2001 , the fasb issued sfas no .144 , 201caccounting for the impairment or disposal of long-lived assets . 201d sfas no .144 supersedes sfas no .121 , 201caccounting for the impairment of long-lived assets and for long-lived assets to be disposed of , 201d but retains many of its fundamental provisions .sfas no .144 also clarifies certain measurement and classification issues from sfas no .121 .in addition , sfas no .144 supersedes the accounting and reporting provisions for the disposal of a business segment as found in apb no .30 , 201creporting the results of operations 2014reporting the effects of disposal of a segment of a business and extraordinary , unusual and infrequently occurring events and transactions 201d .however , sfas no .144 retains the requirement in apb no .30 to separately report discontinued operations , and broadens the scope of such requirement to include more types of disposal transactions .the scope of sfas no .144 excludes goodwill and other intangible assets that are not to be amortized , as the accounting for such items is prescribed by sfas no .142 .the company implemented sfas no .144 on january 1 , 2002 .accordingly , all relevant impairment assessments and decisions concerning discontinued operations have been made under this standard in 2002. .
|
-36.4%
| 1,448 | 190 |
191 |
what is the percentage change in net reserves from 2011 to 2012?
|
the company endeavors to actively engage 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 four sip agreements , one of which was executed prior to the acquisition of mt .mckinley in 2000 .the company 2019s preference with respect to coverage settlements is to execute 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 .everest re 2019s book of assumed a&e reinsurance is relatively concentrated within a limited number of contracts and for a limited period , from 1974 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 timeliness 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 periods indicated: .
[['( dollars in millions )', 'years ended december 31 , 2012', 'years ended december 31 , 2011', 'years ended december 31 , 2010'], ['case reserves reported by ceding companies', '$ 138.4', '$ 145.6', '$ 135.4'], ['additional case reserves established by the company ( assumed reinsurance ) ( 1 )', '90.6', '102.9', '116.1'], ['case reserves established by the company ( direct insurance )', '36.7', '40.6', '38.9'], ['incurred but not reported reserves', '177.1', '210.9', '264.4'], ['gross reserves', '442.8', '499.9', '554.8'], ['reinsurance receivable', '-17.1 ( 17.1 )', '-19.8 ( 19.8 )', '-21.9 ( 21.9 )'], ['net reserves', '$ 425.7', '$ 480.2', '$ 532.9']]
( 1 ) additional reserves are case specific reserves established by the company in excess of those reported by the ceding company , based on the company 2019s assessment of the covered loss .( some amounts may not reconcile due to rounding. ) additional losses , including those relating to latent injuries and other exposures , which are as yet unrecognized , the type or magnitude of which cannot be foreseen by either the company or the industry , may emerge in the future .such future emergence could have material adverse effects on the company 2019s future financial condition , results of operations and cash flows. .
|
-11.3%
| 995 | 191 |
192 |
what percent of total contractual obligations is due to purchase obligations?
|
it can issue debt securities , preferred stock , common stock , warrants , share purchase contracts or share purchase units without a predetermined limit .securities can be sold in one or more separate offerings with the size , price and terms to be determined at the time of sale .emerson 2019s financial structure provides the flexibility necessary to achieve its strategic objectives .the company has been successful in efficiently deploying cash where needed worldwide to fund operations , complete acquisitions and sustain long-term growth .at september 30 , 2017 , $ 3.1 billion of the company 2019s cash was held outside the u.s .( primarily in europe and asia ) , $ 1.4 billion of which income taxes have been provided for , and was generally available for repatriation to the u.s .under current tax law , repatriated cash may be subject to u.s .federal income taxes , net of available foreign tax credits .the company routinely repatriates a portion of its non-u.s .cash from earnings each year , or otherwise when it can be accomplished tax efficiently , and provides for u.s .income taxes as appropriate .the company has been able to readily meet all its funding requirements and currently believes that sufficient funds will be available to meet the company 2019s needs in the foreseeable future through operating cash flow , existing resources , short- and long-term debt capacity or backup credit lines .contractual obligations at september 30 , 2017 , the company 2019s contractual obligations , including estimated payments , are as follows : amounts due by period less more than 1 2013 3 3 2013 5 than ( dollars in millions ) total 1 year years years 5 years long-term debt ( including interest ) $ 5342 428 1434 966 2514 .
[['( dollars in millions )', 'amounts due by period total', 'amounts due by period less than 1 year', 'amounts due by period 1 - 3years', 'amounts due by period 3 - 5years', 'amounts due by period more than5 years'], ['long-term debt ( including interest )', '$ 5342', '428', '1434', '966', '2514'], ['operating leases', '536', '171', '206', '80', '79'], ['purchase obligations', '746', '655', '71', '14', '6'], ['total', '$ 6624', '1254', '1711', '1060', '2599']]
purchase obligations consist primarily of inventory purchases made in the normal course of business to meet operational requirements .the table above does not include $ 2.0 billion of other noncurrent liabilities recorded in the balance sheet and summarized in note 19 , which consist primarily of pension and postretirement plan liabilities , deferred income taxes and unrecognized tax benefits , because it is not certain when these amounts will become due .see notes 11 and 12 for estimated future benefit payments and note 14 for additional information on deferred income taxes .financial instruments the company is exposed to market risk related to changes in interest rates , foreign currency exchange rates and commodity prices , and selectively uses derivative financial instruments , including forwards , swaps and purchased options to manage these risks .the company does not hold derivatives for trading or speculative purposes .the value of derivatives and other financial instruments is subject to change as a result of market movements in rates and prices .sensitivity analysis is one technique used to forecast the impact of these movements .based on a hypothetical 10 percent increase in interest rates , a 10 percent decrease in commodity prices or a 10 percent weakening in the u.s .dollar across all currencies , the potential losses in future earnings , fair value or cash flows are not material .sensitivity analysis has limitations ; for example , a weaker u.s .dollar would benefit future earnings through favorable translation of non-u.s .operating results , and lower commodity prices would benefit future earnings through lower cost of sales .see notes 1 , and 8 through 10 .critical accounting policies preparation of the company 2019s financial statements requires management to make judgments , assumptions and estimates regarding uncertainties that could affect reported revenue , expenses , assets , liabilities and equity .note 1 describes the significant accounting policies used in preparation of the consolidated financial statements .the most significant areas where management judgments and estimates impact the primary financial statements are described below .actual results in these areas could differ materially from management 2019s estimates under different assumptions or conditions .revenue recognition the company recognizes a large majority of its revenue through the sale of manufactured products and records the sale when products are shipped or delivered , title and risk of loss pass to the customer , and collection is reasonably assured .in certain circumstances , revenue is recognized using the percentage-of- completion method , as performance occurs , or in accordance with asc 985-605 related to software .sales arrangements sometimes involve delivering multiple elements , which requires management judgment that affects the amount and timing of revenue recognized .in these instances , the revenue assigned to each element is based on vendor-specific objective evidence , third-party evidence or a management estimate of the relative selling price .revenue is recognized for delivered elements if they have value to the customer on a stand-alone basis and performance related to the undelivered items is probable and substantially in the company 2019s control , or the undelivered elements are inconsequential or perfunctory and there are no unsatisfied contingencies related to payment .the vast majority of deliverables are tangible products , with a smaller portion attributable to installation , service or maintenance .management believes that all relevant criteria and conditions are considered when recognizing revenue. .
|
11%
| 1,257 | 192 |
193 |
what percent of 2017 liquidity comes from credit?
|
sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and other revenue and distribution fees .blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments .for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing .cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year .cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 million of net proceeds from sales and maturities of certain investments .cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings .the company manages its financial condition and funding to maintain appropriate liquidity for the business .liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .
[['( in millions )', 'december 31 2017', 'december 31 2016'], ['cash and cash equivalents ( 1 )', '$ 6894', '$ 6091'], ['cash and cash equivalents held by consolidated vres ( 2 )', '-63 ( 63 )', '-53 ( 53 )'], ['subtotal', '6831', '6038'], ['credit facility 2014 undrawn', '4000', '4000'], ['total liquidity resources ( 3 )', '$ 10831', '$ 10038']]
total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively .see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries .( 2 ) the company cannot readily access such cash to use in its operating activities .( 3 ) amounts do not reflect a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year .total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion .a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .share repurchases .the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 .at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased .net capital requirements .the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions .as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents .additionally , transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers .blackrock institutional trust company , n.a .( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities .btc provides investment management services , including investment advisory and securities lending agency services , to institutional clients .btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers .the company was in compliance with all applicable regulatory net capital requirements .undistributed earnings of foreign subsidiaries .as a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s .income taxes was provided on the undistributed foreign earnings .the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations .the company will continue to evaluate its capital management plans throughout 2018 .short-term borrowings 2017 revolving credit facility .the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .the 2017 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2017 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2017 credit facility requires the company .
|
36.93%
| 1,590 | 193 |
194 |
what would the 2010 balance be in billions for securities purchased under resale agreements if the fair value resale agreements were excluded?
|
jpmorgan chase & co./2010 annual report 219 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agree- ments 201d ) primarily to finance the firm 2019s inventory positions , ac- quire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations .securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets .resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest .securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received .where appropriate under applicable ac- counting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .fees received or paid in connection with securities financing agreements are recorded in interest income or interest expense .the firm has elected the fair value option for certain securities financing agreements .for a further discussion of the fair value option , see note 4 on pages 187 2013189 of this annual report .the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated bal- ance sheets .generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue .however , for financial instru- ments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue .the following table details the firm 2019s securities financing agree- ments , all of which are accounted for as collateralized financings during the periods presented. .
[['december 31 ( in millions )', '2010', '2009'], ['securities purchased under resale agreements ( a )', '$ 222302', '$ 195328'], ['securities borrowed ( b )', '123587', '119630'], ['securities sold under repurchase agreements ( c )', '$ 262722', '$ 245692'], ['securities loaned', '10592', '7835']]
( a ) includes resale agreements of $ 20.3 billion and $ 20.5 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .( b ) includes securities borrowed of $ 14.0 billion and $ 7.0 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .( c ) includes repurchase agreements of $ 4.1 billion and $ 3.4 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .the amounts reported in the table above have been reduced by $ 112.7 billion and $ 121.2 billion at december 31 , 2010 and 2009 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance .jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securi- ties borrowed .the firm monitors the market value of the un- derlying securities that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities .margin levels are established initially based upon the counterparty and type of collateral and moni- tored on an ongoing basis to protect against declines in collat- eral value in the event of default .jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities bor- rowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default .as a result of the firm 2019s credit risk mitigation practices described above on resale and securities borrowed agreements , the firm did not hold any reserves for credit impairment on these agreements as of december 31 , 2010 and 2009 .for a further discussion of assets pledged and collateral received in securities financing agreements see note 31 on pages 280 2013 281 of this annual report. .
|
202.1
| 1,068 | 194 |
195 |
what percentage of total aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities due in 2010 are related to citigroup funding inc . ?
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cgmhi also has substantial borrowing arrangements consisting of facilities that cgmhi has been advised are available , but where no contractual lending obligation exists .these arrangements are reviewed on an ongoing basis to ensure flexibility in meeting cgmhi 2019s short-term requirements .the company issues both fixed and variable rate debt in a range of currencies .it uses derivative contracts , primarily interest rate swaps , to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt .the maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged .in addition , the company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances .at december 31 , 2008 , the company 2019s overall weighted average interest rate for long-term debt was 3.83% ( 3.83 % ) on a contractual basis and 4.19% ( 4.19 % ) including the effects of derivative contracts .aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : in millions of dollars 2009 2010 2011 2012 2013 thereafter .
[['in millions of dollars', '2009', '2010', '2011', '2012', '2013', 'thereafter'], ['citigroup parent company', '$ 13463', '$ 17500', '$ 19864', '$ 21135', '$ 17525', '$ 102794'], ['other citigroup subsidiaries', '55853', '16198', '18607', '2718', '4248', '11691'], ['citigroup global markets holdings inc .', '1524', '2352', '1487', '2893', '392', '11975'], ['citigroup funding inc .', '17632', '5381', '2154', '1253', '3790', '7164'], ['total', '$ 88472', '$ 41431', '$ 42112', '$ 27999', '$ 25955', '$ 133624']]
long-term debt at december 31 , 2008 and december 31 , 2007 includes $ 24060 million and $ 23756 million , respectively , of junior subordinated debt .the company formed statutory business trusts under the laws of the state of delaware .the trusts exist for the exclusive purposes of ( i ) issuing trust securities representing undivided beneficial interests in the assets of the trust ; ( ii ) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures ( subordinated debentures ) of its parent ; and ( iii ) engaging in only those activities necessary or incidental thereto .upon approval from the federal reserve , citigroup has the right to redeem these securities .citigroup has contractually agreed not to redeem or purchase ( i ) the 6.50% ( 6.50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056 , ( ii ) the 6.45% ( 6.45 % ) enhanced trust preferred securities of citigroup capital xvi before december 31 , 2046 , ( iii ) the 6.35% ( 6.35 % ) enhanced trust preferred securities of citigroup capital xvii before march 15 , 2057 , ( iv ) the 6.829% ( 6.829 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xviii before june 28 , 2047 , ( v ) the 7.250% ( 7.250 % ) enhanced trust preferred securities of citigroup capital xix before august 15 , 2047 , ( vi ) the 7.875% ( 7.875 % ) enhanced trust preferred securities of citigroup capital xx before december 15 , 2067 , and ( vii ) the 8.300% ( 8.300 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xxi before december 21 , 2067 unless certain conditions , described in exhibit 4.03 to citigroup 2019s current report on form 8-k filed on september 18 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on november 28 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on march 8 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on july 2 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on august 17 , 2007 , in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on november 27 , 2007 , and in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on december 21 , 2007 , respectively , are met .these agreements are for the benefit of the holders of citigroup 2019s 6.00% ( 6.00 % ) junior subordinated deferrable interest debentures due 2034 .citigroup owns all of the voting securities of these subsidiary trusts .these subsidiary trusts have no assets , operations , revenues or cash flows other than those related to the issuance , administration and repayment of the subsidiary trusts and the subsidiary trusts 2019 common securities .these subsidiary trusts 2019 obligations are fully and unconditionally guaranteed by citigroup. .
|
13%
| 1,446 | 195 |
196 |
what is the increase percentage of trading during the us hours between 2008 and 2009?
|
kendal vroman , 39 mr .vroman has served as our managing director , commodity products , otc services & information products since february 2010 .mr .vroman previously served as managing director and chief corporate development officer from 2008 to 2010 .mr .vroman joined us in 2001 and since then has held positions of increasing responsibility , including most recently as managing director , corporate development and managing director , information and technology services .scot e .warren , 47 mr .warren has served as our managing director , equity index products and index services since february 2010 .mr .warren previously served as our managing director , equity products since joining us in 2007 .prior to that , mr .warren worked for goldman sachs as its president , manager trading and business analysis team .prior to goldman sachs , mr .warren managed equity and option execution and clearing businesses for abn amro in chicago and was a senior consultant for arthur andersen & co .for financial services firms .financial information about geographic areas due to the nature of its business , cme group does not track revenues based upon geographic location .we do , however , track trading volume generated outside of traditional u.s .trading hours and through our international telecommunication hubs .our customers can directly access our exchanges throughout the world .the following table shows the percentage of our total trading volume on our globex electronic trading platform generated during non-u.s .hours and through our international hubs. .
[['', '2010', '2009', '2008'], ['trading during non-u.s . hours', '13% ( 13 % )', '9% ( 9 % )', '11% ( 11 % )'], ['trading through telecommunication hubs', '8', '7', '8']]
available information our web site is www.cmegroup.com .information made available on our web site does not constitute part of this document .we make available on our web site our annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8-k and amendments to those reports as soon as reasonably practicable after we electronically file or furnish such materials to the sec .our corporate governance materials , including our corporate governance principles , director conflict of interest policy , board of directors code of ethics , categorical independence standards , employee code of conduct and the charters for all the standing committees of our board , may also be found on our web site .copies of these materials are also available to shareholders free of charge upon written request to shareholder relations and member services , attention ms .beth hausoul , cme group inc. , 20 south wacker drive , chicago , illinois 60606. .
|
2%
| 623 | 196 |
197 |
what is the average increase in the balance of unrecognized tax benefits from 2011 to 2013?
|
52 2013 ppg annual report and form 10-k repatriation of undistributed earnings of non-u.s .subsidiaries as of december 31 , 2013 and december 31 , 2012 would have resulted in a u.s .tax cost of approximately $ 250 million and $ 110 million , respectively .the company files federal , state and local income tax returns in numerous domestic and foreign jurisdictions .in most tax jurisdictions , returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed .the company is no longer subject to examinations by tax authorities in any major tax jurisdiction for years before 2006 .additionally , the internal revenue service has completed its examination of the company 2019s u.s .federal income tax returns filed for years through 2010 .the examination of the company 2019s u.s .federal income tax return for 2011 is currently underway and is expected to be finalized during 2014 .a reconciliation of the total amounts of unrecognized tax benefits ( excluding interest and penalties ) as of december 31 follows: .
[['( millions )', '2013', '2012', '2011'], ['balance at january 1', '$ 82', '$ 107', '$ 111'], ['additions based on tax positions related to the current year', '12', '12', '15'], ['additions for tax positions of prior years', '9', '2', '17'], ['reductions for tax positions of prior years', '-10 ( 10 )', '-12 ( 12 )', '-19 ( 19 )'], ['pre-acquisition unrecognized tax benefits', '2014', '2', '2014'], ['reductions for expiration of the applicable statute of limitations', '-10 ( 10 )', '-6 ( 6 )', '-7 ( 7 )'], ['settlements', '2014', '-23 ( 23 )', '-8 ( 8 )'], ['foreign currency translation', '2', '2014', '-2 ( 2 )'], ['balance at december 31', '$ 85', '$ 82', '$ 107']]
the company expects that any reasonably possible change in the amount of unrecognized tax benefits in the next 12 months would not be significant .the total amount of unrecognized tax benefits that , if recognized , would affect the effective tax rate was $ 81 million as of december 31 , 2013 .the company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense .as of december 31 , 2013 , 2012 and 2011 , the company had liabilities for estimated interest and penalties on unrecognized tax benefits of $ 9 million , $ 10 million and $ 15 million , respectively .the company recognized $ 2 million and $ 5 million of income in 2013 and 2012 , respectively , related to the reduction of estimated interest and penalties .the company recognized no income or expense for estimated interest and penalties during the year ended december 31 , 2011 .13 .pensions and other postretirement benefits defined benefit plans ppg has defined benefit pension plans that cover certain employees worldwide .the principal defined benefit pension plans are those in the u.s. , canada , the netherlands and the u.k .which , in the aggregate represent approximately 91% ( 91 % ) of the projected benefit obligation at december 31 , 2013 , of which the u.s .defined benefit pension plans represent the majority .ppg also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain u.s .and canadian employees and their dependents .these programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between ppg and participants based on management discretion .the company has the right to modify or terminate certain of these benefit plans in the future .salaried and certain hourly employees in the u.s .hired on or after october 1 , 2004 , or rehired on or after october 1 , 2012 are not eligible for postretirement medical benefits .salaried employees in the u.s .hired , rehired or transferred to salaried status on or after january 1 , 2006 , and certain u.s .hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan .these employees are not eligible for defined benefit pension plan benefits .plan design changes in january 2011 , the company approved an amendment to one of its u.s .defined benefit pension plans that represented about 77% ( 77 % ) of the total u.s .projected benefit obligation at december 31 , 2011 .depending upon the affected employee's combined age and years of service to ppg , this change resulted in certain employees no longer accruing benefits under this plan as of december 31 , 2011 , while the remaining employees will no longer accrue benefits under this plan as of december 31 , 2020 .the affected employees will participate in the company 2019s defined contribution retirement plan from the date their benefit under the defined benefit plan is frozen .the company remeasured the projected benefit obligation of this amended plan , which lowered 2011 pension expense by approximately $ 12 million .the company made similar changes to certain other u.s .defined benefit pension plans in 2011 .the company recognized a curtailment loss and special termination benefits associated with these plan amendments of $ 5 million in 2011 .the company plans to continue reviewing and potentially changing other ppg defined benefit plans in the future .separation and merger of commodity chemicals business on january 28 , 2013 , ppg completed the separation of its commodity chemicals business and the merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf , as discussed in note 22 , 201cseparation and merger transaction . 201d ppg transferred the defined benefit pension plan and other postretirement benefit liabilities for the affected employees in the u.s. , canada , and taiwan in the separation resulting in a net partial settlement loss of $ 33 million notes to the consolidated financial statements .
|
90.5%
| 1,465 | 197 |
198 |
what would net income have been for 2006 without the environmental remediation costs?
|
equity compensation plan information the plan documents for the plans described in the footnotes below are included as exhibits to this form 10-k , and are incorporated herein by reference in their entirety .the following table provides information as of dec .31 , 2006 regarding the number of shares of ppg common stock that may be issued under ppg 2019s equity compensation plans .plan category securities exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding warrants and rights number of securities remaining available for future issuance under equity compensation ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 9413216 $ 58.35 10265556 equity compensation plans not approved by security holders ( 2 ) , ( 3 ) 2089300 $ 70.00 2014 .
[['plan category', 'numberof securities to be issued upon exercise of outstanding options warrants and rights ( a )', 'weighted- average exercise price of outstanding options warrants and rights ( b )', '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 ( 1 )', '9413216', '$ 58.35', '10265556'], ['equity compensation plans not approved by security holders ( 2 ) ( 3 )', '2089300', '$ 70.00', '2014'], ['total', '11502516', '$ 60.57', '10265556']]
( 1 ) equity compensation plans approved by security holders include the ppg industries , inc .stock plan , the ppg omnibus plan , the ppg industries , inc .executive officers 2019 long term incentive plan , and the ppg industries inc .long term incentive plan .( 2 ) equity compensation plans not approved by security holders include the ppg industries , inc .challenge 2000 stock plan .this plan is a broad- based stock option plan under which the company granted to substantially all active employees of the company and its majority owned subsidiaries on july 1 , 1998 , the option to purchase 100 shares of the company 2019s common stock at its then fair market value of $ 70.00 per share .options became exercisable on july 1 , 2003 , and expire on june 30 , 2008 .there were 2089300 shares issuable upon exercise of options outstanding under this plan as of dec .31 , 2006 .( 3 ) excluded from the information presented here are common stock equivalents held under the ppg industries , inc .deferred compensation plan , the ppg industries , inc .deferred compensation plan for directors and the ppg industries , inc .directors 2019 common stock plan , none of which are equity compensation plans .as supplemental information , there were 491168 common stock equivalents held under such plans as of dec .31 , 2006 .item 6 .selected financial data the information required by item 6 regarding the selected financial data for the five years ended dec .31 , 2006 is included in exhibit 99.2 filed with this form 10-k and is incorporated herein by reference .this information is also reported in the eleven-year digest on page 72 of the annual report under the captions net sales , income ( loss ) before accounting changes , cumulative effect of accounting changes , net income ( loss ) , earnings ( loss ) per common share before accounting changes , cumulative effect of accounting changes on earnings ( loss ) per common share , earnings ( loss ) per common share , earnings ( loss ) per common share 2013 assuming dilution , dividends per share , total assets and long-term debt for the years 2002 through 2006 .item 7 .management 2019s discussion and analysis of financial condition and results of operations performance in 2006 compared with 2005 performance overview our sales increased 8% ( 8 % ) to $ 11.0 billion in 2006 compared to $ 10.2 billion in 2005 .sales increased 4% ( 4 % ) due to the impact of acquisitions , 2% ( 2 % ) due to increased volumes , and 2% ( 2 % ) due to increased selling prices .cost of sales as a percentage of sales increased slightly to 63.7% ( 63.7 % ) compared to 63.5% ( 63.5 % ) in 2005 .selling , general and administrative expense increased slightly as a percentage of sales to 17.9% ( 17.9 % ) compared to 17.4% ( 17.4 % ) in 2005 .these costs increased primarily due to higher expenses related to store expansions in our architectural coatings operating segment and increased advertising to promote growth in our optical products operating segment .other charges decreased $ 81 million in 2006 .other charges in 2006 included pretax charges of $ 185 million for estimated environmental remediation costs at sites in new jersey and $ 42 million for legal settlements offset in part by pretax earnings of $ 44 million for insurance recoveries related to the marvin legal settlement and to hurricane rita .other charges in 2005 included pretax charges of $ 132 million related to the marvin legal settlement net of related insurance recoveries of $ 18 million , $ 61 million for the federal glass class action antitrust legal settlement , $ 34 million of direct costs related to the impact of hurricanes rita and katrina , $ 27 million for an asset impairment charge in our fine chemicals operating segment and $ 19 million for debt refinancing costs .other earnings increased $ 30 million in 2006 due to higher equity earnings , primarily from our asian fiber glass joint ventures , and higher royalty income .net income and earnings per share 2013 assuming dilution for 2006 were $ 711 million and $ 4.27 , respectively , compared to $ 596 million and $ 3.49 , respectively , for 2005 .net income in 2006 included aftertax charges of $ 106 million , or 64 cents a share , for estimated environmental remediation costs at sites in new jersey and louisiana in the third quarter ; $ 26 million , or 15 cents a share , for legal settlements ; $ 23 million , or 14 cents a share for business restructuring ; $ 17 million , or 10 cents a share , to reflect the net increase in the current value of the company 2019s obligation relating to asbestos claims under the ppg settlement arrangement ; and aftertax earnings of $ 24 million , or 14 cents a share for insurance recoveries .net income in 2005 included aftertax charges of $ 117 million , or 68 cents a share for legal settlements net of insurance ; $ 21 million , or 12 cents a share for direct costs related to the impact of hurricanes katrina and rita ; $ 17 million , or 10 cents a share , related to an asset impairment charge related to our fine chemicals operating segment ; $ 12 million , or 7 cents a share , for debt refinancing cost ; and $ 13 million , or 8 cents a share , to reflect the net increase in the current 2006 ppg annual report and form 10-k 19 4282_txt to be issued options , number of .
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817000000
| 1,764 | 198 |
199 |
what was the 5 year return of the s&p 500 index?
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jpmorgan chase & co./2015 annual report 67 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co .( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index .the s&p 500 index is a commonly referenced united states of america ( 201cu.s . 201d ) equity benchmark consisting of leading companies from different economic sectors .the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s .and is composed of 24 leading national money center and regional banks and thrifts .the s&p financial index is an index of 87 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 , 2010 , in jpmorgan chase common stock and in each of the above indices .the comparison assumes that all dividends are reinvested .december 31 , ( in dollars ) 2010 2011 2012 2013 2014 2015 .
[['december 31 ( in dollars )', '2010', '2011', '2012', '2013', '2014', '2015'], ['jpmorgan chase', '$ 100.00', '$ 80.03', '$ 108.98', '$ 148.98', '$ 163.71', '$ 177.40'], ['kbw bank index', '100.00', '76.82', '102.19', '140.77', '153.96', '154.71'], ['s&p financial index', '100.00', '82.94', '106.78', '144.79', '166.76', '164.15'], ['s&p 500 index', '100.00', '102.11', '118.44', '156.78', '178.22', '180.67']]
december 31 , ( in dollars ) .
|
80.67%
| 615 | 199 |
200 |
what was the average industry segment operating profits from 2005 to 2007
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item 7 .management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2007 bene- fited from significantly higher paper and packaging price realizations .sales volumes were slightly high- er , with growth in overseas markets partially offset by lower volumes in north america as we continued to balance our production with our customers 2019 demand .operationally , our pulp and paper and containerboard mills ran very well in 2007 .however , input costs for wood , energy and transportation costs were all well above 2006 levels .in our forest products business , earnings decreased 31% ( 31 % ) reflect- ing a sharp decline in harvest income and a smaller drop in forestland and real estate sales , both reflect- ing our forestland divestitures in 2006 .interest expense decreased over 40% ( 40 % ) , principally due to lower debt balances and interest rates from debt repayments and refinancings .looking forward to the first quarter of 2008 , we expect demand for north american printing papers and packaging to remain steady .however , if the economic downturn in 2008 is greater than expected , this could have a negative impact on sales volumes and earnings .some slight increases in paper and packaging price realizations are expected as we implement our announced price increases .however , first quarter earnings will reflect increased planned maintenance expenses and continued escalation of wood , energy and transportation costs .as a result , excluding the impact of projected reduced earnings from land sales and the addition of equity earnings contributions from our recent investment in ilim holding s.a .in russia , we expect 2008 first-quarter earnings to be lower than in the 2007 fourth quarter .results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items .industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net earn- ings or any other operating measure prescribed by accounting principles generally accepted in the united states .international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products , and specialty businesses and other .the following table shows the components of net earnings for each of the last three years : in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['industry segment operating profits', '$ 2423', '$ 2074', '$ 1622'], ['corporate items net', '-732 ( 732 )', '-746 ( 746 )', '-607 ( 607 )'], ['corporate special items*', '241', '2373', '-134 ( 134 )'], ['interest expense net', '-297 ( 297 )', '-521 ( 521 )', '-595 ( 595 )'], ['minority interest', '-5 ( 5 )', '-9 ( 9 )', '-9 ( 9 )'], ['income tax benefit ( provision )', '-415 ( 415 )', '-1889 ( 1889 )', '407'], ['discontinued operations', '-47 ( 47 )', '-232 ( 232 )', '416'], ['net earnings', '$ 1168', '$ 1050', '$ 1100']]
* corporate special items include restructuring and other charg- es , net ( gains ) losses on sales and impairments of businesses , gains on transformation plan forestland sales , goodwill impairment charges , insurance recoveries and reversals of reserves no longer required .industry segment operating profits of $ 2.4 billion were $ 349 million higher in 2007 than in 2006 due principally to the benefits from higher average price realizations ( $ 461 million ) , the net impact of cost reduction initiatives , improved operating perform- ance and a more favorable mix of products sold ( $ 304 million ) , higher sales volumes ( $ 17 million ) , lower special item costs ( $ 115 million ) and other items ( $ 4 million ) .these benefits more than offset the impacts of higher energy , raw material and freight costs ( $ 205 million ) , higher costs for planned mill maintenance outages ( $ 48 million ) , lower earn- ings from land sales ( $ 101 million ) , costs at the pensacola mill associated with the conversion of a machine to the production of linerboard ( $ 52 million ) and reduced earnings due to net acquisitions and divestitures ( $ 146 million ) .segment operating profit ( in millions ) $ 2074 ( $ 205 ) ( $ 48 ) $ 17 ( $ 244 ) $ 2423$ 4 ( $ 52 ) ( $ 101 ) $ 461 $ 1000 $ 1500 $ 2000 $ 2500 $ 3000 .
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2039.7
| 1,241 | 200 |
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