Investing Activities.
Cash provided by investing activities totaled $99.3 million compared to $329.5 million in the prior year.
This decrease is principally due to the sale of our AFS securities in the prior year, partially offset by the sale of our portfolio of mortgage loans in the current year, a decrease of $34.0 million in payments for business acquisitions, and a decrease of $10.7 million in capital expenditures.
Financing Activities.
Cash used in financing activities decreased $1.4 billion.
Changes in cash from financing activities resulted primarily from lower share repurchase activity and prior year customer deposit activity, partially offset by the issuance of debt in the prior year.
CASH REQUIREMENTS – Dividends and Share Repurchase.
Returning capital to shareholders in the form of dividends and the repurchase of outstanding shares has historically been a significant component of our capital allocation plan.
We have consistently paid quarterly dividends.
Dividends paid totaled $187.1 million, $201.7 million and $220.0 million in fiscal years 2017, 2016 and 2015, respectively.
The decline from the prior years is due to lower outstanding shares as a result of share repurchase activity.
Although we have historically paid dividends and plan to continue to do so, there can be no assurances that circumstances will not change in the future that could affect our ability or decisions to pay dividends.
In September 2015, we announced that our Board of Directors approved a $3.5 billion share repurchase program, effective through June 2019.
As a part of the repurchase program, in the current year, we purchased $317.0 million of our common stock at an average price of $22.61 per share.
See Item 8, note 8 to the consolidated financial statements for additional information.
Although we may continue to repurchase shares, there is no assurance that we will purchase up to the full Board authorization.
Capital Investment.
Our business is not capital intensive.
Capital expenditures totaled $89.3 million and $99.9 million in fiscal years 2017 and 2016, respectively.
Our capital expenditures relate primarily to recurring improvements to retail offices, as well as investments in computers, software and related assets.
In addition, we expended net cash totaling $54.8 million and $88.8 million in fiscal years 2017 and 2016, respectively, in connection with acquired businesses.
We routinely acquire competitor tax businesses and franchisees, and recurring capital allocated to acquisitions consists primarily of this activity.
FINANCING RESOURCES – Our 2016 CLOC has capacity up to $2.0 billion, and is scheduled to expire in September 2021.
Proceeds under the 2016 CLOC may be used for working capital needs or for other general corporate purposes.
We were in compliance with our 2016 CLOC covenants as of April 30, 2017.
As of April 30, 2017, amounts available to borrow under the 2016 CLOC were limited by the debt-to-EBITDA covenant to approximately $1.6 billion, however, our cash needs at April 30 generally do not require us to borrow on our CLOC at that time.
We had no balance outstanding under the 2016 CLOC as of April 30, 2017.
See Item 8, note 6 to the consolidated financial statements for discussion of the Senior Notes and our 2016 CLOC.
The following table provides ratings for debt issued by Block Financial as of April 30, 2017 and 2016:
## Table 0 ##
(1) Outlook of Stable effective June 14, 2017.
CASH AND OTHER ASSETS – As of April 30, 2017, we held cash and cash equivalents of $1.0 billion, including $63.4 million held by our foreign subsidiaries.
In December 2016 we sold our portfolio of mortgage loans and real estate owned.
Cash proceeds received approximated carrying value.
Foreign Operations.
Seasonal borrowing needs of our Canadian operations are typically funded by our U. S.  operations.
To mitigate foreign currency risk, we sometimes enter into foreign exchange forward contracts.
There was one forward contract outstanding as of April 30, 2017, which had a book value of $0.5 million.
December 31, 2013, primarily due to increased insurance costs of $3.5 million associated with a fire at one of our facilities in Buenos Aires, Argentina on February 5, 2014 (described at Note 10. g.  to Notes to Consolidated Financial Statements included in this Annual Report), higher professional fees of $2.6 million, restructuring costs of $1.5 million and REIT compliance costs.
During the year ended December 31, 2013, Adjusted OIBDA in the Corporate and Other segment as a percentage of consolidated revenue decreased by 70 basis points compared to the year ended December 31, 2012, primarily due to an $11.7 million increase in compensation costs, primarily associated with employee compensation and restructuring costs, an $8.7 million increase in professional fees and legal reserves, and the costs associated with the decision to discontinue work on a data archiving solution recorded in 2013.
Liquidity and Capital Resources The following is a summary of our cash balances and cash flows (in thousands) as of and for the years ended December 31,
## Table 1 ##
Net cash provided by operating activities from continuing operations was $472.9 million for the year ended December 31, 2014 compared to $506.6 million for the year ended December 31, 2013.
The 6.6% year-over-year decrease resulted primarily from an increase in cash used in working capital of $74.7 million primarily related to the timing and payments of certain accrued expenses and deferred revenue liabilities, offset by an increase in net income, including non-cash charges and realized foreign exchange losses, of $41.1 million.
Our business requires capital expenditures to support our expected revenue growth and ongoing operations as well as new products and services and increased profitability.
These expenditures are included in the cash flows from investing activities from continuing operations.
The nature of our capital expenditures has evolved over time along with the nature of our business.
We make capital expenditures to support a number of different objectives.
The majority of our capital goes to support business-line growth and our ongoing operations, but we also expend capital to support the development and improvement of products and services and projects designed to increase our profitability.
These expenditures are generally small and discretionary in nature.
Cash paid for our capital expenditures, cash paid for acquisitions (net of cash acquired) and additions to customer acquisition costs during the year ended December 31, 2014 amounted to $361.9 million, $128.1 million and $34.4 million, respectively.
For the year ended December 31, 2014, these expenditures were funded with cash flows provided by operating activities from continuing operations, cash equivalents on hand, borrowings under the Credit Agreement, proceeds from the sale of property, plant and equipment and the divestiture of our International Shredding Operations.
Excluding potential future acquisitions and additional real estate purchases above our plan, we expect our capital expenditures to be approximately $330.0 million to $360.0 million in the year ending December 31, 2015 (inclusive of approximately $25.0 million in planned real estate purchases).
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) December 31, 2012 19.
Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations.
## Table 2 ##
20.
Condensed Consolidating Financial Information Principal Life has established special purpose entities to issue secured medium-term notes.
Under the program, the payment obligations of principal and interest on the notes are secured by funding agreements issued by Principal Life.
Principal Life’s payment obligations on the funding agreements are fully and unconditionally guaranteed by PFG.
All of the outstanding stock of Principal Life is indirectly owned by PFG and PFG is the only guarantor of the payment obligations of the funding agreements.
The following tables set forth condensed consolidating financial information of (i) PFG, (ii) Principal Life, (iii) Principal Financial Services, Inc.  (‘‘PFS’’) and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of December 31, 2012 and 2011, and for the years ended December 31, 2012, 2011 and 2010.
In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG’s interest in PFS, (ii) Principal Life’s interest in all direct subsidiaries of Principal Life and (iii) PFS’s interest in Principal Life even though all such subsidiaries meet the requirements to be consolidated under U. S.  GAAP.
Earnings of subsidiaries are, therefore, reflected in the parent’s investment and earnings.
All intercompany balances and transactions, including elimination of the parent’s investment in subsidiaries, between PFG, Principal Life and PFS and all other subsidiaries have been eliminated, as shown in the column ‘‘Eliminations.
’’ These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements.
The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities.
Interest expense related to capital lease obligations was $1.7 million during both the years ended December 31, 2013 and 2012, and $1.5 million during the year ended December 31, 2011.
Purchase Commitments In the table below, we set forth our enforceable and legally binding purchase obligations as of December 31, 2013.
Some of the amounts included in the table are based on management’s estimates and assumptions about these obligations, including their duration, the possibility of renewal, anticipated actions by third parties, and other factors.
Because these estimates and assumptions are necessarily subjective, our actual payments may vary from those reflected in the table.
Purchase orders made in the ordinary course of business are excluded from the table below.
Any amounts for which we are liable under purchase orders are reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities.
These obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years.
Total purchase commitments are as follows (dollars in thousands):
## Table 3 ##
The Company purchased a total of $61.7 million, $27.7 million, and $28.5 million during the years ended December 31, 2013, 2012, and 2011, respectively, under these purchase agreements.
The increase in purchase commitments in 2014, compared with 2013, relates to the acquisition of Boise in fourth quarter 2013.
Environmental Liabilities The potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs, the complexity and evolving nature of governmental laws and regulations and their interpretations, and the timing, varying costs and effectiveness of alternative cleanup technologies.
From 1994 through 2013, remediation costs at the Company’s mills and corrugated plants totaled approximately $3.2 million.
At December 31, 2013, the Company had $34.1 million of environmental-related reserves recorded on its Consolidated Balance Sheet.
Of the $34.1 million, approximately $26.5 million related to environmentalrelated asset retirement obligations discussed in Note 14, Asset Retirement Obligations, and $7.6 million related to our estimate of other environmental contingencies.
The Company recorded $7.8 million in “Accrued liabilities” and $26.3 million in “Other long-term liabilities” on the Consolidated Balance Sheet.
Liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions.
Because of these uncertainties, PCA’s estimates may change.
As of the date of this filing, the Company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $34.1 million accrued as of December 31, 2013, will have a material impact on its financial condition, results of operations, or cash flows.
Guarantees and Indemnifications We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business.
These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements.
At December 31, 2013, we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided.
If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time.

<table><tr><td>As of</td><td colspan="3">April 30, 2017</td><td colspan="3">April 30, 2016</td></tr><tr><td></td><td>Short-term</td><td>Long-term</td><td>Outlook</td><td>Short-term</td><td>Long-term</td><td>Outlook</td></tr><tr><td>Moody's</td><td>P-3</td><td>Baa3</td><td>Stable</td><td>P-3</td><td>Baa3</td><td>Stable</td></tr><tr><td>S&P<sup>-1</sup></td><td>A-2</td><td>BBB</td><td>Negative</td><td>A-2</td><td>BBB</td><td>Stable</td></tr></table>
<table><tr><td></td><td>2012</td><td>2013</td><td>2014</td></tr><tr><td>Cash flows from operating activities—continuing operations</td><td>$443,652</td><td>$506,593</td><td>$472,948</td></tr><tr><td>Cash flows from investing activities—continuing operations</td><td>-394,064</td><td>-632,750</td><td>-479,978</td></tr><tr><td>Cash flows from financing activities—continuing operations</td><td>28,269</td><td>18,564</td><td>19,857</td></tr><tr><td>Cash and cash equivalents at the end of year</td><td>243,415</td><td>120,526</td><td>125,933</td></tr></table>
<table><tr><td> </td><td colspan="4"> For the three months ended</td></tr><tr><td> </td><td> December 31</td><td> September 30</td><td> June 30</td><td> March 31</td></tr><tr><td> </td><td colspan="4"><i>(in millions, except per share data)</i> </td></tr><tr><td> 2012</td><td></td><td></td><td></td><td></td></tr><tr><td>Total revenues</td><td>$2,295.9</td><td>$2,704.7</td><td>$2,118.6</td><td>$2,095.9</td></tr><tr><td>Total expenses</td><td>2,030.0</td><td>2,523.3</td><td>1,883.6</td><td>1,818.8</td></tr><tr><td>Net income</td><td>230.4</td><td>191.3</td><td>184.1</td><td>218.9</td></tr><tr><td>Net income available to common stockholders</td><td>218.6</td><td>179.7</td><td>173.1</td><td>201.5</td></tr><tr><td>Basic earnings per common share for net income available to common stockholders</td><td>0.74</td><td>0.61</td><td>0.58</td><td>0.67</td></tr><tr><td>Diluted earnings per common share for net income available to common stockholders</td><td>0.74</td><td>0.60</td><td>0.58</td><td>0.66</td></tr><tr><td> 2011</td><td></td><td></td><td></td><td></td></tr><tr><td>Total revenues</td><td>$2,058.8</td><td>$2,093.6</td><td>$2,296.4</td><td>$2,221.9</td></tr><tr><td>Total expenses</td><td>1,888.5</td><td>1,942.5</td><td>1,986.2</td><td>1,960.4</td></tr><tr><td>Net income</td><td>156.4</td><td>74.5</td><td>249.2</td><td>208.8</td></tr><tr><td>Net income available to common stockholders</td><td>148.5</td><td>71.9</td><td>217.3</td><td>182.0</td></tr><tr><td>Basic earnings per common share for net income available to common stockholders</td><td>0.48</td><td>0.23</td><td>0.68</td><td>0.57</td></tr><tr><td>Diluted earnings per common share for net income available to common stockholders</td><td>0.48</td><td>0.23</td><td>0.67</td><td>0.56</td></tr></table>
<table><tr><td>2014</td><td>$120,971</td></tr><tr><td>2015</td><td>54,757</td></tr><tr><td>2016</td><td>14,840</td></tr><tr><td>2017</td><td>3,017</td></tr><tr><td>2018</td><td>2,545</td></tr><tr><td>Thereafter</td><td>11,536</td></tr><tr><td>Total</td><td>$207,666</td></tr></table>

Question: How many element exceed the average of For the three months ended in 2012 forDecember 31
Answer: 0