Other Liquidity Items Cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at December 31, 2010, are summarized in the following table:
||Payments Due By Period(a)|
|($ in millions)|Total|Less than1 Year|1-3 Years|3-5 Years|More than5 Years|
|Long-term debt, including capital leases|$2,750.1|$34.5|$188.3|$367.1|$2,160.2|
|Interest payments on long-term debt(b)|1,267.5|160.5|316.4|304.2|486.4|
|Operating leases|93.2|31.1|37.1|16.6|8.4|
|Purchase obligations(c)|6,586.9|2,709.5|3,779.4|98.0|−|
|Total payments on contractual obligations|$10,697.7|$2,935.6|$4,321.2|$785.9|$2,655.0|

(a) Amounts reported in local currencies have been translated at the year-end 2010 exchange rates.
(b) For variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments.
(c) The company’s purchase obligations include contracted amounts for aluminum, steel and other direct materials.
Also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items.
In cases where variable prices and/or usage are involved, management’s best estimates have been used.
Depending on the circumstances, early termination of the contracts may or may not result in penalties and, therefore, actual payments could vary significantly.
The table above does not include $60.1 million of uncertain tax positions, the timing of which is uncertain.
Contributions to the company’s defined benefit pension plans, not including the unfunded German plans, are expected to be in the range of $30 million in 2011.
This estimate may change based on changes in the Pension Protection Act and actual plan asset performance, among other factors.
Benefit payments related to these plans are expected to be $71.4 million, $74.0 million, $77.1 million, $80.3 million and $84.9 million for the years ending December 31, 2011 through 2015, respectively, and a total of $483.1 million for the years 2016 through 2020.
Payments to participants in the unfunded Other Liquidity Items Cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at December 31, 2010, are summarized in the following table:
(a) Amounts reported in local currencies have been translated at the year-end 2010 exchange rates.
(b) For variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments.
(c) The company¡¯s purchase obligations include contracted amounts for aluminum, steel and other direct materials.
Also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items.
In cases where variable prices and/or usage are involved, management¡¯s best estimates have been used.
Depending on the circumstances, early termination of the contracts may or may not result in penalties and, therefore, actual payments could vary significantly.
The table above does not include $60.1 million of uncertain tax positions, the timing of which is uncertain.
Contributions to the company¡¯s defined benefit pension plans, not including the unfunded German plans, are expected to be in the range of $30 million in 2011.
This estimate may change based on changes in the Pension Protection Act and actual plan asset performance, among other factors.
Benefit payments related to these plans are expected to be $71.4 million, $74.0 million, $77.1 million, $80.3 million and $84.9 million for the years ending December 31, 2011 through 2015, respectively, and a total of $483.1 million for the years 2016 through 2020.
Payments to participants in the unfunded German plans are expected to be between $21.8 million (€16.5 million) to $23.2 million (€17.5 million) in each of the years 2011 through 2015 and a total of $102.7 million (€77.5 million) for the years 2016 through 2020.
For the U. S.  pension plans in 2011, we changed our return on asset assumption to 8.00 percent (from 8.25 percent in 2010) and our discount rate assumption to an average of 5.55 percent (from 6.00 percent in 2010).
Based on the changes in assumptions, pension expense in 2011 is anticipated to be relatively flat compared to 2010.
A reduction of the expected return on pension assets assumption by a quarter of a percentage point would result in an estimated $2.9 million increase in the 2011 global pension expense, while a quarter of a percentage point reduction in the discount rate applied to the pension liability would result in an estimated $3.5 million of additional pension expense in 2011.
Additional information regarding the company¡¯s pension plans is provided in Note 14 accompanying the consolidated financial statements within Item 8 of this report.
Annual cash dividends paid on common stock were 20 cents per share in 2010, 2009 and 2008.
Total dividends paid were $35.8 million in 2010, $37.4 million in 2009 and $37.5 million in 2008.
On January 26, 2011, the company¡¯s board of directors approved an increase in the quarterly dividends to 7 cents per share.
Share Repurchases Our share repurchases, net of issuances, totaled $506.7 million in 2010, $5.1 million in 2009 and $299.6 million in 2008.
On November 2, 2010, we acquired 2,775,408 shares of our publicly held common stock in a private transaction for $88.8 million.
On February 17, 2010, we entered into an accelerated share repurchase agreement to buy $125.0 million of our common shares using cash on hand and available borrowings.
We advanced the $125.0 million on February 22, 2010, and received 4,323,598 shares, which represented 90 percent of the total shares as calculated using the previous day¡¯s closing price.
The agreement was settled on May 20, 2010, and the company received an additional 398,206 shares.
Net repurchases in 2008 included a $31 million settlement on January 7, 2008, of a forward contract entered into in December 2007 for the repurchase of 1,350,000 shares.
From January 1 through February 24, 2011, Ball repurchased an additional $143.3 million of its common stock.
Table of Contents into U. S.  Dollars using the spot foreign exchange rate in effect on the exercise date.
Upon the exercise of share options, the company either issues new shares or can utilize shares held in treasury (see Note 10, “Share Capital”) to satisfy the exercise.
The share option plans provided for a grant price equal to the quoted market price of the company's shares on the date of grant.
If the options remain unexercised after a period of 10 years from the date of grant, the options expire.
Furthermore, options are forfeited if the employee leaves the company before the options vest.
All options outstanding at December 31, 2011were exercisable and had a range of exercise prices from ￡6.39 to ￡19.19, and weighted average remaining contractual life of 2.62 years.
The total intrinsic value of options exercised during the years ended December 31, 2011, 2010, and 2009, was $9.2 million, $18.5 million, and $20.7 million, respectively.
At December 31, 2011, the aggregate intrinsic value of options outstanding and options exercisable was $36.3 million.
The market price of the company's common stock at December 31, 2011 was $20.09 (December 31, 2010: $24.06).
Changes in outstanding share option awards are as follows:
||2011|2010|2009|
|Millions of shares, except prices|Options|Weighted Average Exercise Price(£ Sterling)|Options|Weighted Average Exercise Price(£ Sterling)|Options|Weighted Average Exercise Price(£ Sterling)|
|Outstanding at the beginning of year|10.7|13.85|16.4|14.99|23.1|14.06|
|Forfeited during the year|-5.3|19.70|-3.9|21.90|-2.1|15.15|
|Exercised during the year|-0.9|8.33|-1.8|6.70|-4.6|10.20|
|Outstanding at the end of the year|4.5|7.85|10.7|13.85|16.4|14.99|
|Exercisable at the end of the year|4.5|7.85|10.7|13.85|16.4|14.99|

13.
RETIREMENT BENEFIT PLANS Defined Contribution Plans The company operates defined contribution retirement benefit plans for all qualifying employees.
The assets of the plans are held separately from those of the company in funds under the control of trustees.
When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions.
The total amounts charged to the Consolidated Statements of Income for the year ended December 31, 2011, of $53.2 million (December 31, 2010: $47.0 million, 2009: $43.6 million) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans.
As of December 31, 2011, accrued contributions of $20.0 million (December 31, 2010: $18.9 million) for the current year will be paid to the plans.
Defined Benefit Plans The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U. K. , Ireland, Germany and Taiwan.
All defined benefit plans are closed to new participants.
The company also maintains a postretirement medical plan in the U. S. , which was closed to new participants in 2005.
In 2006, the plan was amended to eliminate benefits for all participants who will not meet retirement eligibility by 2008.
The assets of all defined benefit schemes are held in separate trustee-administered funds.
Under the plans, the employees are generally entitled to retirement benefits based on final salary at retirement.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were valued as of December 31, 2011.
The benefit obligation, related current service cost and prior service cost were measured using the projected unit credit method.
|$ in millions|Before Consolidation-1|Consolidated Investment Products|Adjustments-1(2)|Total|
|Year ended December 31, 2010|||||
|Total operating revenues|3,532.7|0.3|-45.3|3,487.7|
|Total operating expenses|2,887.8|55.3|-45.3|2,897.8|
|Operating income|644.9|-55.0|—|589.9|
|Equity in earnings of unconsolidated affiliates|40.8|—|-0.6|40.2|
|Interest and dividend income|10.4|246.0|-5.1|251.3|
|Other investment income/(losses)|15.6|107.6|6.4|129.6|
|Interest expense|-58.6|-123.7|5.1|-177.2|
|Income before income taxes|653.1|174.9|5.8|833.8|
|Income tax provision|-197.0|—|—|-197.0|
|Net income|456.1|174.9|5.8|636.8|
|(Gains)/losses attributable to noncontrolling interests in consolidated entities, net|-0.2|-170.8|-0.1|-171.1|
|Net income attributable to common shareholders|455.9|4.1|5.7|465.7|

(1) The Before Consolidation column includes Invesco's equity interests in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs).
Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain for the year ended December 31, 2011 of $20.3 million (representing the increase in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses (year ended December 31, 2010: $6.4 million).
The company's gain on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss on the CLOs' debt.
The net income arising from consolidation of CLOs is therefore completely attributed to other investors in these CLOs, as the company's share has been eliminated through consolidation.
The Before Consolidation column does not include any other adjustments related to non-GAAPfinancial measure presentation.
(2) Adjustments include the elimination of intercompany transactions between the company and its consolidated investment products, primarily the elimination of management fees expensed by the funds and recorded as operating revenues (before consolidation) by the company.
Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, are as follows:
|$ in millions|2011|2010|$ Change|% Change|
|Investment management fees|3,138.5|2,720.9|417.6|15.3%|
|Service and distribution fees|780.3|645.5|134.8|20.9%|
|Performance fees|37.9|26.1|11.8|45.2%|
|Other|135.5|95.2|40.3|42.3%|
|Total operating revenues|4,092.2|3,487.7|604.5|17.3%|
|Third-party distribution, service and advisory expenses|-1,282.5|-1,053.8|-228.7|21.7%|
|Proportional share of revenues, net of third-party distribution expenses, from joint venture investments|41.4|42.2|-0.8|-1.9%|
|Management fees earned from consolidated investment products|46.8|45.3|1.5|3.3%|
|Performance fees earned from consolidated investment products|0.5|—|0.5|N/A|
|Other revenues recorded by consolidated investment products|—|-0.3|0.3|-100.0%|
|Net revenues|2,898.4|2,521.1|377.3|15.0%|

Operating revenues increased by 17.3% in the year ended December 31, 2011 to $4,092.2 million (year ended December 31, 2010: $3,487.7 million).
Net revenues increased by 15.0% in in the year ended December 31, 2011 to $2,898.4 million (year ended December 31, 2010: $2,521.1 million).
Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus our proportional share of net revenues from joint venture arrangements, plus management and performance fees
Table of Contents both probable and reasonably estimable.
We must from time to time make material estimates with respect to legal and other contingencies.
The nature of our business requires compliance with various state and federal statutes, as well as various contractual obligations, and exposes us to a variety of legal proceedings and matters in the ordinary course of business.
While the outcomes of matters such as these are inherently uncertain and difficult to predict, we maintain reserves reflected in other current and other non-current liabilities, as appropriate, for identified losses that are, in our judgment, probable and reasonably estimable.
Management's judgment is based on the advice of legal counsel, ruling on various motions by the applicable court, review of the outcome of similar matters, if applicable, and review of guidance from state or federal agencies, if applicable.
Contingent consideration payable in relation to a business acquisition is recorded as of the acquisition date as part of the fair value transferred in exchange for the acquired business.
Recent Accounting Standards See Item 8, Financial Statements and Supplementary Data - Note 1, “Accounting Policies - Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements.
” Item 7A.
Quantitative and Qualitative Disclosures About Market Risk In the normal course of its business, the company is primarily exposed to market risk in the form of securities market risk, interest rate risk, and foreign exchange rate risk.
AUM Market Price Risk The company's investment management revenues are comprised of fees based on a percentage of the value of AUM.
Declines in equity or fixed income security market prices could cause revenues to decline because of lower investment management fees by: ?
Causing the value of AUM to decrease.  ?
Causing the returns realized on AUM to decrease (impacting performance fees).  ?
Causing clients to withdraw funds in favor of investments in markets that they perceive to offer greater opportunity and that the company does not serve.  ?
Causing clients to rebalance assets away from investments that the company manages into investments that the company does not manage.  ?
Causing clients to reallocate assets away from products that earn higher revenues into products that earn lower revenues.
Underperformance of client accounts relative to competing products could exacerbate these factors.
Securities Market Risk The company has investments in sponsored investment products that invest in a variety of asset classes.
Investments are generally made to establish a track record or to hedge economically exposure to certain deferred compensation plans.
The company's exposure to market risk arises from its investments.
The following table summarizes the fair values of the investments exposed to market risk and provides a sensitivity analysis of the estimated fair values of those investments, assuming a 20% increase or decrease in fair values:

Question: What's the increasing rate of Total operating revenues in 2011?

Solution:
def solution():
    # Define variables name and value
    total_operating_revenues_2011 = 4092.2
    total_operating_revenues_2010 = 3487.7
    
    # Do math calculation to get the answer
    difference = total_operating_revenues_2011 - total_operating_revenues_2010
    increasing_rate = (difference / total_operating_revenues_2010) * 100
    
    return increasing_rate
Answer: 17.33233936405081