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-0.0206 | Context:on december 19 , 2011 , we redeemed the remaining $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 , and all $ 300 million of our outstanding 6.125% ( 6.125 % ) notes due january 15 , 2012 . the redemptions resulted in an early extinguishment charge of $ 5 million in the fourth quarter of 2011 . receivables securitization facility 2013 as of december 31 , 2013 and 2012 , we recorded $ 0 and $ 100 million , respectively , 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 vies . the future minimum lease payments associated with the vie leases totaled $ 3.3 billion as of december 31 , 2013 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million , net of $ 1092 million of accumulated depreciation , and $ 2467 million , net of $ 966 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 , 2013 , were as follows : millions operating leases capital leases .
|millions|operatingleases|capitalleases|
|2014|$ 512|$ 272|
|2015|477|260|
|2016|438|239|
|2017|400|247|
|2018|332|225|
|later years|1907|957|
|total minimum leasepayments|$ 4066|$ 2200|
|amount representing interest|n/a|-498 ( 498 )|
|present value of minimum leasepayments|n/a|$ 1702|
approximately 94% ( 94 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 , $ 631 million in 2012 , and $ 637 million in 2011 . 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. .
Question: what was the percentage change in rent expense for operating leases with terms exceeding one month from 2012 to 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
16359.33333 | Context:us in a position to handle demand changes . we will also continue utilizing industrial engineering techniques to improve productivity . 2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts . 2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc . we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other . during 2011 , we plan to begin testing the technology to evaluate its effectiveness . 2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels . in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement . results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
|millions|2010|2009|2008|% ( % ) change 2010 v 2009|% ( % ) change 2009 v 2008|
|freight revenues|$ 16069|$ 13373|$ 17118|20% ( 20 % )|( 22 ) % ( % )|
|other revenues|896|770|852|16|-10 ( 10 )|
|total|$ 16965|$ 14143|$ 17970|20% ( 20 % )|( 21 ) % ( % )|
freight revenues are revenues generated by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments . we recognize freight revenues as freight moves from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors . we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments . core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc . freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness . we experienced the largest volume declines in automotive and industrial .
Question: what is the average operating revenue from 2008-2010 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
507.0 | Context:at december 31 , 2014 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .
|in millions|2015|2016|2017|2018|2019|thereafter|
|lease obligations|$ 142|$ 106|$ 84|$ 63|$ 45|$ 91|
|purchase obligations ( a )|3266|761|583|463|422|1690|
|total|$ 3408|$ 867|$ 667|$ 526|$ 467|$ 1781|
( a ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 154 million , $ 168 million and $ 185 million for 2014 , 2013 and 2012 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings cercla and state actions international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 95 million in the aggregate as of december 31 , 2014 . cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a remediation feasibility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 50 million to address the selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean- up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . other remediation costs in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 41 million as of december 31 , 2014 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . legal proceedings environmental kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st . regis paper company ( st . regis ) . the company is a successor in interest to st . regis . although the company has not received any orders from the epa , in december 2014 , the epa sent the company a letter demanding payment of $ 19 million to reimburse the epa for costs associated with a time critical removal action of pcb contaminated sediments from a portion of the site . the company 2019s cercla liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the epa at this time . as noted below , the company is involved in allocation/ apportionment litigation with regard to the site . accordingly , it is premature to estimate a loss or range of loss with respect to this site . the company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site . the suit .
Question: what was the cumulative rent expanse from 2012 to 2014 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
6.75163 | Context:( a ) excludes discontinued operations . ( b ) earnings before interest expense and taxes as a percent of average total assets . ( c ) total debt as a percent of the sum of total debt , shareholders 2019 equity and non-current deferred income tax liabilities . the results above include the impact of the specified items detailed below . additional discussion regarding the specified items in fiscal years 2017 , 2016 and 2015 are provided in item 7 . management 2019s discussion and analysis of financial condition and results of operations. .
|millions of dollars except per share amounts|years ended september 30 2017|years ended september 30 2016|years ended september 30 2015|years ended september 30 2014|years ended september 30 2013|
|total specified items|$ 1466|$ 1261|$ 1186|$ 153|$ 442|
|after-tax impact of specified items|$ 971|$ 892|$ 786|$ 101|$ 279|
|impact of specified items on diluted earnings per share|$ -4.34 ( 4.34 )|$ -4.10 ( 4.10 )|$ -3.79 ( 3.79 )|$ -0.51 ( 0.51 )|$ -1.40 ( 1.40 )|
|impact of dilution from share issuances|$ -0.54 ( 0.54 )|$ 2014|$ -0.02 ( 0.02 )|$ 2014|$ 2014|
item 7 . management 2019s discussion and analysis of financial condition and results of operations the following commentary should be read in conjunction with the consolidated financial statements and accompanying notes . within the tables presented throughout this discussion , certain columns may not add due to the use of rounded numbers for disclosure purposes . percentages and earnings per share amounts presented are calculated from the underlying amounts . references to years throughout this discussion relate to our fiscal years , which end on september 30 . company overview description of the company and business segments becton , dickinson and company ( 201cbd 201d ) is a global medical technology company engaged in the development , manufacture and sale of a broad range of medical supplies , devices , laboratory equipment and diagnostic products used by healthcare institutions , life science researchers , clinical laboratories , the pharmaceutical industry and the general public . the company's organizational structure is based upon two principal business segments , bd medical ( 201cmedical 201d ) and bd life sciences ( 201clife sciences 201d ) . bd 2019s products are manufactured and sold worldwide . our products are marketed in the united states and internationally through independent distribution channels and directly to end-users by bd and independent sales representatives . we organize our operations outside the united states as follows : europe ; ema ( which includes the commonwealth of independent states , the middle east and africa ) ; greater asia ( which includes japan and asia pacific ) ; latin america ( which includes mexico , central america , the caribbean , and south america ) ; and canada . we continue to pursue growth opportunities in emerging markets , which include the following geographic regions : eastern europe , the middle east , africa , latin america and certain countries within asia pacific . we are primarily focused on certain countries whose healthcare systems are expanding , in particular , china and india . strategic objectives bd remains focused on delivering sustainable growth and shareholder value , while making appropriate investments for the future . bd management operates the business consistent with the following core strategies : 2022 to increase revenue growth by focusing on our core products , services and solutions that deliver greater benefits to patients , healthcare workers and researchers; .
Question: what is the percentage increase for total specified items from 2014-2015? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
282000.0 | Context:item 2 . properties . we conduct our primary operations at the owned and leased facilities described below . location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 .
|location|operations conducted|approximatesquare feet|leaseexpirationdates|
|new haven connecticut|corporate headquarters and executive sales research and development offices|514000|2030|
|dublin ireland|global supply chain distribution and administration offices|215000|owned|
|lexington massachusetts|research and development offices|81000|2019|
|bogart georgia|commercial research and development manufacturing|70000|2024|
|smithfield rhode island|commercial research and development manufacturing|67000|owned|
|zurich switzerland|regional executive and sales offices|69000|2025|
we believe that our administrative office space is adequate to meet our needs for the foreseeable future . we also believe that our research and development facilities and our manufacturing facility , together with third party manufacturing facilities , will be adequate for our on-going activities . in addition to the locations above , we also lease space in other u.s . locations and in foreign countries to support our operations as a global organization . as of december 31 , 2015 , we also leased approximately 254000 square feet in cheshire , connecticut , which was the previous location of our corporate headquarters and executive , sales , research and development offices . in december 2015 , we entered into an early termination of this lease and will occupy this space through may 2016 . in april 2014 , we purchased a fill/finish facility in athlone , ireland . following refurbishment of the facility , and after successful completion of the appropriate validation processes and regulatory approvals , the facility will become our first company-owned fill/finish and packaging facility for our commercial and clinical products . in may 2015 , we announced plans to construct a new biologics manufacturing facility on our existing property in dublin ireland , which is expected to be completed by 2020 . item 3 . legal proceedings . in may 2015 , we received a subpoena in connection with an investigation by the enforcement division of the sec requesting information related to our grant-making activities and compliance with the fcpa in various countries . the sec also seeks information related to alexion 2019s recalls of specific lots of soliris and related securities disclosures . in addition , in october 2015 , alexion received a request from the doj for the voluntary production of documents and other information pertaining to alexion's compliance with the fcpa . alexion is cooperating with these investigations . at this time , alexion is unable to predict the duration , scope or outcome of these investigations . given the ongoing nature of these investigations , management does not currently believe a loss related to these matters is probable or that the potential magnitude of such loss or range of loss , if any , can be reasonably estimated . item 4 . mine safety disclosures . not applicable. .
Question: how many square feet are owned by alexion pharmaceuticals , inc? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.2235 | Context: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 .
Question: what was the percentage change in earnings per share from 2005 to 2006? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.27211 | Context:table of contents 17 . unconditional purchase obligations the company has entered into various unconditional purchase obligations which primarily include software licenses and long- term purchase contracts for network , communication and office maintenance services . the company expended $ 7.2 million , $ 5.3 million and $ 2.9 million related to unconditional purchase obligations that existed as of the beginning of each year for the years ended december 31 , 2016 , 2015 and 2014 , respectively . future expenditures under unconditional purchase obligations in effect as of december 31 , 2016 are as follows : ( in thousands ) .
|2017|$ 14134|
|2018|10288|
|2019|9724|
|2020|2617|
|2021|652|
|total|$ 37415|
18 . restructuring during the fourth quarter of 2016 , the company initiated workforce realignment activities . the company incurred $ 3.4 million in restructuring charges , or $ 2.4 million net of tax , during the year ended december 31 , 2016 . the company expects to incur additional charges of $ 10 million - $ 15 million , or $ 7 million - $ 10 million net of tax , primarily during the first quarter of 2017 . 19 . employment-related settlement on february 15 , 2017 , the company entered into an employment-related settlement agreement . in connection with the settlement agreement , the company will make a lump-sum payment of $ 4.7 million . the charges related to this agreement are included in selling , general and administrative expense in the 2016 consolidated statement of income . as part of the settlement agreement , all the claims initiated against the company will be withdrawn and a general release of all claims in favor of the company and all of its related entities was executed . 20 . contingencies and commitments the company is subject to various investigations , claims and legal proceedings that arise in the ordinary course of business , including commercial disputes , labor and employment matters , tax audits , alleged infringement of intellectual property rights and other matters . in the opinion of the company , the resolution of pending matters is not expected to have a material adverse effect on the company's consolidated results of operations , cash flows or financial position . however , each of these matters is subject to various uncertainties and it is possible that an unfavorable resolution of one or more of these proceedings could materially affect the company's results of operations , cash flows or financial position . an indian subsidiary of the company has several service tax audits pending that have resulted in formal inquiries being received on transactions through mid-2012 . the company could incur tax charges and related liabilities , including those related to the service tax audit case , of approximately $ 7 million . the service tax issues raised in the company 2019s notices and inquiries are very similar to the case , m/s microsoft corporation ( i ) ( p ) ltd . vs commissioner of service tax , new delhi , wherein the delhi customs , excise and service tax appellate tribunal ( cestat ) has passed a favorable ruling to microsoft . the company can provide no assurances on whether the microsoft case 2019s favorable ruling will be challenged in higher courts or on the impact that the present microsoft case 2019s decision will have on the company 2019s cases . the company is uncertain as to when these service tax matters will be concluded . a french subsidiary of the company received notice that the french taxing authority rejected the company's 2012 research and development credit . the company has contested the decision . however , if the company does not receive a favorable outcome , it could incur charges of approximately $ 0.8 million . in addition , an unfavorable outcome could result in the authorities reviewing or rejecting $ 3.8 million of similar research and development credits for 2013 through the current year that are currently reflected as an asset . the company can provide no assurances on the timing or outcome of this matter. .
Question: what is the percentage decrease in expenditures from 2017-2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.24312 | Context:14 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2008 and 2007 included $ 2024 million , net of $ 869 million of amortization , and $ 2062 million , net of $ 887 million of amortization , respectively , for properties held under capital leases . a charge to income resulting from the amortization 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 , 2008 were as follows : millions of dollars operating leases capital leases .
|millions of dollars|operatingleases|capitalleases|
|2009|$ 657|$ 188|
|2010|614|168|
|2011|580|178|
|2012|465|122|
|2013|389|152|
|later years|3204|1090|
|total minimum lease payments|$ 5909|$ 1898|
|amount representing interest|n/a|628|
|present value of minimum lease payments|n/a|$ 1270|
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 747 million in 2008 , $ 810 million in 2007 , and $ 798 million in 2006 . 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 our personal injury liability is discounted to present value using applicable u.s . treasury rates . approximately 88% ( 88 % ) of the recorded liability related to asserted claims , and approximately 12% ( 12 % ) related to unasserted claims at december 31 , 2008 . because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from .
Question: what percentage of total minimum lease payments are capital leases? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.02015 | Context: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 .
Question: what is the growth rate in operating income from 2015 to 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.01692 | Context:potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site- specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . 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 with 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 work . annual expenses for personal injury-related events were $ 240 million in 2006 , $ 247 million in 2005 , and $ 288 million in 2004 . as of december 31 , 2006 and 2005 , we had accrued liabilities of $ 631 million and $ 619 million for future personal injury costs , respectively , of which $ 233 million and $ 274 million was recorded in current liabilities as accrued casualty costs , respectively . our personal injury liability is discounted to present value using applicable u.s . treasury rates . approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims . estimates can vary over time due to evolving trends in litigation . our personal injury claims activity was as follows : claims activity 2006 2005 2004 .
|claims activity|2006|2005|2004|
|open claims beginning balance|4197|4028|4085|
|new claims|4190|4584|4366|
|settled or dismissed claims|-4261 ( 4261 )|-4415 ( 4415 )|-4423 ( 4423 )|
|open claims ending balance at december 31|4126|4197|4028|
depreciation 2013 the railroad industry is capital intensive . properties are carried at cost . provisions for depreciation are computed principally on the straight-line method based on estimated service lives of depreciable property . the lives are calculated using a separate composite annual percentage rate for each depreciable property group , based on the results of internal depreciation studies . we are required to submit a report on depreciation studies and proposed depreciation rates to the stb for review and approval every three years for equipment property and every six years for road property . the cost ( net of salvage ) of depreciable railroad property retired or replaced in the ordinary course of business is charged to accumulated depreciation , and no gain or loss is recognized . a gain or loss is recognized in other income for all other property upon disposition because the gain or loss is not part of rail operations . the cost of internally developed software is capitalized and amortized over a five-year period . significant capital spending in recent years increased the total value of our depreciable assets . cash capital spending totaled $ 2.2 billion for the year ended december 31 , 2006 . for the year ended december 31 , 2006 , depreciation expense was $ 1.2 billion . we use various methods to estimate useful lives for each group of depreciable property . due to the capital intensive nature of the business and the large base of depreciable assets , variances to those estimates could have a material effect on our consolidated financial statements . if the estimated useful lives of all depreciable assets were increased by one year , annual depreciation expense would decrease by approximately $ 43 million . if the estimated useful lives of all assets to be depreciated were decreased by one year , annual depreciation expense would increase by approximately $ 45 million . income taxes 2013 as required under fasb statement no . 109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in our financial statements or tax returns . these .
Question: what was the percentage change in open claims ending balance at december 31 from 2005 to 2006? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
15.4 | Context:15 . leases in january 1996 , the company entered into a lease agreement with an unrelated third party for a new corporate office facility , which the company occupied in february 1997 . in may 2004 , the company entered into the first amendment to this lease agreement , effective january 1 , 2004 . the lease was extended from an original period of 10 years , with an option for five additional years , to a period of 18 years from the inception date , with an option for five additional years . the company incurred lease rental expense related to this facility of $ 1.3 million in 2008 , 2007 and 2006 . the future minimum lease payments are $ 1.4 million per annum from january 1 , 2009 to december 31 , 2014 . the future minimum lease payments from january 1 , 2015 through december 31 , 2019 will be determined based on prevailing market rental rates at the time of the extension , if elected . the amended lease also provided for the lessor to reimburse the company for up to $ 550000 in building refurbishments completed through march 31 , 2006 . these amounts have been recorded as a reduction of lease expense over the remaining term of the lease . the company has also entered into various noncancellable operating leases for equipment and office space . office space lease expense totaled $ 9.3 million , $ 6.3 million and $ 4.7 million for the years ended december 31 , 2008 , 2007 and 2006 , respectively . future minimum lease payments under noncancellable operating leases for office space in effect at december 31 , 2008 are $ 8.8 million in 2009 , $ 6.6 million in 2010 , $ 3.0 million in 2011 , $ 1.8 million in 2012 and $ 1.1 million in 2013 . 16 . royalty agreements the company has entered into various renewable , nonexclusive license agreements under which the company has been granted access to the licensor 2019s technology and the right to sell the technology in the company 2019s product line . royalties are payable to developers of the software at various rates and amounts , which generally are based upon unit sales or revenue . royalty fees are reported in cost of goods sold and were $ 6.3 million , $ 5.2 million and $ 3.9 million for the years ended december 31 , 2008 , 2007 and 2006 , respectively . 17 . geographic information revenue to external customers is attributed to individual countries based upon the location of the customer . revenue by geographic area is as follows: .
|( in thousands )|year ended december 31 , 2008|year ended december 31 , 2007|year ended december 31 , 2006|
|united states|$ 151688|$ 131777|$ 94282|
|germany|68390|50973|34567|
|japan|66960|50896|35391|
|canada|8033|4809|4255|
|other european|127246|108971|70184|
|other international|56022|37914|24961|
|total revenue|$ 478339|$ 385340|$ 263640|
.
Question: what is the total combined royalty fees for years ended 2006-2008 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-16.0 | Context:68 2012 ppg annual report and form 10-k december 31 , 2012 , 2011 and 2010 was $ ( 30 ) million , $ 98 million and $ 65 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2012 and 2011 was approximately $ 960 million and $ 990 million , respectively . there was no tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the year ended december 31 , 2012 . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 and 2010 was $ ( 0.2 ) million and $ 0.6 million , respectively . the tax benefit related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2012 , 2011 and 2010 was $ 4 million , $ 19 million and $ 1 million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan , at management's discretion , based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to participant savings up to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees and this level was maintained throughout 2012 . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2012 , 2011 and 2010 totaled $ 28 million , $ 26 million and $ 9 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the dividends on ppg shares held by that portion of the savings plan totaling $ 18 million , $ 20 million and $ 24 million for 2012 , 2011 and 2010 , respectively , were tax deductible to the company for u.s . federal tax purposes . 19 . other earnings .
|( millions )|2012|2011|2010|
|royalty income|$ 51|$ 55|$ 58|
|share of net earnings of equity affiliates ( see note 5 )|11|37|45|
|gain on sale of assets|4|12|8|
|other|83|73|69|
|total|$ 149|$ 177|$ 180|
20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 8.5 million as of december 31 , 2012 . total stock-based compensation cost was $ 73 million , $ 36 million and $ 52 million in 2012 , 2011 and 2010 , respectively . stock-based compensation expense increased year over year due to the increase in the expected payout percentage of the 2010 performance-based rsu grants and ppg's total shareholder return performance in 2012 in comparison with the standard & poors ( s&p ) 500 index , which has increased the expense related to outstanding grants of contingent shares . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 25 million , $ 13 million and $ 18 million in 2012 , 2011 and 2010 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option cost by certifying ownership of mature shares of ppg common stock with a market value equal to the option cost . the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period . ppg estimates the fair value of stock options using the black-scholes option pricing model . the risk- free interest rate is determined by using the u.s . treasury yield table of contents .
Question: what was the change in millions of total stock-based compensation cost from 2010 to 2011? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.6202 | Context:performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s . companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period . the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
||3/31/2006|3/31/2007|3/31/2008|3/31/2009|3/31/2010|3/31/2011|
|abiomed inc|100|105.89|101.86|37.98|80.00|112.64|
|nasdaq composite index|100|103.50|97.41|65.33|102.49|118.86|
|nasdaq medical equipment sic code 3840-3849|100|88.78|84.26|46.12|83.47|91.35|
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing . transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
Question: what is the roi of an investment in abiomed inc from march 2006 to march 2009? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.75688 | Context:14 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2008 and 2007 included $ 2024 million , net of $ 869 million of amortization , and $ 2062 million , net of $ 887 million of amortization , respectively , for properties held under capital leases . a charge to income resulting from the amortization 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 , 2008 were as follows : millions of dollars operating leases capital leases .
|millions of dollars|operatingleases|capitalleases|
|2009|$ 657|$ 188|
|2010|614|168|
|2011|580|178|
|2012|465|122|
|2013|389|152|
|later years|3204|1090|
|total minimum lease payments|$ 5909|$ 1898|
|amount representing interest|n/a|628|
|present value of minimum lease payments|n/a|$ 1270|
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 747 million in 2008 , $ 810 million in 2007 , and $ 798 million in 2006 . 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 our personal injury liability is discounted to present value using applicable u.s . treasury rates . approximately 88% ( 88 % ) of the recorded liability related to asserted claims , and approximately 12% ( 12 % ) related to unasserted claims at december 31 , 2008 . because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from .
Question: what percentage of total minimum lease payments are operating leases? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
24064.0 | Context:synopsys , inc . notes to consolidated financial statements 2014continued the company has the following tax loss and credit carryforwards available to offset future income tax liabilities : carryforward amount expiration ( in thousands ) .
|carryforward|amount ( in thousands )|expirationdate|
|federal net operating loss carryforward|$ 57265|2018-2034|
|federal research credit carryforward|78599|2019-2036|
|federal foreign tax credit carryforward|2081|2019-2022|
|international foreign tax credit carryforward|13351|indefinite|
|california research credit carryforward|169038|indefinite|
|other state research credit carryforward|7482|2023-2032|
|state net operating loss carryforward|33201|2024-2035|
the federal and state net operating loss carryforward is from acquired companies and the annual use of such loss is subject to significant limitations under internal revenue code section 382 . foreign tax credits may only be used to offset tax attributable to foreign source income . the federal research tax credit was permanently reinstated in fiscal 2016 . the company adopted asu 2016-09 in the first quarter of fiscal 2017 . the company recorded all income tax effects of share-based awards in its provision for income taxes in the condensed consolidated statement of operations on a prospective basis . prior to adoption , the company did not recognize excess tax benefits from stock-based compensation as a charge to capital in excess of par value to the extent that the related tax deduction did not reduce income taxes payable . upon adoption of asu 2016-09 , the company recorded a deferred tax asset of $ 106.5 million mainly related to the research tax credit carryover , for the previously unrecognized excess tax benefits with an offsetting adjustment to retained earnings . adoption of the new standard resulted in net excess tax benefits in the provision for income taxes of $ 38.1 million for fiscal 2017 . during the fourth quarter of fiscal 2017 , the company repatriated $ 825 million from its foreign subsidiary . the repatriation was executed in anticipation of potential u.s . corporate tax reform , and the company plans to indefinitely reinvest the remainder of its undistributed foreign earnings outside the united states . the company provides for u.s . income and foreign withholding taxes on foreign earnings , except for foreign earnings that are considered indefinitely reinvested outside the u.s . as of october 31 , 2017 , there were approximately $ 598.3 million of earnings upon which u.s . income taxes of approximately $ 110.0 million have not been provided for. .
Question: what is the differnece between the federal and the state net operating loss carryforward? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
33.0 | Context:( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively . deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes . there was a decrease in deferred income tax assets principally relating to the utilization of u.s . federal alternative minimum tax credits as permitted under tax reform . deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company . of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
|in millions|2018|2017|2016|
|balance at january 1|$ -188 ( 188 )|$ -98 ( 98 )|$ -150 ( 150 )|
|( additions ) reductions based on tax positions related to current year|-7 ( 7 )|-54 ( 54 )|-4 ( 4 )|
|( additions ) for tax positions of prior years|-37 ( 37 )|-40 ( 40 )|-3 ( 3 )|
|reductions for tax positions of prior years|5|4|33|
|settlements|2|6|19|
|expiration of statutes oflimitations|2|1|5|
|currency translation adjustment|3|-7 ( 7 )|2|
|balance at december 31|$ -220 ( 220 )|$ -188 ( 188 )|$ -98 ( 98 )|
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate . the company accrues interest on unrecognized tax benefits as a component of interest expense . penalties , if incurred , are recognized as a component of income tax expense . the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities . the company frequently faces challenges regarding the amount of taxes due . these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions . pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months . the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company . the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) . after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals . the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve . the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained . the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 . international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures . under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis . the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .
Question: what is the highest value of reductions for tax positions of prior years? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.98113 | Context:on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 . the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland . during 2012 , international paper fully repaid the $ 1.2 billion term loan . international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense . at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 . financial statements and supplementary data ) . during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) . the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) . other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash . payment of restricted stock withholding taxes totaled $ 35 million . off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 . financial statements and supplementary data for discussion . liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations . additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used . the company was in compliance with all its debt covenants at december 31 , 2014 . the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities . the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . at december 31 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capital structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2014 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2014 , were as follows: .
|in millions|2015|2016|2017|2018|2019|thereafter|
|maturities of long-term debt ( a )|$ 742|$ 543|$ 71|$ 1229|$ 605|$ 6184|
|debt obligations with right of offset ( b )|2014|5202|2014|2014|2014|2014|
|lease obligations|142|106|84|63|45|91|
|purchase obligations ( c )|3266|761|583|463|422|1690|
|total ( d )|$ 4150|$ 6612|$ 738|$ 1755|$ 1072|$ 7965|
( a ) total debt includes scheduled principal payments only . ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities . accordingly , in its consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 119 million . as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities . the installment notes mature in august 2016 ( unless extended ) . the deferred .
Question: in 2014 what was the ratio of the international paper interest in other entities to debt obligation listed in the financial statements | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14031 | Context:million excluding a gain on a bargain purchase price adjustment on the acquisition of a majority share of our operations in turkey and restructuring costs ) compared with $ 53 million ( $ 72 million excluding restructuring costs ) in 2012 and $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our then joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 . sales volumes in 2013 were higher than in 2012 reflecting strong demand for packaging in the agricultural markets in morocco and turkey . in europe , sales volumes decreased slightly due to continuing weak demand for packaging in the industrial markets , and lower demand for packaging in the agricultural markets resulting from poor weather conditions . average sales margins were significantly lower due to input costs for containerboard rising ahead of box sales price increases . other input costs were also higher , primarily for energy . operating profits in 2013 and 2012 included net gains of $ 13 million and $ 10 million , respectively , for insurance settlements and italian government grants , partially offset by additional operating costs , related to the earthquakes in northern italy in may 2012 which affected our san felice box plant . entering the first quarter of 2014 , sales volumes are expected to increase slightly reflecting higher demand for packaging in the industrial markets . average sales margins are expected to gradually improve as a result of slight reductions in material costs and planned box price increases . other input costs should be about flat . brazilian industrial packaging includes the results of orsa international paper embalagens s.a. , a corrugated packaging producer in which international paper acquired a 75% ( 75 % ) share in january 2013 . net sales were $ 335 million in 2013 . operating profits in 2013 were a loss of $ 2 million ( a gain of $ 2 million excluding acquisition and integration costs ) . looking ahead to the first quarter of 2014 , sales volumes are expected to be seasonally lower than in the fourth quarter of 2013 . average sales margins should improve reflecting the partial implementation of an announced sales price increase and a more favorable product mix . operating costs and input costs are expected to be lower . asian industrial packaging net sales were $ 400 million in 2013 compared with $ 400 million in 2012 and $ 410 million in 2011 . operating profits for the packaging operations were a loss of $ 5 million in 2013 ( a loss of $ 1 million excluding restructuring costs ) compared with gains of $ 2 million in 2012 and $ 2 million in 2011 . operating profits were favorably impacted in 2013 by higher average sales margins and slightly higher sales volumes compared with 2012 , but these benefits were offset by higher operating costs . looking ahead to the first quarter of 2014 , sales volumes and average sales margins are expected to be seasonally soft . net sales for the distribution operations were $ 285 million in 2013 compared with $ 260 million in 2012 and $ 285 million in 2011 . operating profits were $ 3 million in 2013 , 2012 and 2011 . printing papers demand for printing papers products is closely correlated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2013 were about flat with both 2012 and 2011 . operating profits in 2013 were 55% ( 55 % ) lower than in 2012 and 69% ( 69 % ) lower than in 2011 . excluding facility closure costs and impairment costs , operating profits in 2013 were 15% ( 15 % ) lower than in 2012 and 40% ( 40 % ) lower than in 2011 . benefits from lower operating costs ( $ 81 million ) and lower maintenance outage costs ( $ 17 million ) were more than offset by lower average sales price realizations ( $ 38 million ) , lower sales volumes ( $ 14 million ) , higher input costs ( $ 99 million ) and higher other costs ( $ 34 million ) . in addition , operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and diligently evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . during 2014 , we have continued our evaluation and expect to conclude as to any uses for these assets during the first quarter of 2014 . operating profits also included a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
|in millions|2013|2012|2011|
|sales|$ 6205|$ 6230|$ 6215|
|operating profit|271|599|872|
north american printing papers net sales were $ 2.6 billion in 2013 , $ 2.7 billion in 2012 and $ 2.8 billion in 2011. .
Question: what was the profit margin in 2011 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.84508 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the company 2019s investments in latin america are made through individual entities which are subject to local taxes . the company assesses each entity to determine if deferred tax assets are more likely than not realizable . this assessment primarily includes an analysis of cumulative earnings and the determination of future earnings to the extent necessary to fully realize the individual deferred tax asset . based on this analysis the company has determined that a full valuation allowance is required for entities which have a three-year cumulative book loss and for which future earnings are not readily determinable . in addition , the company has determined that no valuation allowance is needed for entities that have three-years of cumulative book income and future earnings are anticipated to be sufficient to more likely than not realize their deferred tax assets . at december 31 , 2014 , the company had total deferred tax assets of $ 9.5 million relating to its latin american investments with an aggregate valuation allowance of $ 9.3 million . the company 2019s deferred tax assets in canada result principally from depreciation deducted under gaap that exceed capital cost allowances claimed under canadian tax rules . the deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles . as of december 31 , 2014 , the company determined that no valuation allowance was needed against a $ 65.5 million net deferred tax asset within krs . the company based its determination on an analysis of both positive evidence and negative evidence using its judgment as to the relative weight of each . the company believes , when evaluating krs 2019s deferred tax assets , special consideration should be given to the unique relationship between the company as a reit and krs as a taxable reit subsidiary . this relationship exists primarily to protect the reit 2019s qualification under the code by permitting , within certain limits , the reit to engage in certain business activities in which the reit cannot directly participate . as such , the reit controls which and when investments are held in , or distributed or sold from , krs . this relationship distinguishes a reit and taxable reit subsidiary from an enterprise that operates as a single , consolidated corporate taxpayer . the company will continue through this structure to operate certain business activities in krs . the company 2019s analysis of krs 2019s ability to utilize its deferred tax assets includes an estimate of future projected income . to determine future projected income , the company scheduled krs 2019s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations ( 201ccore earnings 201d ) . core earnings consist of estimated net operating income for properties currently in service and generating rental income . major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past seven years . the company can employ strategies to realize krs 2019s deferred tax assets including transferring its property management business or selling certain built-in gain assets . the company 2019s projection of krs 2019s future taxable income over twenty years , utilizing the assumptions above with respect to core earnings , net of related expenses , generates sufficient taxable income to absorb a reversal of the company 2019s deductible temporary differences , including net operating loss carryovers . based on this analysis , the company concluded it is more likely than not that krs 2019s net deferred tax asset of $ 65.5 million ( excluding net deferred tax assets of fnc discussed above ) will be realized and therefore , no valuation allowance is needed at december 31 , 2014 . if future income projections do not occur as forecasted or the company incurs additional impairment losses in excess of the amount core earnings can absorb , the company will reconsider the need for a valuation allowance . provision/ ( benefit ) differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows ( in thousands ) : .
||2014|2013|2012|
|federal provision/ ( benefit ) at statutory tax rate ( 35% ( 35 % ) )|$ 7762|$ -1697 ( 1697 )|$ 2936|
|state and local provision/ ( benefit ) net of federal benefit|1304|-205 ( 205 )|230|
|acquisition of fnc|-|-9126 ( 9126 )|-|
|other|-|229|-25 ( 25 )|
|total tax provision/ ( benefit ) 2013 u.s .|$ 9066|$ -10799 ( 10799 )|$ 3141|
.
Question: what percentage of the total tax benefits came from the acquisition of fnc? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.319 | Context:table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations . to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options . we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations . we use swaps primarily to manage our price exposure . our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors . for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges . in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes . our objective for entering into each type of hedge or trading derivative is described below . fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories . the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .
|derivative instrument|notional contract volumes by year of maturity 2012|
|crude oil and refined products:||
|futures 2013 long|15398|
|futures 2013 short|35708|
|physical contracts 2013 long|20310|
.
Question: how much more futures are short than long , in percentage? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.94636 | Context:f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 335 million during 2012 on developing and deploying ptc . we currently estimate that ptc in accordance with implementing rules issued by the federal rail administration ( fra ) will cost us approximately $ 2 billion by the end of 2015 . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other . during 2012 , we plan to continue testing the technology to evaluate its effectiveness . f0b7 financial expectations 2013 we are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels . coupled with price , on-going network improvements and operational productivity initiatives , we expect earnings that exceed 2011 earnings . results of operations operating revenues millions 2011 2010 2009 % ( % ) change 2011 v 2010 % ( % ) change 2010 v 2009 .
|millions|2011|2010|2009|% ( % ) change 2011 v 2010|% ( % ) change 2010 v 2009|
|freight revenues|$ 18508|$ 16069|$ 13373|15% ( 15 % )|20% ( 20 % )|
|other revenues|1049|896|770|17|16|
|total|$ 19557|$ 16965|$ 14143|15% ( 15 % )|20% ( 20 % )|
we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all except intermodal . increased demand in many market sectors , with particularly strong growth in chemical , industrial products , and automotive shipments for the year , generated the increases . arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains . fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , which is described below in more detail . higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges . freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors . we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments . core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc . our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.2 billion , $ 1.2 billion , and $ 605 million in 2011 , 2010 , and 2009 , respectively . higher fuel prices , volume growth , and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010 . furthermore , for certain periods during 2009 , fuel prices dropped below the base at which our mileage-based fuel surcharge begins , which resulted in no fuel surcharge recovery for associated shipments during those periods . additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs . in 2011 , other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services. .
Question: what percentage of total revenue in 2011 was freight revenue? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.0562 | Context:levels during 2008 , an indication that efforts to improve network operations translated into better customer service . 2022 fuel prices 2013 crude oil prices increased at a steady rate through the first seven months of 2008 , closing at a record high of $ 145.29 a barrel in early july . as the economy worsened during the third and fourth quarters , fuel prices dropped dramatically , hitting $ 33.87 per barrel in december , a near five-year low . despite these price declines toward the end of the year , our 2008 average fuel price increased by 39% ( 39 % ) and added $ 1.1 billion of operating expenses compared to 2007 . our fuel surcharge programs helped offset the impact of higher fuel prices . in addition , we reduced our consumption rate by 4% ( 4 % ) , saving approximately 58 million gallons of fuel during the year . the use of newer , more fuel efficient locomotives ; our fuel conservation programs ; improved network operations ; and a shift in commodity mix , primarily due to growth in bulk shipments , contributed to the improvement . 2022 free cash flow 2013 cash generated by operating activities totaled a record $ 4.1 billion , yielding free cash flow of $ 825 million in 2008 . free cash flow is defined as cash provided by operating activities , less cash used in investing activities and dividends paid . free cash flow is not considered a financial measure under accounting principles generally accepted in the united states ( gaap ) by sec regulation g and item 10 of sec regulation s-k . we believe free cash flow is important in evaluating our financial performance and measures our ability to generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions of dollars 2008 2007 2006 .
|millions of dollars|2008|2007|2006|
|cash provided by operating activities|$ 4070|$ 3277|$ 2880|
|cash used in investing activities|-2764 ( 2764 )|-2426 ( 2426 )|-2042 ( 2042 )|
|dividends paid|-481 ( 481 )|-364 ( 364 )|-322 ( 322 )|
|free cash flow|$ 825|$ 487|$ 516|
2009 outlook 2022 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the public . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , and training and engaging our employees . we plan to continue implementation of total safety culture ( tsc ) throughout our operations . tsc , an employee-focused initiative that has helped improve safety , is a process designed to establish , maintain , and promote safety among co-workers . with respect to public safety , we will continue our efforts to maintain , upgrade , and close crossings , install video cameras on locomotives , and educate the public about crossing safety through various railroad and industry programs , along with other activities . 2022 transportation plan 2013 in 2009 , we will continue to evaluate traffic flows and network logistic patterns to identify additional opportunities to simplify operations and improve network efficiency and asset utilization . we plan to maintain adequate manpower and locomotives , and improve productivity using industrial engineering techniques . 2022 fuel prices 2013 on average , we expect fuel prices to decrease substantially from the average price we paid in 2008 . however , due to economic uncertainty , other global pressures , and weather incidents , fuel prices again could be volatile during the year . to reduce the impact of fuel price on earnings , we .
Question: what was the percentage change in free cash flow from 2006 to 2007? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.06263 | Context:38 2015 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in 201cinvestments 201d in the accompanying consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed resulting from the allocation of the purchase price related to business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed as incurred and totaled $ 324 million , $ 297 million and $ 235 million in 2015 , 2014 and 2013 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred. .
|( $ in millions )|2015|2014|2013|
|research and development 2013 total|$ 505|$ 509|$ 479|
|less depreciation on research facilities|19|17|16|
|research and development net|$ 486|$ 492|$ 463|
legal costs legal costs , primarily include costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes , are charged to expense as incurred . foreign currency translation the functional currency of most significant non-u.s . operations is their local currency . assets and liabilities of those operations are translated into u.s . dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period . unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity . cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less . short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year . the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows . marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .
Question: what was the percentage change in research and development 2013 total from 2013 to 2014? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
8.0 | Context:value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2005 and 2004 . gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively . gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively . gross realized gains for 2003 were $ 1249000 . there were no gross realized losses for 2003 . maturities stated are effective maturities . f . restricted cash at december 31 , 2005 and 2004 , the company held $ 41482000 and $ 49847000 , respectively , in restricted cash . at december 31 , 2005 and 2004 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company's landlords pursuant to certain operating lease agreements . g . property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation expense for the years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively . in 2005 and 2004 , the company wrote off certain assets that were fully depreciated and no longer utilized . there was no effect on the company's net property and equipment . additionally , the company wrote off or sold certain assets that were not fully depreciated . the net loss on disposal of those assets was $ 344000 for 2005 and $ 43000 for 2004 . h . investments in accordance with the company's policy , as outlined in note b , "accounting policies" the company assessed its investment in altus pharmaceuticals , inc . ( "altus" ) , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the company to write down the investment basis of the asset , as of december 31 , 2005 and december 31 , 2004 . the company's cost basis carrying value in its outstanding equity and warrants of altus was $ 18863000 at december 31 , 2005 and 2004. .
||2005|2004|
|furniture and equipment|$ 98387|$ 90893|
|leasehold improvements|66318|65294|
|computers|18971|18421|
|software|18683|16411|
|total property and equipment gross|202359|191019|
|less accumulated depreciation and amortization|147826|126794|
|total property and equipment net|$ 54533|$ 64225|
.
Question: what was the ratio of the net loss on the disposal of the unfully depreciated assets in 2005 compared 2004 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.89838 | Context:ilim holding s.a . shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a . joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners . this agreement provides that at any time , either the company or its partners may commence procedures specified under the deadlock agreement . if these or any other deadlock procedures under the shareholder's agreement are commenced , although it is not obligated to do so , the company may in certain situations choose to purchase its partners' 50% ( 50 % ) interest in ilim . any such transaction would be subject to review and approval by russian and other relevant anti-trust authorities . based on the provisions of the agreement , the company estimates that the current purchase price for its partners' 50% ( 50 % ) interests would be approximately $ 1.5 billion , which could be satisfied by payment of cash or international paper common stock , or some combination of the two , at the company's option . the purchase by the company of its partners 2019 50% ( 50 % ) interest in ilim would result in the consolidation of ilim's financial position and results of operations in all subsequent periods . the parties have informed each other that they have no current intention to commence procedures specified under the deadlock provisions of the shareholder 2019s agreement . critical accounting policies and significant accounting estimates the preparation of financial statements in conformity with accounting principles generally accepted in the united states requires international paper to establish accounting policies and to make estimates that affect both the amounts and timing of the recording of assets , liabilities , revenues and expenses . some of these estimates require judgments about matters that are inherently uncertain . accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include the accounting for contingencies , impairment or disposal of long-lived assets and goodwill , pensions and postretirement benefit obligations , stock options and income taxes . the company has discussed the selection of critical accounting policies and the effect of significant estimates with the audit and finance committee of the company 2019s board of directors . contingent liabilities accruals for contingent liabilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated . liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel . liabilities for environmental matters require evaluations of relevant environmental regulations and estimates of future remediation alternatives and costs . impairment of long-lived assets and goodwill an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through cash flows from future operations . a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value . assessments of possible impairments of long-lived assets and goodwill are made when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable through future operations . additionally , testing for possible impairment of goodwill and intangible asset balances is required annually . the amount and timing of any impairment charges based on these assessments require the estimation of future cash flows and the fair market value of the related assets based on management 2019s best estimates of certain key factors , including future selling prices and volumes , operating , raw material , energy and freight costs , and various other projected operating economic factors . as these key factors change in future periods , the company will update its impairment analyses to reflect its latest estimates and projections . under the provisions of accounting standards codification ( asc ) 350 , 201cintangibles 2013 goodwill and other , 201d the testing of goodwill for possible impairment is a two-step process . in the first step , the fair value of the company 2019s reporting units is compared with their carrying value , including goodwill . if fair value exceeds the carrying value , goodwill is not considered to be impaired . if the fair value of a reporting unit is below the carrying value , then step two is performed to measure the amount of the goodwill impairment loss for the reporting unit . this analysis requires the determination of the fair value of all of the individual assets and liabilities of the reporting unit , including any currently unrecognized intangible assets , as if the reporting unit had been purchased on the analysis date . once these fair values have been determined , the implied fair value of the unit 2019s goodwill is calculated as the excess , if any , of the fair value of the reporting unit determined in step one over the fair value of the net assets determined in step two . the carrying value of goodwill is then reduced to this implied value , or to zero if the fair value of the assets exceeds the fair value of the reporting unit , through a goodwill impairment charge . the impairment analysis requires a number of judgments by management . in calculating the estimated fair value of its reporting units in step one , a total debt-to-capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calculation also excludes accumulated other comprehensive income/loss and nonrecourse financial liabilities of special purpose entities . the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . the company was in compliance with all its debt covenants at december 31 , 2016 and was well below the thresholds stipulated under the covenants as defined in the credit agreements . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capital structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2016 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2016 , were as follows: .
|in millions|2017|2018|2019|2020|2021|thereafter|
|maturities of long-term debt ( a )|$ 239|$ 690|$ 433|$ 179|$ 612|$ 9161|
|lease obligations|119|91|69|51|38|125|
|purchase obligations ( b )|3165|635|525|495|460|2332|
|total ( c )|$ 3523|$ 1416|$ 1027|$ 725|$ 1110|$ 11618|
( a ) total debt includes scheduled principal payments only . ( b ) includes $ 2 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . also includes $ 1.1 billion relating to fiber supply agreements assumed in conjunction with the 2016 acquisition of weyerhaeuser's pulp business . ( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 77 million . we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2016 , to be indefinitely reinvested and , accordingly , no u.s . income taxes have been provided thereon . as of december 31 , 2016 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 620 million . we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements . pension obligations and funding at december 31 , 2016 , the projected benefit obligation for the company 2019s u.s . defined benefit plans determined under u.s . gaap was approximately $ 3.4 billion higher than the fair value of plan assets . approximately $ 3.0 billion of this amount relates to plans that are subject to minimum funding requirements . under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes . in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s . congress which provided for pension funding relief and technical corrections . funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level . the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million for both years ended december 31 , 2016 and 2015 . at this time , we do not expect to have any required contributions to our plans in 2017 , although the company may elect to make future voluntary contributions . the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates . international paper announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment . the amount of total payments under this program was approximately $ 1.2 billion , and were made from plan trust assets on june 30 , 2016 . based on the level of payments made , settlement accounting rules applied and resulted in a plan remeasurement as of the june 30 , 2016 payment date . as a result of settlement accounting , the company recognized a pro-rata portion of the unamortized net actuarial loss , after remeasurement , resulting in a $ 439 million non-cash charge to the company's earnings in the second quarter of 2016 . additional payments of $ 8 million and $ 9 million were made during the third and fourth quarters , respectively , due to mandatory cash payouts and a small lump sum payout , and the pension plan was subsequently remeasured at september 30 , 2016 and december 31 , 2016 . as a result of settlement accounting , the company recognized non-cash settlement charges of $ 3 million in both the third and fourth quarters of 2016. .
Question: in 2016 what was the percent of the contractual obligations for future payments for purchase obligations due in 2017 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.18936 | Context:in june 2011 , the fasb issued asu no . 2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements . in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income . this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity . the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income . the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 . the company adopted this guidance in the first quarter of 2012 . the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements . 3 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years . the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively . as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories . the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method . product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively . inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .
||december 292012|december 312011|
|inventories at fifo net|$ 2182419|$ 1941055|
|adjustments to state inventories at lifo|126190|102103|
|inventories at lifo net|$ 2308609|$ 2043158|
inventory quantities are tracked through a perpetual inventory system . the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations . in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory . reserves advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .
Question: what percent did the inventories at lifo net increase from the beginning of 2011 to the end of 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
84.0 | Context:10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc verdicts have been appealed , there remains a risk that such relief may not be obtainable in all cases . this risk has been substantially reduced given that 47 states and puerto rico limit the dollar amount of bonds or require no bond at all . as discussed below , however , tobacco litigation plaintiffs have challenged the constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well . such challenges may include the applicability of state bond caps in federal court . states , including florida , may also seek to repeal or alter bond cap statutes through legislation . although altria group , inc . cannot predict the outcome of such challenges , it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges . altria group , inc . and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated . at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , except to the extent discussed elsewhere in this note 18 . contingencies : ( i ) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any . litigation defense costs are expensed as incurred . altria group , inc . and its subsidiaries have achieved substantial success in managing litigation . nevertheless , litigation is subject to uncertainty and significant challenges remain . it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation . altria group , inc . and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts . each of the companies has defended , and will continue to defend , vigorously against litigation challenges . however , altria group , inc . and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc . to do so . overview of altria group , inc . and/or pm usa tobacco- related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco-related litigation described below . plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below . the table below lists the number of certain tobacco-related cases pending in the united states against pm usa and , in some instances , altria group , inc . as of december 31 , 2017 , 2016 and .
||2017|2016|2015|
|individual smoking and health cases ( 1 )|92|70|65|
|smoking and health class actions and aggregated claims litigation ( 2 )|4|5|5|
|health care cost recovery actions ( 3 )|1|1|1|
|201clights/ultra lights 201d class actions|3|8|11|
( 1 ) does not include 2414 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) . the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) . the terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages , but prohibited them from seeking punitive damages . also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) . ( 2 ) includes as one case the 30 civil actions that were to be tried in six consolidated trials in west virginia ( in re : tobacco litigation ) . pm usa is a defendant in nine of the 30 cases . the parties have agreed to resolve the cases for an immaterial amount and have so notified the court . ( 3 ) see health care cost recovery litigation - federal government 2019s lawsuit below . international tobacco-related cases : as of january 29 , 2018 , pm usa is a named defendant in 10 health care cost recovery actions in canada , eight of which also name altria group , inc . as a defendant . pm usa and altria group , inc . are also named defendants in seven smoking and health class actions filed in various canadian provinces . see guarantees and other similar matters below for a discussion of the distribution agreement between altria group , inc . and pmi that provides for indemnities for certain liabilities concerning tobacco products. .
Question: what are the total number of pending tobacco-related cases in united states in 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
17966.0 | Context:included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months . prior to the adoption of these provisions , these amounts were included in current income tax payable . the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions . the condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions . due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions . the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009. .
|balance november 3 2007|$ 9889|
|additions for tax positions of current year|3861|
|balance november 1 2008|13750|
|additions for tax positions of current year|4411|
|balance october 31 2009|$ 18161|
fiscal year 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 . on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years . the company has recorded taxes and penalties related to certain of these proposed adjustments . there are four items with an additional potential total tax liability of $ 46 million . the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability . therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers . the company 2019s initial meetings with the appellate division of the irs were held during fiscal year 2009 . two of the unresolved matters are one-time issues and pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act . the other matters pertain to the computation of research and development ( r&d ) tax credits and the profits earned from manufacturing activities carried on outside the united states . these latter two matters could impact taxes payable for fiscal 2004 and 2005 as well as for subsequent years . fiscal year 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 . the irs and the company have agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns . however , no agreement was reached on the tax treatment of a number of issues , including the same r&d credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) , and the deductibility of certain stock option compensation expenses . during the third quarter of fiscal 2009 , the irs issued its report for fiscal 2006 and fiscal 2007 , which included proposed adjustments related to these two fiscal years . the company has recorded taxes and penalties related to certain of these proposed adjustments . there are four items with an additional potential total tax liability of $ 195 million . the company concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability . therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers . with the exception of the analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .
Question: what would be the balance if the company suffered the potential total tax liability of the 2006 and 2007 irs examination? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
30.0 | Context:other corporate special items in addition , other pre-tax corporate special items totaling $ 30 million , $ 0 million and $ 8 million were recorded in 2018 , 2017 and 2016 , respectively . details of these charges were as follows : other corporate items .
|in millions|2018|2017|2016|
|smurfit-kappa acquisition proposal costs|$ 12|$ 2014|$ 2014|
|environmental remediation reserve adjustment|9|2014|2014|
|legal settlement|9|2014|2014|
|write-off of certain regulatory pre-engineering costs|2014|2014|8|
|total|$ 30|$ 2014|$ 8|
impairments of goodwill no goodwill impairment charges were recorded in 2018 , 2017 or 2016 . net losses on sales and impairments of businesses net losses on sales and impairments of businesses included in special items totaled a pre-tax loss of $ 122 million in 2018 related to the impairment of an intangible asset and fixed assets in the brazil packaging business , a pre-tax loss of $ 9 million in 2017 related to the write down of the long-lived assets of the company's asia foodservice business to fair value and a pre-tax loss of $ 70 million related to severance and the impairment of the ip asia packaging business in 2016 . see note 8 divestitures and impairments on pages 54 and 55 of item 8 . financial statements and supplementary data for further discussion . description of business segments international paper 2019s business segments discussed below are consistent with the internal structure used to manage these businesses . all segments are differentiated on a common product , common customer basis consistent with the business segmentation generally used in the forest products industry . industrial packaging international paper is the largest manufacturer of containerboard in the united states . our u.s . production capacity is over 13 million tons annually . our products include linerboard , medium , whitetop , recycled linerboard , recycled medium and saturating kraft . about 80% ( 80 % ) of our production is converted into corrugated boxes and other packaging by our 179 north american container plants . additionally , we recycle approximately one million tons of occ and mixed and white paper through our 18 recycling plants . our container plants are supported by regional design centers , which offer total packaging solutions and supply chain initiatives . in emea , our operations include one recycled fiber containerboard mill in morocco , a recycled containerboard mill in spain and 26 container plants in france , italy , spain , morocco and turkey . in brazil , our operations include three containerboard mills and four box plants . international paper also produces high quality coated paperboard for a variety of packaging end uses with 428000 tons of annual capacity at our mills in poland and russia . global cellulose fibers our cellulose fibers product portfolio includes fluff , market and specialty pulps . international paper is the largest producer of fluff pulp which is used to make absorbent hygiene products like baby diapers , feminine care , adult incontinence and other non-woven products . our market pulp is used for tissue and paper products . we continue to invest in exploring new innovative uses for our products , such as our specialty pulps , which are used for non-absorbent end uses including textiles , filtration , construction material , paints and coatings , reinforced plastics and more . our products are made in the united states , canada , france , poland , and russia and are sold around the world . international paper facilities have annual dried pulp capacity of about 4 million metric tons . printing papers international paper is one of the world 2019s largest producers of printing and writing papers . the primary product in this segment is uncoated papers . this business produces papers for use in copiers , desktop and laser printers and digital imaging . end-use applications include advertising and promotional materials such as brochures , pamphlets , greeting cards , books , annual reports and direct mail . uncoated papers also produces a variety of grades that are converted by our customers into envelopes , tablets , business forms and file folders . uncoated papers are sold under private label and international paper brand names that include hammermill , springhill , williamsburg , postmark , accent , great white , chamex , ballet , rey , pol , and svetocopy . the mills producing uncoated papers are located in the united states , france , poland , russia , brazil and india . the mills have uncoated paper production capacity of over 4 million tons annually . brazilian operations function through international paper do brasil , ltda , which owns or manages approximately 329000 acres of forestlands in brazil. .
Question: considering the other corporate special items in addition , what is the variation observed in the other pre-tax corporate special items during 2017 and 2018 , in millions of dollars? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.75627 | Context:five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dow jones , and the s&p 500 . the graph assumes that the value of the investment in the common stock of union pacific corporation and each index was $ 100 on december 31 , 2002 , and that all dividends were reinvested . comparison of five-year cumulative return 2002 2003 2004 2005 2006 2007 upc s&p 500 peer group dj trans purchases of equity securities 2013 during 2007 , we repurchased 13266070 shares of our common stock at an average price of $ 115.66 . during the first nine months of 2007 , we repurchased 10639916 shares of our common stock at an average price per share of $ 112.68 . the following table presents common stock repurchases during each month for the fourth quarter of 2007 : period number of shares purchased average paid per total number of shares purchased as part of a publicly announced plan or program maximum number of shares that may yet be purchased under the plan or program .
|period|totalnumber ofsharespurchased[a]|averagepricepaid pershare|total number of sharespurchased as part of apublicly announcedplan orprogram|maximum number ofshares that may yetbe purchased underthe plan orprogram[b]|
|oct . 1 through oct . 31|99782|$ 128.78|-|9774279|
|nov . 1 through nov . 30|540294|124.70|528000|9246279|
|dec . 1 through dec . 31|1986078|128.53|1869800|7376479|
|total|2626154|$ 127.75|2397800|n/a|
[a] total number of shares purchased during the quarter includes 228354 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on january 30 , 2007 , our board of directors authorized us to repurchase up to 20 million shares of our common stock through december 31 , 2009 . we may make these repurchases on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
Question: what percentage of the total number of shares purchased were purchased in december? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.01333 | Context: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 .
Question: what was the percentage difference of earnings per share 2013 basic pro forma compared to earnings per share 2013 diluted pro forma in 2004? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.57967 | Context:contracts as of december 31 , 2006 , which all mature in 2007 . forward contract notional amounts presented below are expressed in the stated currencies ( in thousands ) . forward currency contracts: .
||( pay ) /receive|
|u.s . dollars|-114000 ( 114000 )|
|euros|-4472 ( 4472 )|
|singapore dollars|37180|
|canadian dollars|81234|
|malaysian ringgits|85963|
a movement of 10% ( 10 % ) in the value of the u.s . dollar against foreign currencies would impact our expected net earnings by approximately $ 0.1 million . item 8 . financial statements and supplementary data the financial statements and supplementary data required by this item are included herein , commencing on page f-1 . item 9 . changes in and disagreements with accountants on accounting and financial disclosure item 9a . controls and procedures ( a ) evaluation of disclosure controls and procedures our management , with the participation of our chief executive officer and chief financial officer , evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report . based on that evaluation , the chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the securities exchange act of 1934 is ( i ) recorded , processed , summarized and reported within the time periods specified in the sec 2019s rules and forms and ( ii ) accumulated and communicated to our management , including the chief executive officer and chief financial officer , as appropriate to allow timely decisions regarding disclosure . a controls system cannot provide absolute assurance , however , that the objectives of the controls system are met , and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud , if any , within a company have been detected . ( b ) management 2019s report on internal control over financial reporting our management 2019s report on internal control over financial reporting is set forth on page f-2 of this annual report on form 10-k and is incorporated by reference herein . ( c ) change in internal control over financial reporting no change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting . item 9b . other information .
Question: what is a rough estimate of the ratio of securities given to securities received? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14667 | Context:through current cash balances and cash from oper- ations . additionally , the company has existing credit facilities totaling $ 2.5 billion . the company was in compliance with all its debt covenants at december 31 , 2012 . the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calcu- lation also excludes accumulated other compre- hensive income/loss and nonrecourse financial liabilities of special purpose entities . the total debt- to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . at december 31 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capi- tal structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 , were as follows: .
|in millions|2013|2014|2015|2016|2017|thereafter|
|maturities of long-term debt ( a )|$ 444|$ 708|$ 479|$ 571|$ 216|$ 7722|
|debt obligations with right of offset ( b )|2014|2014|2014|5173|2014|2014|
|lease obligations|198|136|106|70|50|141|
|purchase obligations ( c )|3213|828|722|620|808|2654|
|total ( d )|$ 3855|$ 1672|$ 1307|$ 6434|$ 1074|$ 10517|
( a ) total debt includes scheduled principal payments only . ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities . accordingly , in its con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax bene- fits of approximately $ 620 million . we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s . income taxes have been provided thereon . as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million . we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements . pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s . defined benefit plans determined under u.s . gaap was approximately $ 4.1 billion higher than the fair value of plan assets . approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments . under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes . in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s . congress which provided for pension funding relief and technical corrections . funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level . the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively . at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions . the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates . ilim holding s.a . shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a . joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners . this agreement provides that at .
Question: what was the ratio of the company discretionary contributions a to the retirement plan for 2012 compared to 2011 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
759.0 | Context:business subsequent to the acquisition . the liabilities for these payments are classified as level 3 liabilities because the related fair value measurement , which is determined using an income approach , includes significant inputs not observable in the market . financial assets and liabilities not measured at fair value our debt is reflected on the consolidated balance sheets at cost . based on market conditions as of december 31 , 2018 and 2017 , the fair value of our credit agreement borrowings reasonably approximated the carrying values of $ 1.7 billion and $ 2.0 billion , respectively . in addition , based on market conditions , the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 , respectively . as of december 31 , 2018 and december 31 , 2017 , the fair values of the u.s . notes ( 2023 ) were approximately $ 574 million and $ 615 million , respectively , compared to a carrying value of $ 600 million at each date . as of december 31 , 2018 and december 31 , 2017 , the fair values of the euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million , respectively . as of december 31 , 2018 , the fair value of the euro notes ( 2026/28 ) approximated the carrying value of $ 1.1 billion . the fair value measurements of the borrowings under our credit agreement and receivables facility are classified as level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market , including interest rates on recent financing transactions with similar terms and maturities . we estimated the fair value by calculating the upfront cash payment a market participant would require at december 31 , 2018 to assume these obligations . the fair value of our u.s . notes ( 2023 ) is classified as level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market . the fair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) are determined based upon observable market inputs including quoted market prices in markets that are not active , and therefore are classified as level 2 within the fair value hierarchy . note 13 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2018 are as follows ( in thousands ) : years ending december 31: .
|2019|$ 294269|
|2020|256172|
|2021|210632|
|2022|158763|
|2023|131518|
|thereafter|777165|
|future minimum lease payments|$ 1828519|
rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2018 , our portion of the guaranteed residual value would have totaled approximately $ 76 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies we have certain contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .
Question: what was the cumulative total rental expense for operating leases from 2016 to 2018 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.43178 | Context:part a0iii item a010 . directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 . of this report . for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k . item a011 . executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a012 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures . item a013 . certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a014 . principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .
|plan category|number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 1 ) ( a ) ( b )|weighted-averageexercise price ofoutstanding options warrants and rights|number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )|
|equity compensation plans approved by security holders|1471449|$ 136.62|3578241|
part a0iii item a010 . directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 . of this report . for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k . item a011 . executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a012 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures . item a013 . certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference . item a014 . principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .
Question: what is the ratio of securities remaining to securities issued? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-96.0 | Context:2017 form 10-k | 115 and $ 1088 million , respectively , were primarily comprised of loans to dealers , and the spc 2019s liabilities of $ 1106 million and $ 1087 million , respectively , were primarily comprised of commercial paper . the assets of the spc are not available to pay cat financial 2019s creditors . cat financial may be obligated to perform under the guarantee if the spc experiences losses . no loss has been experienced or is anticipated under this loan purchase agreement . cat financial is party to agreements in the normal course of business with selected customers and caterpillar dealers in which they commit to provide a set dollar amount of financing on a pre- approved basis . they also provide lines of credit to certain customers and caterpillar dealers , of which a portion remains unused as of the end of the period . commitments and lines of credit generally have fixed expiration dates or other termination clauses . it has been cat financial 2019s experience that not all commitments and lines of credit will be used . management applies the same credit policies when making commitments and granting lines of credit as it does for any other financing . cat financial does not require collateral for these commitments/ lines , but if credit is extended , collateral may be required upon funding . the amount of the unused commitments and lines of credit for dealers as of december 31 , 2017 and 2016 was $ 10993 million and $ 12775 million , respectively . the amount of the unused commitments and lines of credit for customers as of december 31 , 2017 and 2016 was $ 3092 million and $ 3340 million , respectively . our product warranty liability is determined by applying historical claim rate experience to the current field population and dealer inventory . generally , historical claim rates are based on actual warranty experience for each product by machine model/engine size by customer or dealer location ( inside or outside north america ) . specific rates are developed for each product shipment month and are updated monthly based on actual warranty claim experience. .
|( millions of dollars )|2017|2016|
|warranty liability january 1|$ 1258|$ 1354|
|reduction in liability ( payments )|-860 ( 860 )|-909 ( 909 )|
|increase in liability ( new warranties )|1021|813|
|warranty liability december 31|$ 1419|$ 1258|
22 . environmental and legal matters the company is regulated by federal , state and international environmental laws governing our use , transport and disposal of substances and control of emissions . in addition to governing our manufacturing and other operations , these laws often impact the development of our products , including , but not limited to , required compliance with air emissions standards applicable to internal combustion engines . we have made , and will continue to make , significant research and development and capital expenditures to comply with these emissions standards . we are engaged in remedial activities at a number of locations , often with other companies , pursuant to federal and state laws . when it is probable we will pay remedial costs at a site , and those costs can be reasonably estimated , the investigation , remediation , and operating and maintenance costs are accrued against our earnings . costs are accrued based on consideration of currently available data and information with respect to each individual site , including available technologies , current applicable laws and regulations , and prior remediation experience . where no amount within a range of estimates is more likely , we accrue the minimum . where multiple potentially responsible parties are involved , we consider our proportionate share of the probable costs . in formulating the estimate of probable costs , we do not consider amounts expected to be recovered from insurance companies or others . we reassess these accrued amounts on a quarterly basis . the amount recorded for environmental remediation is not material and is included in accrued expenses . we believe there is no more than a remote chance that a material amount for remedial activities at any individual site , or at all the sites in the aggregate , will be required . on january 7 , 2015 , the company received a grand jury subpoena from the u.s . district court for the central district of illinois . the subpoena requests documents and information from the company relating to , among other things , financial information concerning u.s . and non-u.s . caterpillar subsidiaries ( including undistributed profits of non-u.s . subsidiaries and the movement of cash among u.s . and non-u.s . subsidiaries ) . the company has received additional subpoenas relating to this investigation requesting additional documents and information relating to , among other things , the purchase and resale of replacement parts by caterpillar inc . and non-u.s . caterpillar subsidiaries , dividend distributions of certain non-u.s . caterpillar subsidiaries , and caterpillar sarl and related structures . on march 2-3 , 2017 , agents with the department of commerce , the federal deposit insurance corporation and the internal revenue service executed search and seizure warrants at three facilities of the company in the peoria , illinois area , including its former corporate headquarters . the warrants identify , and agents seized , documents and information related to , among other things , the export of products from the united states , the movement of products between the united states and switzerland , the relationship between caterpillar inc . and caterpillar sarl , and sales outside the united states . it is the company 2019s understanding that the warrants , which concern both tax and export activities , are related to the ongoing grand jury investigation . the company is continuing to cooperate with this investigation . the company is unable to predict the outcome or reasonably estimate any potential loss ; however , we currently believe that this matter will not have a material adverse effect on the company 2019s consolidated results of operations , financial position or liquidity . on march 20 , 2014 , brazil 2019s administrative council for economic defense ( cade ) published a technical opinion which named 18 companies and over 100 individuals as defendants , including two subsidiaries of caterpillar inc. , mge - equipamentos e servi e7os ferrovi e1rios ltda . ( mge ) and caterpillar brasil ltda . the publication of the technical opinion opened cade 2019s official administrative investigation into allegations that the defendants participated in anticompetitive bid activity for the construction and maintenance of metro and train networks in brazil . while companies cannot be .
Question: what is the net change in warranty liability during 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.83333 | Context:the use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 temple-inland timberlands sales . the company recognized an $ 840 million deferred tax liability in connection with the 2007 sales , which will be settled with the maturity of the notes in in october 2007 , temple-inland sold 1.55 million acres of timberlands for $ 2.38 billion . the total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities . the notes are shown in financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit ratings on their long-term debt . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion . as of december 31 , 2014 and 2013 , the fair value of the notes was $ 2.27 billion and $ 2.62 billion , respectively . these notes are classified as level 2 within the fair value hierarchy , which is further defined in note 14 . in december 2007 , temple-inland's two wholly-owned special purpose entities borrowed $ 2.14 billion shown in nonrecourse financial liabilities of special purpose entities in the accompanying consolidated balance sheet . the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the company . the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $ 2.03 billion . as of december 31 , 2014 and 2013 , the fair value of this debt was $ 2.16 billion and $ 2.49 billion , respectively . this debt is classified as level 2 within the fair value hierarchy , which is further defined in note 14 . during 2012 , the credit ratings for two letter of credit banks that support $ 1.0 billion of the 2007 monetized notes were downgraded below the specified threshold . these letters of credit were successfully replaced by other qualifying institutions . fees of $ 8 million were incurred in connection with these replacements . activity between the company and the 2007 financing entities was as follows: .
|in millions|2014|2013|2012|
|revenue ( loss ) ( a )|$ 26|$ 27|$ 28|
|expense ( b )|25|29|28|
|cash receipts ( c )|7|8|12|
|cash payments ( d )|18|21|22|
( a ) the revenue is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 19 million , $ 19 million and $ 17 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion income for the amortization of the purchase accounting adjustment of the financial assets of special purpose entities . ( b ) the expense is included in interest expense , net in the accompanying consolidated statement of operations and includes $ 7 million , $ 7 million and $ 6 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion expense for the amortization of the purchase accounting adjustment on the nonrecourse financial liabilities of special purpose entities . ( c ) the cash receipts are interest received on the financial assets of special purpose entities . ( d ) the cash payments are interest paid on nonrecourse financial liabilities of special purpose entities . preferred securities of subsidiaries in march 2003 , southeast timber , inc . ( southeast timber ) , a consolidated subsidiary of international paper , issued $ 150 million of preferred securities to a private investor with future dividend payments based on libor . southeast timber , which through a subsidiary initially held approximately 1.50 million acres of forestlands in the southern united states , was international paper 2019s primary vehicle for sales of southern forestlands . as of december 31 , 2014 , substantially all of these forestlands have been sold . on march 27 , 2013 , southeast timber redeemed its class a common shares owned by the private investor for $ 150 million . distributions paid to the third-party investor were $ 1 million and $ 6 million in 2013 and 2012 , respectively . the expense related to these preferred securities is shown in net earnings ( loss ) attributable to noncontrolling interests in the accompanying consolidated statement of operations . note 13 debt and lines of credit during the second quarter of 2014 , international paper issued $ 800 million of 3.65% ( 3.65 % ) senior unsecured notes with a maturity date in 2024 and $ 800 million of 4.80% ( 4.80 % ) senior unsecured notes with a maturity date in 2044 . the proceeds from this borrowing were used to repay approximately $ 960 million of notes with interest rates ranging from 7.95% ( 7.95 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2019 . pre-tax early debt retirement costs of $ 262 million related to these debt repayments , including $ 258 million of cash premiums , are included in restructuring and other charges in the .
Question: based on the review of the activity between the company and the 2007 financing entities what was the ratio of the cash payments to cash receipts in 2012 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.50868 | Context:generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012 .
|millions|2014|2013|2012|
|cash provided by operating activities|$ 7385|$ 6823|$ 6161|
|cash used in investing activities|-4249 ( 4249 )|-3405 ( 3405 )|-3633 ( 3633 )|
|dividends paid|-1632 ( 1632 )|-1333 ( 1333 )|-1146 ( 1146 )|
|free cash flow|$ 1504|$ 2085|$ 1382|
2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2015 , we will continue to add resources to support growth , improve service , and replenish our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices at the end of 2014 , there is even more uncertainty around the projections of fuel prices . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , including expenditures for ptc and 218 locomotives . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 we expect the overall u.s . economy to continue to improve at a moderate pace . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . on balance , we expect to see positive volume growth for 2015 versus the prior year . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives and the ability to leverage our resources as we improve the fluidity of our network. .
Question: what was the percentage change in free cash flow from 2012 to 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14769 | Context:note 9 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2009 are as follows ( in thousands ) : years ending december 31: .
|2010|$ 55178|
|2011|45275|
|2012|36841|
|2013|30789|
|2014|22094|
|thereafter|59263|
|future minimum lease payments|$ 249440|
rental expense for operating leases was approximately $ 57.2 million , $ 49.0 million and $ 26.6 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2009 , the guaranteed residual value would have totaled approximately $ 27.8 million . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the united states of aftermarket automotive parts that correspond to ford collision parts that are covered by a united states design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows . note 10 . business combinations on october 1 , 2009 , we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38.8 million , net of cash acquired . greenleaf is the entity through which ssi operated its late model automotive parts recycling business . we recorded a gain on bargain purchase for the greenleaf acquisition totaling $ 4.3 million , which is .
Question: in 2009 what was the percent of the total future minimum lease commitments and contingencies for operating leases that was due in 2012 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.34994 | Context:the following is a schedule of future minimum rental payments required under long-term operating leases at october 30 , 2010 : fiscal years operating leases .
|fiscal years|operating leases|
|2011|$ 21871|
|2012|12322|
|2013|9078|
|2014|6381|
|2015|5422|
|later years|30655|
|total|$ 85729|
12 . commitments and contingencies from time to time in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage and personnel and employment disputes . as to such claims and litigation , the company can give no assurance that it will prevail . the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows . 13 . retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees . the company maintains a defined contribution plan for the benefit of its eligible u.s . employees . this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation . in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation . the total expense related to the defined contribution plan for u.s . employees was $ 20.5 million in fiscal 2010 , $ 21.5 million in fiscal 2009 and $ 22.6 million in fiscal 2008 . the company also has various defined benefit pension and other retirement plans for certain non-u.s . employees that are consistent with local statutory requirements and practices . the total expense related to the various defined benefit pension and other retirement plans for certain non-u.s . employees was $ 11.7 million in fiscal 2010 , $ 10.9 million in fiscal 2009 and $ 13.9 million in fiscal 2008 . during fiscal 2009 , the measurement date of the plan 2019s funded status was changed from september 30 to the company 2019s fiscal year end . non-u.s . plan disclosures the company 2019s funding policy for its foreign defined benefit pension plans is consistent with the local requirements of each country . the plans 2019 assets consist primarily of u.s . and non-u.s . equity securities , bonds , property and cash . the benefit obligations and related assets under these plans have been measured at october 30 , 2010 and october 31 , 2009 . analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .
Question: what was the average percentage that the lease expenses decreased from 2011 to 2013 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2198000.0 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the units consisted of ( i ) approximately 81.8 million preferred a units par value $ 1.00 per unit , which pay the holder a return of 7.0% ( 7.0 % ) per annum on the preferred a par value and are redeemable for cash by the holder at any time after one year or callable by the company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% ( 10.0 % ) increase , ( ii ) 2000 class a preferred units , par value $ 10000 per unit , which pay the holder a return equal to libor plus 2.0% ( 2.0 % ) per annum on the class a preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-1 preferred par value and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock , equal to the cash redemption amount , as defined , ( iv ) 5673 class b-2 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-2 preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , and ( v ) 640001 class c downreit units , valued at an issuance price of $ 30.52 per unit which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock equal to the class c cash amount , as defined . the following units have been redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type .
|type|units redeemed|par value redeemed ( in millions )|redemption type|
|preferred a units|2200000|$ 2.2|cash|
|class a preferred units|2000|$ 20.0|cash|
|class b-1 preferred units|2438|$ 24.4|cash|
|class b-2 preferred units|5576|$ 55.8|cash/charitable contribution|
|class c downreit units|61804|$ 1.9|cash|
noncontrolling interest relating to the remaining units was $ 110.4 million and $ 113.1 million as of december 31 , 2010 and 2009 , respectively . during 2006 , the company acquired two shopping center properties located in bay shore and centereach , ny . included in noncontrolling interests was approximately $ 41.6 million , including a discount of $ 0.3 million and a fair market value adjustment of $ 3.8 million , in redeemable units ( the 201credeemable units 201d ) , issued by the company in connection with these transactions . the prop- erties were acquired through the issuance of $ 24.2 million of redeemable units , which are redeemable at the option of the holder ; approximately $ 14.0 million of fixed rate redeemable units and the assumption of approximately $ 23.4 million of non-recourse debt . the redeemable units consist of ( i ) 13963 class a units , par value $ 1000 per unit , which pay the holder a return of 5% ( 5 % ) per annum of the class a par value and are redeemable for cash by the holder at any time after april 3 , 2011 , or callable by the company any time after april 3 , 2016 , and ( ii ) 647758 class b units , valued at an issuance price of $ 37.24 per unit , which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after april 3 , 2007 , for cash or at the option of the company for common stock at a ratio of 1:1 , or callable by the company any time after april 3 , 2026 . the company is restricted from disposing of these assets , other than through a tax free transaction , until april 2016 and april 2026 for the centereach , ny , and bay shore , ny , assets , respectively . during 2007 , 30000 units , or $ 1.1 million par value , of theclass bunits were redeemed by the holder in cash at the option of the company . noncontrolling interest relating to the units was $ 40.4 million and $ 40.3 million as of december 31 , 2010 and 2009 , respectively . noncontrolling interests also includes 138015 convertible units issued during 2006 , by the company , which were valued at approxi- mately $ 5.3 million , including a fair market value adjustment of $ 0.3 million , related to an interest acquired in an office building located in albany , ny . these units are redeemable at the option of the holder after one year for cash or at the option of the company for the company 2019s common stock at a ratio of 1:1 . the holder is entitled to a distribution equal to the dividend rate of the company 2019s common stock . the company is restricted from disposing of these assets , other than through a tax free transaction , until january 2017. .
Question: what is the mathematical range of the five different classes of units redeemed , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.89307 | Context:for fiscal year 2005 , the effective tax rate includes the impact of $ 11.6 million tax expense associated with repatriation of approximately $ 185.0 million of foreign earnings under the provisions of the american jobs creation act of 2004 . for fiscal year 2004 , the effective tax rate reflects the tax benefit derived from higher earnings in low-tax jurisdictions . during fiscal year 2006 , primarily due to a tax accounting method change , there was a decrease of $ 83.2 million in the current deferred tax assets , and a corresponding increase in non-current deferred tax assets . in the third quarter of fiscal year 2006 , we changed our tax accounting method on our tax return for fiscal year 2005 with respect to the current portion of deferred revenue to follow the recognition of revenue under u.s . generally accepted accounting principles . this accounting method change , as well as other adjustments made to our taxable income upon the filing of the fiscal year 2005 tax return , resulted in an increase in our operating loss ( nol ) carryforwards . in may 2006 , the tax increase prevention and reconciliation act of 2005 was enacted , which provides a three-year exception to current u.s . taxation of certain foreign intercompany income . this provision will first apply to synopsys in fiscal year 2007 . management estimates that had such provisions been applied for fiscal 2006 , our income tax expense would have been reduced by approximately $ 3 million . in december 2006 , the tax relief and health care act of 2006 was enacted , which retroactively extended the research and development credit from january 1 , 2006 . as a result , we will record an expected increase in our fiscal 2006 research and development credit of between $ 1.5 million and $ 1.8 million in the first quarter of fiscal 2007 . revision of prior year financial statements . as part of our remediation of the material weakness in internal control over financial reporting identified in fiscal 2005 relating to accounting for income taxes we implemented additional internal control and review procedures . through such procedures , in the fourth quarter of fiscal 2006 , we identified four errors totaling $ 8.2 million which affected our income tax provision in fiscal years 2001 through 2005 . we concluded that these errors were not material to any prior year financial statements . although the errors are not material to prior periods , we elected to revise prior year financial statements to correct such errors . the fiscal periods in which the errors originated , and the resulting change in provision ( benefit ) for income taxes for each year , are reflected in the following table : year ended october 31 ( in thousands ) .
|2001|2002|2003|2004|2005|
|$ 205|$ 1833|$ 5303|$ -748 ( 748 )|$ 1636|
the errors were as follows : ( 1 ) synopsys inadvertently provided a $ 1.4 million tax benefit for the write- off of goodwill relating to an acquisition in fiscal 2002 ; ( 2 ) synopsys did not accrue interest and penalties for certain foreign tax contingency items in the amount of $ 3.2 million ; ( 3 ) synopsys made certain computational errors relating to foreign dividends of $ 2.3 million ; and ( 4 ) synopsys did not record a valuation allowance relating to certain state tax credits of $ 1.3 million . as result of this revision , non-current deferred tax assets decreased by $ 8.1 million and current taxes payable increased by $ 0.2 million . retained earnings decreased by $ 8.2 million and additional paid in capital decreased by $ 0.1 million . see item 9a . controls and procedures for a further discussion of our remediation of the material weakness . tax effects of stock awards . in november 2005 , fasb issued a staff position ( fsp ) on fas 123 ( r ) -3 , transition election related to accounting for the tax effects of share-based payment awards . effective upon issuance , this fsp describes an alternative transition method for calculating the tax effects of share-based compensation pursuant to sfas 123 ( r ) . the alternative transition method includes simplified methods to establish the beginning balance of the additional paid-in capital pool ( apic pool ) related to the tax effects of employee stock based compensation , and to determine the subsequent impact on the apic pool and the statement of cash flows of the tax effects of employee share-based compensation .
Question: what is the percentual increase in the resulting change in provision for income taxes caused by errors during 2002 and 2003? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.43429 | Context: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 .
Question: what was the ratio of the common shares whose exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date in 2008 to 2007 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.211 | Context:baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 85 the total intrinsic value of rsus ( defined as the value of the shares awarded at the current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million , respectively . the total fair value of rsus vested in 2017 was $ 19 million . as of december 31 , 2017 , there was $ 98 million of total unrecognized compensation cost related to unvested rsus , which is expected to be recognized over a weighted average period of 2.5 years . note 12 . equity common stock we are authorized to issue 2 billion shares of class a common stock , 1.25 billion shares of class b common stock and 50 million shares of preferred stock each of which have a par value of $ 0.0001 per share . on july 3 , 2017 , each share of baker hughes common stock was converted into one share of class a common stock in the company . the number of class a common stock and class b common stock shares outstanding at december 31 , 2017 is 422 million and 707 million , respectively . we have not issued any preferred stock . ge owns all the issued and outstanding class b common stock . each share of class a and class b common stock and the associated membership interest in bhge llc form a paired interest . while each share of class b common stock has equal voting rights to a share of class a common stock , it has no economic rights , meaning holders of class b common stock have no right to dividends and any assets in the event of liquidation of the company . former baker hughes stockholders immediately after the completion of the transactions received a special one-time cash dividend of $ 17.50 per share paid by the company to holders of record of the company's class a common stock . in addition , during 2017 the company declared and paid regular dividends of $ 0.17 per share and $ 0.18 per share to holders of record of the company's class a common stock during the quarters ended september 30 , 2017 and december 31 , 2017 , respectively . the following table presents the changes in number of shares outstanding ( in thousands ) : class a common class b common .
||class a common stock|class b common stock|
|balance at december 31 2016|2014|2014|
|issue of shares on business combination at july 3 2017|427709|717111|
|issue of shares upon vesting of restricted stock units ( 1 )|290|2014|
|issue of shares on exercises of stock options ( 1 )|256|2014|
|stock repurchase program ( 2 ) ( 3 )|-6047 ( 6047 )|-10126 ( 10126 )|
|balance at december 31 2017|422208|706985|
( 1 ) share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation . ( 2 ) on november 2 , 2017 , our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge . the proceeds of this repurchase are to be used by bhge to repurchase class a common stock of the company on the open market , which if fully implemented would result in the repurchase of approximately $ 1.1 billion of class a common stock . the class b common stock of the company , that is paired with repurchased common units , was repurchased by the company at par value . the $ 3 billion repurchase authorization is the aggregate authorization for repurchases of class a and class b common stock together with its paired unit . bhge llc had authorization remaining to repurchase up to approximately $ 2.5 billion of its common units from bhge and ge at december 31 , 2017 . ( 3 ) during 2017 , we repurchased and canceled 6046735 shares of class a common stock for a total of $ 187 million . we also repurchased and canceled 10126467 shares of class b common stock from ge which is paired together with common units of bhge llc for $ 314 million. .
Question: what portion of the authorized shares of class a common stock is outstanding as of december 31 , 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.65478 | Context:amount of commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016 .
|other commercial commitmentsmillions|total|amount of commitment expiration per period 2012|amount of commitment expiration per period 2013|amount of commitment expiration per period 2014|amount of commitment expiration per period 2015|amount of commitment expiration per period 2016|amount of commitment expiration per period after 2016|
|credit facilities [a]|$ 1800|$ -|$ -|$ -|$ 1800|$ -|$ -|
|receivables securitization facility [b]|600|600|-|-|-|-|-|
|guarantees [c]|325|18|8|214|12|13|60|
|standby letters of credit [d]|24|24|-|-|-|-|-|
|total commercialcommitments|$ 2749|$ 642|$ 8|$ 214|$ 1812|$ 13|$ 60|
[a] none of the credit facility was used as of december 31 , 2011 . [b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2011 , which is accounted for as debt . the full program matures in august 2012 . [c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . [d] none of the letters of credit were drawn upon as of december 31 , 2011 . off-balance sheet arrangements guarantees 2013 at december 31 , 2011 , we were contingently liable for $ 325 million in guarantees . we have recorded a liability of $ 3 million for the fair value of these obligations as of december 31 , 2011 and 2010 . we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations . the final guarantee expires in 2022 . we are not aware of any existing event of default that would require us to satisfy these guarantees . we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . other matters labor agreements 2013 in january 2010 , the nation 2019s largest freight railroads began the current round of negotiations with the labor unions . generally , contract negotiations with the various unions take place over an extended period of time . this round of negotiations was no exception . in september 2011 , the rail industry reached agreements with the united transportation union . on november 5 , 2011 , a presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve the disputes between the u.s . railroads and 11 unions that had not yet reached agreements . since then , ten unions reached agreements with the railroads , all of them generally patterned on the recommendations of the peb , and the unions subsequently ratified these agreements . the railroad industry reached a tentative agreement with the brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating the immediate threat of a national rail strike . the bmwe now will commence ratification of this tentative agreement by its members . inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies . as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts . derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements. .
Question: what percent of total commercial commitments are credit facilities? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
21.0 | Context:higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|sales|$ 6525|$ 7970|$ 7320|
|operating profit|50|103|108|
distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the difference between the highest and average value of operating profit? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
103.31 | Context:table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively . this performance graph and the related textual information are based on historical data and are not indicative of future performance . the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2006 and ending december 31 , 2011 . our peer group consists of the following nine companies that are engaged in refining operations in the u.s. : alon usa energy , inc. ; chevron corporation ; cvr energy , inc. ; exxon mobil corporation ; hess corporation ; hollyfrontier corporation ; marathon petroleum corporation ; tesoro corporation ; and western refining , inc . our peer group previously included conocophillips ; marathon oil corporation ; murphy oil corporation ; and sunoco , inc. , but they are not included in our current peer group because they have exited or are exiting refining operations in the u.s . frontier oil corporation and holly corporation are now represented in our peer group as hollyfrontier corporation. .
||12/2006|12/2007|12/2008|12/2009|12/2010|12/2011|
|valero common stock|$ 100.00|$ 137.91|$ 43.38|$ 34.60|$ 48.28|$ 44.49|
|s&p 500|100.00|105.49|66.46|84.05|96.71|98.75|
|old peer group|100.00|127.94|98.91|94.54|112.51|130.65|
|new peer group|100.00|127.92|103.60|97.91|113.09|133.47|
1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2006 . 201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2006 through december 31 , 2011. .
Question: what was the range for valero stock from 2007-2011? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
402.0 | Context:fund . employees have the ability to transfer funds from the company stock fund as they choose . the company declared matching contributions to the vertex 401 ( k ) plan as follows ( in thousands ) : q . related party transactions as of december 31 , 2005 and 2004 , the company had an interest-free loan outstanding to an officer in the amount of $ 36000 and $ 97000 , respectively , which was initially advanced in april 2002 . the loan balance is included in other assets on the consolidated balance sheets . in 2001 , the company entered into a four year consulting agreement with a director of the company for the provision of part-time consulting services over a period of four years , at the rate of $ 80000 per year commencing in january 2002 and terminating in january 2006 . r . contingencies the company has certain contingent liabilities that arise in the ordinary course of its business activities . the company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated . on december 17 , 2003 , a purported class action , marguerite sacchetti v . james c . blair et al. , was filed in the superior court of the state of california , county of san diego , naming as defendants all of the directors of aurora who approved the merger of aurora and vertex , which closed in july 2001 . the plaintiffs claim that aurora's directors breached their fiduciary duty to aurora by , among other things , negligently conducting a due diligence examination of vertex by failing to discover alleged problems with vx-745 , a vertex drug candidate that was the subject of a development program which was terminated by vertex in september 2001 . vertex has certain indemnity obligations to aurora's directors under the terms of the merger agreement between vertex and aurora , which could result in vertex liability for attorney's fees and costs in connection with this action , as well as for any ultimate judgment that might be awarded . there is an outstanding directors' and officers' liability policy which may cover a significant portion of any such liability . the defendants are vigorously defending this suit . the company believes this suit will be settled without any significant liability to vertex or the former aurora directors . s . guarantees as permitted under massachusetts law , vertex's articles of organization and bylaws provide that the company will indemnify certain of its officers and directors for certain claims asserted against them in connection with their service as an officer or director . the maximum potential amount of future payments that the company could be required to make under these indemnification provisions is unlimited . however , the company has purchased certain directors' and officers' liability insurance policies that reduce its monetary exposure and enable it to recover a portion of any future amounts paid . the company believes the estimated fair value of these indemnification arrangements is minimal . discretionary matching contributions for the year ended december 31 , $ 2894 $ 2492 $ 2237 .
||2005|2004|2003|
|discretionary matching contributions for the year ended december 31,|$ 2894|$ 2492|$ 2237|
|shares issued for the year ended december 31,|215|239|185|
|shares issuable as of the year ended december 31,|19|57|61|
.
Question: what was the change in the 2 discretionary matching contributions from 2004 to 2005 in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
19.53191 | Context:the total intrinsic value of options exercised ( i.e . the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2011 , 2010 and 2009 was $ 96.5 million , $ 29.6 million and $ 4.7 million , respectively . the total amount of proceeds received by the company from exercise of these options during fiscal 2011 , 2010 and 2009 was $ 217.4 million , $ 240.4 million and $ 15.1 million , respectively . proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 217.2 million , $ 216.1 million and $ 12.4 million for fiscal 2011 , 2010 and 2009 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans . the withholding amount is based on the company 2019s minimum statutory withholding requirement . a summary of the company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share .
||restricted stock units outstanding|weighted- average grant- date fair value per share|
|restricted stock units outstanding at october 30 2010|1265|$ 28.21|
|units granted|898|$ 34.93|
|restrictions lapsed|-33 ( 33 )|$ 24.28|
|units forfeited|-42 ( 42 )|$ 31.39|
|restricted stock units outstanding at october 29 2011|2088|$ 31.10|
as of october 29 , 2011 , there was $ 88.6 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted-average period of 1.3 years . the total grant-date fair value of shares that vested during fiscal 2011 , 2010 and 2009 was approximately $ 49.6 million , $ 67.7 million and $ 74.4 million , respectively . common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors has authorized the company to repurchase $ 5 billion of the company 2019s common stock under the program . under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 29 , 2011 , the company had repurchased a total of approximately 125.0 million shares of its common stock for approximately $ 4278.5 million under this program . an additional $ 721.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . any future common stock repurchases will be dependent upon several factors , including the amount of cash available to the company in the united states and the company 2019s financial performance , outlook and liquidity . the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans . analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .
Question: what percentage did the intrinsic value increase from 2009 to 2011? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.09475 | Context:credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad collected approximately $ 20.1 billion and $ 18.8 billion of receivables during the years ended december 31 , 2012 and 2011 , respectively . upri used certain of these proceeds to purchase new receivables under the facility . the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability . the costs of the receivables securitization facility are included in interest expense and were $ 3 million , $ 4 million and $ 6 million for 2012 , 2011 and 2010 , respectively . the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims . creditors of the railroad do not have recourse to the assets of upri . in july 2012 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions . subsequent event 2013 on january 2 , 2013 , we transferred an additional $ 300 million in undivided interest to investors under the receivables securitization facility , increasing the value of the outstanding undivided interest held by investors from $ 100 million to $ 400 million . contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition . based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry . the following tables identify material obligations and commitments as of december 31 , 2012 : payments due by december 31 , contractual obligations after millions total 2013 2014 2015 2016 2017 2017 other .
|contractual obligationsmillions|total|payments due by december 31 2013|payments due by december 31 2014|payments due by december 31 2015|payments due by december 31 2016|payments due by december 31 2017|payments due by december 31 after2017|payments due by december 31 other|
|debt [a]|$ 12637|$ 507|$ 904|$ 632|$ 769|$ 900|$ 8925|$ -|
|operating leases [b]|4241|525|466|410|375|339|2126|-|
|capital lease obligations [c]|2441|282|265|253|232|243|1166|-|
|purchase obligations [d]|5877|3004|1238|372|334|213|684|32|
|other post retirement benefits [e]|452|43|44|45|45|46|229|-|
|income tax contingencies [f]|115|-|-|-|-|-|-|115|
|total contractualobligations|$ 25763|$ 4361|$ 2917|$ 1712|$ 1755|$ 1741|$ 13130|$ 147|
[a] excludes capital lease obligations of $ 1848 million and unamortized discount of $ ( 365 ) million . includes an interest component of $ 5123 million . [b] includes leases for locomotives , freight cars , other equipment , and real estate . [c] represents total obligations , including interest component of $ 593 million . [d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services . for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column . [e] includes estimated other post retirement , medical , and life insurance payments , payments made under the unfunded pension plan for the next ten years . [f] future cash flows for income tax contingencies reflect the recorded liabilities and assets for unrecognized tax benefits , including interest and penalties , as of december 31 , 2012 . for amounts where the year of settlement is uncertain , they are reflected in the other column. .
Question: what percentage of total material obligations and commitments as of december 31 , 2012 are capital leases obligations? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.01432 | Context:"distribution date" ) . until the distribution date ( or earlier redemption or expiration of the rights ) , the rights will be traded with , and only with , the common stock . until a right is exercised , the right will not entitle the holder thereof to any rights as a stockholder . if any person or group becomes an acquiring person , each holder of a right , other than rights beneficially owned by the acquiring person , will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock having a market value of two times the purchase price and , if the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . at any time after any person becomes an acquiring person and prior to the acquisition by such person or group of 50% ( 50 % ) or more of the outstanding common stock , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights at a price of $ 0.01 per right . the rights have certain anti-takeover effects , in that they will cause substantial dilution to a person or group that attempts to acquire a significant interest in vertex on terms not approved by the board of directors . common stock reserved for future issuance at december 31 , 2005 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : o . significant revenue arrangements the company has formed strategic collaborations with pharmaceutical companies and other organizations in the areas of drug discovery , development , and commercialization . research , development and commercialization agreements provide the company with financial support and other valuable resources for its research programs and for the development of clinical drug candidates , and the marketing and sales of products . collaborative research , development and commercialization agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements may provide research funding over an initial contract period with renewal and termination options that .
|common stock under stock and option plans|17739|
|common stock under the vertex purchase plan|842|
|common stock under the vertex 401 ( k ) plan|270|
|total|18851|
.
Question: what was the percent of the common stock under the vertex 401 ( k ) plan as part of the total common stock used for research funding | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.49932 | Context:five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2007 and that all dividends were reinvested . purchases of equity securities 2013 during 2012 , we repurchased 13804709 shares of our common stock at an average price of $ 115.33 . the following table presents common stock repurchases during each month for the fourth quarter of 2012 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .
|period|total number ofsharespurchased [a]|averageprice paidper share|total number of sharespurchased as part of apublicly announced planor program [b]|maximum number ofshares that may yetbe purchased under the planor program [b]|
|oct . 1 through oct . 31|1068414|121.70|1028300|16041399|
|nov . 1 through nov . 30|659631|120.84|655000|15386399|
|dec . 1 through dec . 31|411683|124.58|350450|15035949|
|total|2139728|$ 121.99|2033750|n/a|
[a] total number of shares purchased during the quarter includes approximately 105978 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
Question: what percentage of the total number of shares purchased were purchased in october? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.05 | Context:contracts as of december 31 , 2006 , which all mature in 2007 . forward contract notional amounts presented below are expressed in the stated currencies ( in thousands ) . forward currency contracts: .
||( pay ) /receive|
|u.s . dollars|-114000 ( 114000 )|
|euros|-4472 ( 4472 )|
|singapore dollars|37180|
|canadian dollars|81234|
|malaysian ringgits|85963|
a movement of 10% ( 10 % ) in the value of the u.s . dollar against foreign currencies would impact our expected net earnings by approximately $ 0.1 million . item 8 . financial statements and supplementary data the financial statements and supplementary data required by this item are included herein , commencing on page f-1 . item 9 . changes in and disagreements with accountants on accounting and financial disclosure item 9a . controls and procedures ( a ) evaluation of disclosure controls and procedures our management , with the participation of our chief executive officer and chief financial officer , evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report . based on that evaluation , the chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the securities exchange act of 1934 is ( i ) recorded , processed , summarized and reported within the time periods specified in the sec 2019s rules and forms and ( ii ) accumulated and communicated to our management , including the chief executive officer and chief financial officer , as appropriate to allow timely decisions regarding disclosure . a controls system cannot provide absolute assurance , however , that the objectives of the controls system are met , and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud , if any , within a company have been detected . ( b ) management 2019s report on internal control over financial reporting our management 2019s report on internal control over financial reporting is set forth on page f-2 of this annual report on form 10-k and is incorporated by reference herein . ( c ) change in internal control over financial reporting no change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting . item 9b . other information .
Question: if the u.s dollar would change by 5% ( 5 % ) against foreign currencies , what would the expected net earnings? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.03581 | Context:the analysis of our depreciation studies . changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively . under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized . the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies . the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes . because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate . in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies . any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets . for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies . a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations . when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use . however , many of our assets are self-constructed . a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects . costs that are directly attributable to capital projects ( including overhead costs ) are capitalized . direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment . indirect costs are capitalized if they clearly relate to the construction of the asset . general and administrative expenditures are expensed as incurred . normal repairs and maintenance , including rail grinding , are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized . these costs are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.1 billion for 2012 , $ 2.2 billion for 2011 , and $ 2.0 billion for 2010 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2012 2011 .
|millions|dec . 31 2012|dec . 312011|
|accounts payable|$ 825|$ 819|
|accrued wages and vacation|376|363|
|income and other taxes|368|482|
|dividends payable|318|284|
|accrued casualty costs|213|249|
|interest payable|172|197|
|equipment rents payable|95|90|
|other|556|624|
|total accounts payable and othercurrent liabilities|$ 2923|$ 3108|
.
Question: what was the percentage change in accrued wages and vacation from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.07141 | Context:debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2011 , excluding market value adjustments : millions .
|2012|$ 309|
|2013|636|
|2014|706|
|2015|467|
|2016|517|
|thereafter|6271|
|total debt|$ 8906|
as of both december 31 , 2011 and december 31 , 2010 , we have reclassified as long-term debt approximately $ 100 million of debt due within one year that we intend to refinance . this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long- term debt on a long-term basis . mortgaged properties 2013 equipment with a carrying value of approximately $ 2.9 billion and $ 3.2 billion at december 31 , 2011 and 2010 , respectively , served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 during the second quarter of 2011 , we replaced our $ 1.9 billion revolving credit facility , which was scheduled to expire in april 2012 , with a new $ 1.8 billion facility that expires in may 2015 ( the facility ) . the facility is based on substantially similar terms as those in the previous credit facility . on december 31 , 2011 , we had $ 1.8 billion of credit available under the facility , which is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on either facility during 2011 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing . at december 31 , 2011 , and december 31 , 2010 ( and at all times during the year ) , we were in compliance with this covenant . the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa . at december 31 , 2011 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 37.2 billion of debt ( as defined in the facility ) , and we had $ 9.5 billion of debt ( as defined in the facility ) outstanding at that date . under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility also includes a $ 75 million cross-default provision and a change-of-control provision . during 2011 , we did not issue or repay any commercial paper and , at december 31 , 2011 , we had no commercial paper outstanding . outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant ( discussed in the credit facilities section above ) that , under certain circumstances , restricts the payment of cash .
Question: what percent of total aggregate debt maturities as of december 31 , 2011 are due in 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.46056 | Context:off-balance sheet transactions contractual obligations as of december 31 , 2017 , our contractual obligations with initial or remaining terms in excess of one year , including interest payments on long-term debt obligations , were as follows ( in thousands ) : the table above does not include $ 0.5 million of unrecognized tax benefits ( we refer you to the notes to the consolidated financial statements note 201410 201cincome tax 201d ) . certain service providers may require collateral in the normal course of our business . the amount of collateral may change based on certain terms and conditions . as a routine part of our business , depending on market conditions , exchange rates , pricing and our strategy for growth , we regularly consider opportunities to enter into contracts for the building of additional ships . we may also consider the sale of ships , potential acquisitions and strategic alliances . if any of these transactions were to occur , they may be financed through the incurrence of additional permitted indebtedness , through cash flows from operations , or through the issuance of debt , equity or equity-related securities . funding sources certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends . substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt . we believe we were in compliance with these covenants as of december 31 , 2017 . the impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks . in the event this environment deteriorates , our business , financial condition and results of operations could be adversely impacted . we believe our cash on hand , expected future operating cash inflows , additional available borrowings under our new revolving loan facility and our ability to issue debt securities or additional equity securities , will be sufficient to fund operations , debt payment requirements , capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period . there is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations . less than 1 year 1-3 years 3-5 years more than 5 years long-term debt ( 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases ( 2 ) 131791 15204 28973 26504 61110 ship construction contracts ( 3 ) 6138219 1016892 1363215 1141212 2616900 port facilities ( 4 ) 138308 30509 43388 23316 41095 interest ( 5 ) 947967 218150 376566 203099 150152 other ( 6 ) 168678 54800 73653 23870 16355 .
||total|less than1 year|1-3 years|3-5 years|more than5 years|
|long-term debt ( 1 )|$ 6424582|$ 619373|$ 1248463|$ 3002931|$ 1553815|
|operating leases ( 2 )|131791|15204|28973|26504|61110|
|ship construction contracts ( 3 )|6138219|1016892|1363215|1141212|2616900|
|port facilities ( 4 )|138308|30509|43388|23316|41095|
|interest ( 5 )|947967|218150|376566|203099|150152|
|other ( 6 )|168678|54800|73653|23870|16355|
|total|$ 13949545|$ 1954928|$ 3134258|$ 4420932|$ 4439427|
( 1 ) includes discount and premiums aggregating $ 0.5 million . also includes capital leases . the amount excludes deferred financing fees which are included in the consolidated balance sheets as an offset to long-term debt . ( 2 ) primarily for offices , motor vehicles and office equipment . ( 3 ) for our newbuild ships based on the euro/u.s . dollar exchange rate as of december 31 , 2017 . export credit financing is in place from syndicates of banks . ( 4 ) primarily for our usage of certain port facilities . ( 5 ) includes fixed and variable rates with libor held constant as of december 31 , 2017 . ( 6 ) future commitments for service , maintenance and other business enhancement capital expenditure contracts. .
Question: what percentage of payments was long-term debt? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
21334.0 | Context:synopsys , inc . notes to consolidated financial statements 2014continued the company has the following tax loss and credit carryforwards available to offset future income tax liabilities : carryforward amount expiration ( in thousands ) .
|carryforward|amount ( in thousands )|expirationdate|
|federal net operating loss carryforward|$ 57265|2018-2034|
|federal research credit carryforward|78599|2019-2036|
|federal foreign tax credit carryforward|2081|2019-2022|
|international foreign tax credit carryforward|13351|indefinite|
|california research credit carryforward|169038|indefinite|
|other state research credit carryforward|7482|2023-2032|
|state net operating loss carryforward|33201|2024-2035|
the federal and state net operating loss carryforward is from acquired companies and the annual use of such loss is subject to significant limitations under internal revenue code section 382 . foreign tax credits may only be used to offset tax attributable to foreign source income . the federal research tax credit was permanently reinstated in fiscal 2016 . the company adopted asu 2016-09 in the first quarter of fiscal 2017 . the company recorded all income tax effects of share-based awards in its provision for income taxes in the condensed consolidated statement of operations on a prospective basis . prior to adoption , the company did not recognize excess tax benefits from stock-based compensation as a charge to capital in excess of par value to the extent that the related tax deduction did not reduce income taxes payable . upon adoption of asu 2016-09 , the company recorded a deferred tax asset of $ 106.5 million mainly related to the research tax credit carryover , for the previously unrecognized excess tax benefits with an offsetting adjustment to retained earnings . adoption of the new standard resulted in net excess tax benefits in the provision for income taxes of $ 38.1 million for fiscal 2017 . during the fourth quarter of fiscal 2017 , the company repatriated $ 825 million from its foreign subsidiary . the repatriation was executed in anticipation of potential u.s . corporate tax reform , and the company plans to indefinitely reinvest the remainder of its undistributed foreign earnings outside the united states . the company provides for u.s . income and foreign withholding taxes on foreign earnings , except for foreign earnings that are considered indefinitely reinvested outside the u.s . as of october 31 , 2017 , there were approximately $ 598.3 million of earnings upon which u.s . income taxes of approximately $ 110.0 million have not been provided for. .
Question: what is the variation between the federal research credit carryforward and federal net operating loss carryforward , in thousands? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.36104 | Context:analog devices , inc . notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
||restrictedstock unitsoutstanding ( in thousands )|weighted-average grant-date fair valueper share|
|restricted stock units outstanding at november 1 2014|3188|$ 43.46|
|units granted|818|$ 52.25|
|restrictions lapsed|-1151 ( 1151 )|$ 39.72|
|forfeited|-157 ( 157 )|$ 45.80|
|restricted stock units outstanding at october 31 2015|2698|$ 47.59|
as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted- average period of 1.3 years . the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively . common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program . under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program . an additional $ 544.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options . the withholding amount is based on the employees minimum statutory withholding requirement . any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states . preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding . the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance . 4 . industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments . the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) . the chief executive officer has been identified as the company's chief operating decision maker . the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits . 2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes . 2022 the company sells its products to tens of thousands of customers worldwide . many of these customers use products spanning all operating segments in a wide range of applications . 2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers . all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics . the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product .
Question: what percent of the restricted stock was lost due to restrictions lapsed in the 2014 period? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.09143 | Context:note 11 . commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts . this facility encompasses most of the company fffds u.s . operations , including research and development , manufacturing , sales and marketing and general and administrative departments . in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) . future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .
|fiscal years ending march 31,|operating leases ( in $ 000s )|
|2019|$ 2078|
|2020|1888|
|2021|1901|
|2022|1408|
|2023|891|
|thereafter|1923|
|total minimum lease payments|$ 10089|
in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 . in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 . the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer . in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 . the annual rent expense for this lease agreement is estimated to be $ 0.4 million . in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 . the annual rent expense for the lease is estimated to be $ 0.3 million . in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 . the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan . the annual rent expense for the lease is estimated to be $ 0.9 million . license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices . pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million . through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement . any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones . contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types . in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures . the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated . the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate . if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss . if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .
Question: what is the expected growth rate in operating leases from 2019 to 2020? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.34824 | Context:five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 . the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
|period|total number of shares purchased [a]|average price paid per share|total number of shares purchased as part of a publicly announcedplan or program [b]|maximum number of shares remaining under the plan or program [b]|
|oct . 1 through oct . 31|3247731|$ 92.98|3221153|56078192|
|nov . 1 through nov . 30|2325865|86.61|2322992|53755200|
|dec . 1 through dec . 31|1105389|77.63|1102754|52652446|
|total|6678985|$ 88.22|6646899|n/a|
[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
Question: what percentage of total shares purchased were purchased in november? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.25161 | Context:part iii item 10 . directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year . for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 . item 11 . executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 12 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 . certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 14 . principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
|plan category|number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b )|weighted-averageexercise price ofoutstanding options warrants and rights|number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )|
|equity compensation plans approved by security holders|1233672|$ 75.93|4903018|
part iii item 10 . directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year . for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 . item 11 . executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 12 . security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 . certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference . item 14 . principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
Question: what is the ratio of issued units to outstanding units? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.02355 | Context:74 2012 ppg annual report and form 10-k 25 . separation and merger transaction on january , 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax efficient reverse morris trust transaction ( the 201ctransaction 201d ) . pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , is now a wholly-owned subsidiary of georgia gulf . the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions . the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) . ppg holds no ownership interest in axiall . ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders . under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer . following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock . accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange . ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) . under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above . the cash consideration is subject to customary post-closing adjustment , including a working capital adjustment . in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall . ppg will report a gain on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business . the transaction will also result in a net partial settlement loss associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction . during 2012 , the company incurred $ 21 million of pretax expense , primarily for professional services , related to the transaction . additional transaction-related expenses will be incurred in 2013 . ppg will report the results of its commodity chemicals business for january 2013 and a net gain on the transaction as results from discontinued operations when it reports its results for the quarter ending march 31 , 2013 . in the ppg results for prior periods , presented for comparative purposes beginning with the first quarter 2013 , the results of its former commodity chemicals business will be reclassified from continuing operations and presented as the results from discontinued operations . the net sales and income before income taxes of the commodity chemicals business that will be reclassified and reported as discontinued operations are presented in the table below for the years ended december 31 , 2012 , 2011 and 2010: .
|millions|year-ended 2012|year-ended 2011|year-ended 2010|
|net sales|$ 1700|$ 1741|$ 1441|
|income before income taxes|$ 368|$ 376|$ 187|
income before income taxes for the year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower , respectively , than segment earnings for the ppg commodity chemicals segment reported for these periods . these differences are due to the inclusion of certain gains , losses and expenses associated with the chlor-alkali and derivatives business that were not reported in the ppg commodity chemicals segment earnings in accordance with the accounting guidance on segment reporting . table of contents notes to the consolidated financial statements .
Question: what was the percentage change in net sales of the commodity chemicals business that will be reclassified and reported as discontinued operations from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
108.0 | Context:higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|sales|$ 6525|$ 7970|$ 7320|
|operating profit|50|103|108|
distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
Question: what is the highest value of operating profit during this period? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.27866 | Context:generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012 .
|millions|2014|2013|2012|
|cash provided by operating activities|$ 7385|$ 6823|$ 6161|
|cash used in investing activities|-4249 ( 4249 )|-3405 ( 3405 )|-3633 ( 3633 )|
|dividends paid|-1632 ( 1632 )|-1333 ( 1333 )|-1146 ( 1146 )|
|free cash flow|$ 1504|$ 2085|$ 1382|
2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2015 , we will continue to add resources to support growth , improve service , and replenish our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices at the end of 2014 , there is even more uncertainty around the projections of fuel prices . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , including expenditures for ptc and 218 locomotives . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 we expect the overall u.s . economy to continue to improve at a moderate pace . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . on balance , we expect to see positive volume growth for 2015 versus the prior year . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives and the ability to leverage our resources as we improve the fluidity of our network. .
Question: what was the percentage change in free cash flow from 2013 to 2014? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
57.0 | Context:part a0ii item a05 . 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 under the symbol 201ctfx . 201d as of february 19 , 2019 , we had 473 holders of record of our common stock . a substantially greater number of holders of our common stock are beneficial owners whose shares are held by brokers and other financial institutions for the accounts of beneficial owners . stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard a0& poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index . the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december a031 , 2013 and that all dividends were reinvested . market performance .
|company / index|2013|2014|2015|2016|2017|2018|
|teleflex incorporated|100|124|143|177|275|288|
|s&p 500 index|100|114|115|129|157|150|
|s&p 500 healthcare equipment & supply index|100|126|134|142|186|213|
s&p 500 healthcare equipment & supply index 100 126 134 142 186 213 .
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12.04641 | Context:vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) d . stock-based compensation ( continued ) the company uses the black-scholes valuation model to estimate the fair value of stock options at the grant date . the black-scholes valuation model uses the option exercise price as well as estimates and assumptions related to the expected price volatility of the company 2019s stock , the period during which the options will be outstanding , the rate of return on risk-free investments , and the expected dividend yield for the company 2019s stock to estimate the fair value of a stock option on the grant date . the company validates its estimates and assumptions through consultations with independent third parties having relevant expertise . the fair value of each option granted under the stock and option plans during 2006 was estimated on the date of grant using the black- scholes option pricing model with the following weighted average assumptions : the weighted-average valuation assumptions were determined as follows : 2022 expected stock price volatility : in 2006 , the company changed its method of estimating expected volatility from relying exclusively on historical volatility to relying exclusively on implied volatility . options to purchase the company 2019s stock with remaining terms of greater than one year are regularly traded in the market . expected stock price volatility is calculated using the trailing one month average of daily implied volatilities prior to grant date . 2022 risk-free interest rate : the company bases the risk-free interest rate on the interest rate payable on u.s . treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term . 2022 expected term of options : the expected term of options represents the period of time options are expected to be outstanding . the company uses historical data to estimate employee exercise and post-vest termination behavior . the company believes that all groups of employees exhibit similar exercise and post-vest termination behavior and therefore does not stratify employees into multiple groups in determining the expected term of options . 2022 expected annual dividends : the estimate for annual dividends is $ 0.00 , because the company has not historically paid , and does not intend for the foreseeable future to pay , a dividend . expected stock price volatility 57.10 % ( % ) risk-free interest rate 4.74 % ( % ) expected term 5.64 years .
||2006|
|expected stock price volatility|57.10% ( 57.10 % )|
|risk-free interest rate|4.74% ( 4.74 % )|
|expected term|5.64 years|
|expected annual dividends|2014|
.
Question: in 2006 what was the ratio expected stock price volatility to risk-free interest rate | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
942.0 | Context:entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases . product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe . average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized . operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 . although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 . we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 . operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 . sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) . additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 . the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime . industrial packaging in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|sales|$ 4935|$ 4830|$ 4170|
|operating profit|$ 230|$ 380|$ 264|
containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 . soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters . beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply . full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 . however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels . operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 . the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time . implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings . specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 . net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 . operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers . u.s . converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 . sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 . average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year . operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs . european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 . operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively . the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices . the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results . industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .
Question: what was the average net sales from 2003 to 2005 in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-69.0 | Context:intermodal 2013 decreased volumes and fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008 . volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 , reflecting economic conditions , continued weak imports from asia , and diversions to non-uprr served ports . additionally , continued weakness in the domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to the volume decline . conversely , domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008 . a new contract with hub group , inc. , which included additional shipments , was executed in the second quarter of 2009 and more than offset the impact of weak market conditions in the second half of 2009 . price increases and fuel surcharges generated higher revenue in 2008 , partially offset by lower volume levels . international traffic declined 11% ( 11 % ) in 2008 , reflecting continued softening of imports from china and the loss of a customer contract . notably , the peak intermodal shipping season , which usually starts in the third quarter , was particularly weak in 2008 . additionally , continued weakness in domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to lower volumes . domestic traffic declined 3% ( 3 % ) in 2008 due to the loss of a customer contract and lower volumes from less-than-truckload shippers . additionally , the flood-related embargo on traffic in the midwest during the second quarter hindered intermodal volume levels in 2008 . mexico business 2013 each of our commodity groups include revenue from shipments to and from mexico . revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1.2 billion . volume declined in five of our six commodity groups , down 19% ( 19 % ) in 2009 , driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments , respectively . conversely , energy shipments increased 9% ( 9 % ) in 2009 versus 2008 , partially offsetting these declines . revenue from mexico business increased 13% ( 13 % ) to $ 1.6 billion in 2008 compared to 2007 . price improvements and fuel surcharges contributed to these increases , partially offset by a 4% ( 4 % ) decline in volume in 2008 compared to 2007 . operating expenses millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007 .
|millions of dollars|2009|2008|2007|% ( % ) change 2009 v 2008|% ( % ) change 2008 v 2007|
|compensation and benefits|$ 4063|$ 4457|$ 4526|( 9 ) % ( % )|( 2 ) % ( % )|
|fuel|1763|3983|3104|-56 ( 56 )|28|
|purchased services and materials|1614|1902|1856|-15 ( 15 )|2|
|depreciation|1444|1387|1321|4|5|
|equipment and other rents|1180|1326|1368|-11 ( 11 )|-3 ( 3 )|
|other|687|840|733|-18 ( 18 )|15|
|total|$ 10751|$ 13895|$ 12908|( 23 ) % ( % )|8% ( 8 % )|
2009 intermodal revenue international domestic .
Question: what was the change in millions of compensation and benefits from 2007 to 2008? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.02915 | Context:nbcuniversal media , llc indefinite-lived intangible assets indefinite-lived intangible assets consist of trade names and fcc licenses . we assess the recoverability of our indefinite-lived intangible assets annually , or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired . we evaluate the unit of account used to test for impairment of our indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level . the assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount . a quantitative assessment is per- formed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed . when performing a quantitative assessment , we estimate the fair value of our indefinite-lived intangible assets primarily based on a discounted cash flow analysis that involves significant judgment . when analyzing the fair values indicated under the discounted cash flow models , we also consider multiples of operating income before depreciation and amortization generated by the underlying assets , cur- rent market transactions , and profitability information . if the fair value of our indefinite-lived intangible assets were less than the carrying amount , we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets . unless presented separately , the impairment charge is included as a component of amortization expense . we did not recognize any material impairment charges in any of the periods presented . finite-lived intangible assets estimated amortization expense of finite-lived intangible assets ( in millions ) .
|2016|$ 812|
|2017|$ 789|
|2018|$ 776|
|2019|$ 777|
|2020|$ 781|
finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations , intellectual property rights and software . our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement . we capitalize direct development costs associated with internal-use software , including external direct costs of material and services and payroll costs for employees devoting time to these software projects . we also capitalize costs associated with the purchase of software licenses . we include these costs in intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years . we expense maintenance and training costs , as well as costs incurred during the preliminary stage of a project , as they are incurred . we capitalize initial operating system software costs and amortize them over the life of the associated hardware . we evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable . the evaluation is based on the cash flows generated by the underlying asset groups , including estimated future operating results , trends or other determinants of fair value . if the total of the expected future undiscounted cash flows were less than the carry- ing amount of the asset group , we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value . unless presented separately , the impairment charge is included as a component of amortization expense . comcast 2015 annual report on form 10-k 162 .
Question: what was the ratio of the finite lived intangible assets estimated amortization in 2016 compared to 2017 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.11852 | Context:on either a straight-line or accelerated basis . amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million . impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable . if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value . during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million . there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 . fair value of financial instruments our debt is reflected on the balance sheet at cost . based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million . at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market . we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations . the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans . the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value . we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps . required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects . we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses . the changes in the warranty reserve are as follows ( in thousands ) : .
|balance as of january 1 2009|$ 540|
|warranty expense|5033|
|warranty claims|-4969 ( 4969 )|
|balance as of december 31 2009|604|
|warranty expense|9351|
|warranty claims|-8882 ( 8882 )|
|business acquisitions|990|
|balance as of december 31 2010|$ 2063|
self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of .
Question: what was the percentage change in the changes in the warranty reserve in 2009 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.34648 | Context:the following table presents the estimated future amortization of deferred stock compensation reported in both cost of revenue and operating expenses : fiscal year ( in thousands ) .
|fiscal year|( in thousands )|
|2004|$ 3677|
|2005|2403|
|2006|840|
|2007|250|
|total estimated future amortization of deferred stock compensation|$ 7170|
impairment of intangible assets . in fiscal 2002 , we recognized an aggregate impairment charge of $ 3.8 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value . approximately $ 3.7 million and $ 0.1 million are included in integration expense and amortization of intangible assets , respectively , on the consolidated statement of operations . the impairment charge is primarily attributable to certain technology acquired from and goodwill related to the acquisition of stanza , inc . ( stanza ) in 1999 . during fiscal 2002 , we determined that we would not allocate future resources to assist in the market growth of this technology as products acquired in the merger with avant! provided customers with superior capabilities . as a result , we do not anticipate any future sales of the stanza product . in fiscal 2001 , we recognized an aggregate impairment charge of $ 2.2 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value . approximately $ 1.8 million and $ 0.4 million are included in cost of revenues and amortization of intangible assets , respectively , on the consolidated statement of operations . the impairment charge is attributable to certain technology acquired from and goodwill related to the acquisition of eagle design automation , inc . ( eagle ) in 1997 . during fiscal 2001 , we determined that we would not allocate future resources to assist in the market growth of this technology . as a result , we do not anticipate any future sales of the eagle product . there were no impairment charges during fiscal 2003 . other ( expense ) income , net . other income , net was $ 24.1 million in fiscal 2003 and consisted primarily of ( i ) realized gain on investments of $ 20.7 million ; ( ii ) rental income of $ 6.3 million ; ( iii ) interest income of $ 5.2 million ; ( iv ) impairment charges related to certain assets in our venture portfolio of ( $ 4.5 ) million ; ( vii ) foundation contributions of ( $ 2.1 ) million ; and ( viii ) interest expense of ( $ 1.6 ) million . other ( expense ) , net of other income was ( $ 208.6 ) million in fiscal 2002 and consisted primarily of ( i ) ( $ 240.8 ) million expense due to the settlement of the cadence design systems , inc . ( cadence ) litigation ; ( ii ) ( $ 11.3 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 22.7 million ; ( iv ) a gain of $ 3.1 million for the termination fee on the ikos systems , inc . ( ikos ) merger agreement ; ( v ) rental income of $ 10.0 million ; ( vi ) interest income of $ 8.3 million ; and ( vii ) and other miscellaneous expenses including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of ( $ 0.6 ) million . other income , net was $ 83.8 million in fiscal 2001 and consisted primarily of ( i ) a gain of $ 10.6 million on the sale of our silicon libraries business to artisan components , inc. ; ( ii ) ( $ 5.8 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 55.3 million ; ( iv ) rental income of $ 8.6 million ; ( v ) interest income of $ 12.8 million ; and ( vi ) other miscellaneous income including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of $ 2.3 million . termination of agreement to acquire ikos systems , inc . on july 2 , 2001 , we entered into an agreement and plan of merger and reorganization ( the ikos merger agreement ) with ikos systems , inc . the ikos merger agreement provided for the acquisition of all outstanding shares of ikos common stock by synopsys. .
Question: considering the years 2004-2005 , what is the percentual decrease observed in the estimated future amortization of deferred stock compensation? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.18601 | Context:increase in dividends paid . free cash flow is defined as cash provided by operating activities less cash used in investing activities and dividends paid . free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s . ( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner . we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2013 2012 2011 .
|millions|2013|2012|2011|
|cash provided by operating activities|$ 6823|$ 6161|$ 5873|
|cash used in investing activities|-3405 ( 3405 )|-3633 ( 3633 )|-3119 ( 3119 )|
|dividends paid|-1333 ( 1333 )|-1146 ( 1146 )|-837 ( 837 )|
|free cash flow|$ 2085|$ 1382|$ 1917|
2014 outlook f0b7 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . derailment prevention and the reduction of grade crossing incidents are also critical aspects of our safety programs . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs and local community activities across our network . f0b7 network operations 2013 we believe the railroad is capable of handling growing volumes while providing high levels of customer service . our track structure is in excellent condition , and certain sections of our network have surplus line and terminal capacity . we are in a solid resource position , with sufficient supplies of locomotives , freight cars and crews to support growth . f0b7 fuel prices 2013 uncertainty about the economy makes projections of fuel prices difficult . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . to reduce the impact of fuel price on earnings , we will continue seeking cost recovery from our customers through our fuel surcharge programs and expanding our fuel conservation efforts . f0b7 capital plan 2013 in 2014 , we plan to make total capital investments of approximately $ 3.9 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we have invested $ 1.2 billion in capital expenditures and plan to spend an additional $ 450 million during 2014 on developing and deploying ptc . we currently estimate that ptc , in accordance with implementing rules issued by the federal rail administration ( fra ) , will cost us approximately $ 2 billion by the end of the project . this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment to integrate the various components of the system and achieve interoperability for the industry . although it is unlikely that the rail industry will meet the current mandatory 2015 deadline ( as the fra indicated in its 2012 report to congress ) , we are making a good faith effort to do so and we are working closely with regulators as we implement this new technology. .
Question: what percentage of cash provided by operating activities were dividends paid in 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
34.05 | Context:notes to the audited consolidated financial statements for 2007 , 2006 , and 2005 , total share-based compensation expense ( before tax ) of approximately $ 26 million , $ 29 million , and $ 22 million , respectively , was recognized in selling , general and administrative expense in the consolidated statement of earnings for all share-based awards of which approximately $ 13 million , $ 17 million , and $ 5 million , respectively , related to stock options . sfas no . 123 ( r ) requires that compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for retirement-eligible employees . for 2007 and 2006 , approximately $ 3 million and $ 8 million , respectively , of stock option compensation expense were recognized due to retirement eligibility preceding the requisite vesting period . stock option awards option awards are granted on an annual basis to non-employee directors and to employees who meet certain eligibility requirements . option awards have an exercise price equal to the closing price of the company's stock on the date of grant . the term life of options is ten years with vesting periods that vary up to three years . vesting usually occurs ratably over the vesting period or at the end of the vesting period . the company utilizes the black scholes merton ( "bsm" ) option valuation model which relies on certain assumptions to estimate an option's fair value . the weighted average assumptions used in the determination of fair value for stock options awarded in 2007 , 2006 , and 2005 are provided in the table below: .
|assumptions|2007|2006|2005|
|expected volatility rate|20.80% ( 20.80 % )|21.40% ( 21.40 % )|22.90% ( 22.90 % )|
|expected dividend yield|2.92% ( 2.92 % )|3.24% ( 3.24 % )|3.29% ( 3.29 % )|
|average risk-free interest rate|4.24% ( 4.24 % )|4.62% ( 4.62 % )|4.48% ( 4.48 % )|
|expected forfeiture rate|0.75% ( 0.75 % )|0.75% ( 0.75 % )|actual|
|expected term years|4.40|4.40|5.00|
the volatility rate of grants is derived from historical company common stock price volatility over the same time period as the expected term of each stock option award . the volatility rate is derived by mathematical formula utilizing the weekly high closing stock price data over the expected term . the expected dividend yield is calculated using the expected company annual dividend amount over the expected term divided by the fair market value of the company's common stock . the average risk-free interest rate is derived from united states department of treasury published interest rates of daily yield curves for the same time period as the expected term . sfas no . 123 ( r ) specifies only share-based awards expected to vest be included in share-based compensation expense . estimated forfeiture rates are determined using historical forfeiture experience for each type of award and are excluded from the quantity of awards included in share-based compensation expense . the weighted average expected term reflects the analysis of historical share-based award transactions and includes option swap and reload grants which may have much shorter remaining expected terms than new option grants. .
Question: what was the average expected volatility rate from 2005 to 2007 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
12216.0 | Context:operating expenses millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
|millions|2010|2009|2008|% ( % ) change 2010 v 2009|% ( % ) change2009 v 2008|
|compensation and benefits|$ 4314|$ 4063|$ 4457|6% ( 6 % )|( 9 ) % ( % )|
|fuel|2486|1763|3983|41|-56 ( 56 )|
|purchased services and materials|1836|1644|1928|12|-15 ( 15 )|
|depreciation|1487|1427|1366|4|4|
|equipment and other rents|1142|1180|1326|-3 ( 3 )|-11 ( 11 )|
|other|719|687|840|5|-18 ( 18 )|
|total|$ 11984|$ 10764|$ 13900|11% ( 11 % )|( 23 ) % ( % )|
operating expenses increased $ 1.2 billion in 2010 versus 2009 . our fuel price per gallon increased 31% ( 31 % ) during the year , accounting for $ 566 million of the increase . wage and benefit inflation , depreciation , volume-related costs , and property taxes also contributed to higher expenses during 2010 compared to 2009 . cost savings from productivity improvements and better resource utilization partially offset these increases . operating expenses decreased $ 3.1 billion in 2009 versus 2008 . our fuel price per gallon declined 44% ( 44 % ) during 2009 , decreasing operating expenses by $ 1.3 billion compared to 2008 . cost savings from lower volume , productivity improvements , and better resource utilization also decreased operating expenses in 2009 . in addition , lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009 . conversely , wage and benefit inflation partially offset these reductions . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . general wage and benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009 . volume- related expenses and higher equity and incentive compensation also drove costs up during the year . workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% ( 13 % ) increase in volume levels with fewer employees . lower volume and productivity initiatives led to a 10% ( 10 % ) decline in our workforce in 2009 compared to 2008 , saving $ 516 million during the year . conversely , general wage and benefit inflation increased expenses , partially offsetting these savings . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . higher diesel fuel prices , which averaged $ 2.29 per gallon ( including taxes and transportation costs ) in 2010 compared to $ 1.75 per gallon in 2009 , increased expenses by $ 566 million . volume , as measured by gross ton-miles , increased 10% ( 10 % ) in 2010 versus 2009 , driving fuel expense up by $ 166 million . conversely , the use of newer , more fuel efficient locomotives , our fuel conservation programs and efficient network operations drove a 3% ( 3 % ) improvement in our fuel consumption rate in 2010 , resulting in $ 40 million of cost savings versus 2009 at the 2009 average fuel price . lower diesel fuel prices , which averaged $ 1.75 per gallon ( including taxes and transportation costs ) in 2009 compared to $ 3.15 per gallon in 2008 , reduced expenses by $ 1.3 billion in 2009 . volume , as measured by gross ton-miles , decreased 17% ( 17 % ) in 2009 , lowering expenses by $ 664 million compared to 2008 . our fuel consumption rate improved 4% ( 4 % ) in 2009 , resulting in $ 147 million of cost savings versus 2008 at the 2008 average fuel price . the consumption rate savings versus 2008 using the lower 2009 fuel price was $ 68 million . newer , more fuel efficient locomotives , reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives ; increased use of 2010 operating expenses .
Question: in millions , what is the average operating expenses from 2008-2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.30769 | Context:united states , fail to either complete treatment or show a long-term sustained response to therapy . as a result , we believe new safe and effective treatment options for hcv infection are needed . telaprevir development program we are conducting three major phase 2b clinical trials of telaprevir . prove 1 is ongoing in the united states and prove 2 is ongoing in european union , both in treatment-na efve patients . prove 3 has commenced and is being conducted with patients in north america and the european union who did not achieve sustained viral response with previous interferon-based treatments . prove 1 and prove 2 are fully enrolled , and we commenced patient enrollment in prove 3 in january 2007 . prove 1 and prove 2 we expect that together , the prove 1 and prove 2 clinical trials will evaluate rates of sustained viral response , or svr , in approximately 580 treatment-na efve patients infected with genotype 1 hcv , including patients who will receive telaprevir and patients in the control arms . svr is defined as undetectable viral levels 24 weeks after all treatment has ceased . a description of each of the clinical trial arms for the prove 1 and prove 2 clinical trials , including the intended number of patients in each trial , is set forth in the following table : the prove 1 and prove 2 clinical trials together have the following four key objectives : 2022 to evaluate the optimal svr rate that can be achieved with telaprevir therapy in combination with peg-ifn and rbv ; 2022 to evaluate the optimal treatment duration for telaprevir combination therapy ; 2022 to evaluate the role of rbv in telaprevir-based therapy ; and 2022 to evaluate the safety of telaprevir in combination with peg-ifn and rbv . in the prove 1 and prove 2 clinical trials , patients receive telaprevir in a tablet formulation at a dose of 750 mg every eight hours for 12 weeks . the prove 1 clinical trial is double-blinded and placebo-controlled , and the prove 2 clinical trial is partially-blinded and placebo-controlled . in december 2006 , we announced results from a planned interim safety and antiviral activity analysis that was conducted and reviewed by the independent data monitoring committee overseeing the prove 1 clinical trial . as of the cut-off date of the interim analysis , a total of 250 patients had been enrolled in the prove 1 clinical trial and received at least one dose of telaprevir or placebo . in the data reported , the patients in all three telaprevir-containing arms ( approximately 175 patients ) were pooled together and the results were compared to the results in the control arm of peg-ifn and rbv and placebo ( approximately 75 patients ) . at the time of the data cut-off for the safety analysis , approximately 100 patients had completed 12 weeks on-study and more than 200 patients had completed eight weeks . the most common adverse treatment regimen number of patients ( treatment na efve ) prove 1 number of patients ( treatment na efve ) prove 2 total .
|treatment regimen|number of patients ( treatment na efve ) prove 1|number of patients ( treatment na efve ) prove 2|total|
|12-week regimens of telaprevir in combination with peg-ifn and rbv|20|80|100|
|12-week regimens of telaprevir in combination with only peg-ifn|0|80|80|
|12-week regimens of telaprevir in combination with peg-ifn and rbv followed by 12 weeks of therapy with peg-ifn and rbv|80|80|160|
|12-week regimens of telaprevir in combination with peg-ifn and rbv followed by 36 weeks of therapy with peg-ifn and rbv|80|0|80|
|48-weeks of therapy with peg-ifn and rbv|80|80|160|
|total|260|320|580|
.
Question: what was the percent of the total treatment regiment for prove1 for the 48-weeks of therapy with peg-ifn and rbv | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14976 | Context:liquidity and capital resources as of december 31 , 2006 , our principal sources of liquidity included cash , cash equivalents , the sale of receivables , and our revolving credit facilities , as well as the availability of commercial paper and other sources of financing through the capital markets . we had $ 2 billion of committed credit facilities available , of which there were no borrowings outstanding as of december 31 , 2006 , and we did not make any short-term borrowings under these facilities during the year . the value of the outstanding undivided interest held by investors under the sale of receivables program was $ 600 million as of december 31 , 2006 . the sale of receivables program is subject to certain requirements , including the maintenance of an investment grade bond rating . if our bond rating were to deteriorate , it could have an adverse impact on our liquidity . access to commercial paper is dependent on market conditions . deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to utilize commercial paper as a source of liquidity . liquidity through the capital markets is also dependent on our financial stability . at both december 31 , 2006 and 2005 , we had a working capital deficit of approximately $ 1.1 billion . a working capital deficit is common in our industry and does not indicate a lack of liquidity . we maintain adequate resources to meet our daily cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . financial condition cash flows millions of dollars 2006 2005 2004 .
|cash flowsmillions of dollars|2006|2005|2004|
|cash provided by operating activities|$ 2880|$ 2595|$ 2257|
|cash used in investing activities|-2042 ( 2042 )|-2047 ( 2047 )|-1732 ( 1732 )|
|cash used in financing activities|-784 ( 784 )|-752 ( 752 )|-75 ( 75 )|
|net change in cash and cash equivalents|$ 54|$ -204 ( 204 )|$ 450|
cash provided by operating activities 2013 higher income in 2006 generated the increased cash provided by operating activities , which was partially offset by higher income tax payments , $ 150 million in voluntary pension contributions , higher material and supply inventories , and higher management incentive payments in 2006 . higher income , lower management incentive payments in 2005 ( executive bonuses , which would have been paid to individuals in 2005 , were not awarded based on company performance in 2004 and bonuses for the professional workforce that were paid out in 2005 were significantly reduced ) , and working capital performance generated higher cash from operating activities in 2005 . a voluntary pension contribution of $ 100 million in 2004 also augmented the positive year-over-year variance in 2005 as no pension contribution was made in 2005 . this improvement was partially offset by cash received in 2004 for income tax refunds . cash used in investing activities 2013 an insurance settlement for the 2005 january west coast storm and lower balances for work in process decreased the amount of cash used in investing activities in 2006 . higher capital investments and lower proceeds from asset sales partially offset this decrease . increased capital spending , partially offset by higher proceeds from asset sales , increased the amount of cash used in investing activities in 2005 compared to 2004 . cash used in financing activities 2013 the increase in cash used in financing activities primarily resulted from lower net proceeds from equity compensation plans ( $ 189 million in 2006 compared to $ 262 million in 2005 ) . the increase in 2005 results from debt issuances in 2004 and higher debt repayments in 2005 . we did not issue debt in 2005 versus $ 745 million of debt issuances in 2004 , and we repaid $ 699 million of debt in 2005 compared to $ 588 million in 2004 . the higher outflows in 2005 were partially offset by higher net proceeds from equity compensation plans ( $ 262 million in 2005 compared to $ 80 million in 2004 ) . .
Question: what was the percentage change in cash provided by operating activities between 2004 and 2005? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
394.0 | Context:4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ( continued ) management believes that operating income , as adjusted , and operating margin , as adjusted , are effective indicators of blackrock 2019s financial performance over time . as such , management believes that operating income , as adjusted , and operating margin , as adjusted , provide useful disclosure to investors . operating income , as adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments , compensation expense , legal fees , marketing and promotional , occupancy and consulting expenses incurred in conjunction with the bgi transaction . restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs and professional fees . the expenses associated with restructuring and bgi transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income , as adjusted , to help enhance the comparability of this information to the current reporting periods . as such , management believes that operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for the respective periods . the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) that will be funded through the distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution , a portion of which has been received , have been excluded because these charges ultimately do not impact blackrock 2019s book value . compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) . operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions . management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods . operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may fluctuate based on market movements , such as restructuring charges , transaction and integration costs , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans . the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies . management uses both the gaap and non-gaap financial measures in evaluating the financial performance of blackrock . the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses . revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties . management believes that excluding such costs is useful to blackrock because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue . amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , offset distribution fee revenue earned by the company . reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc . ( 201cmetric 201d ) , a subsidiary of blackrock realty advisors , inc . ( 201crealty 201d ) . prior to the transfer in 2008 , these employees were retained on metric 2019s payroll when certain properties were acquired by realty 2019s clients . the related compensation and benefits were fully reimbursed by realty 2019s clients and have been excluded from revenue used for operating margin , as adjusted , because they did not bear an economic cost to blackrock . for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues . ( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests ( 201cnci 201d ) , as adjusted , equals non-operating income ( expense ) , gaap basis , less net income ( loss ) attributable to nci , gaap basis , adjusted for compensation expense associated with depreciation/ ( appreciation ) on investments related to certain blackrock deferred compensation plans . the compensation expense offset is recorded in operating income . this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis. .
|( dollar amounts in millions )|yearended december 31 , 2010|yearended december 31 , 2009|yearended december 31 , 2008|
|non-operating income ( expense ) gaap basis|$ 23|$ -6 ( 6 )|$ -577 ( 577 )|
|less : net income ( loss ) attributable to nci|-13 ( 13 )|22|-155 ( 155 )|
|non-operating income ( expense ) ( 1 )|36|-28 ( 28 )|-422 ( 422 )|
|compensation expense related to ( appreciation ) /depreciation on deferred compensation plans|-11 ( 11 )|-18 ( 18 )|38|
|non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted|$ 25|$ -46 ( 46 )|$ -384 ( 384 )|
non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests . management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides for comparability of this information to prior periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results . as compensation expense associated with ( appreciation ) /depreciation on investments related to certain deferred compensation plans , which is included in operating income , offsets the gain/ ( loss ) on the investments set aside for these plans , management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides a useful measure , for both management and investors , of blackrock 2019s non-operating results that impact book value. .
Question: what is the net change in non-operating income from 2008 to 2009? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.02602 | Context:liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .
|( millions )|2011|2010||
|operating working capital|$ 2739|$ 2595||
|operating working capital as % ( % ) of sales|19.5% ( 19.5 % )|19.2|% ( % )|
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .
Question: what was the percentage change in cash from operating activities from 2009 to 2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.13568 | Context:item 1b . unresolved staff comments item 2 . properties we employ a variety of assets in the management and operation of our rail business . our rail network covers 23 states in the western two-thirds of the u.s . our rail network includes 31974 route miles . we own 26012 miles and operate on the remainder pursuant to trackage rights or leases . the following table describes track miles at december 31 , 2014 and 2013 . 2014 2013 .
||2014|2013|
|route|31974|31838|
|other main line|6943|6766|
|passing lines and turnouts|3197|3167|
|switching and classification yard lines|9058|9090|
|total miles|51172|50861|
headquarters building we own our headquarters building in omaha , nebraska . the facility has 1.2 million square feet of space for approximately 4000 employees. .
Question: what percentage of total miles were other main line in 2014? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
18.0 | Context:stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard & poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index . the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december 31 , 2010 and that all dividends were reinvested . market performance .
|company / index|2010|2011|2012|2013|2014|2015|
|teleflex incorporated|100|117|138|185|229|266|
|s&p 500 index|100|102|118|157|178|181|
|s&p 500 healthcare equipment & supply index|100|99|116|148|187|199|
s&p 500 healthcare equipment & supply index 100 99 116 148 187 199 .
Question: based on the table , how much percent did the healthcare sector outperform the overall market in this 5 year period? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.69231 | Context:1 2 4 n o t e s effective january 1 , 2011 , all u.s . employees , including u.s . legacy bgi employees , will participate in the brsp . all plan assets in the two legacy bgi plans , including the 401k plan and retirement plan ( see below ) , were merged into the brsp on january 1 , 2011 . under the combined brsp , employee contributions of up to 8% ( 8 % ) of eligible compensation , as defined by the plan and subject to irc limitations , will be matched by the company at 50% ( 50 % ) . in addition , the company will continue to make an annual retirement contribution to eligible participants equal to 3-5% ( 3-5 % ) of eligible compensation . blackrock institutional trust company 401 ( k ) savings plan ( formerly the bgi 401 ( k ) savings plan ) the company assumed a 401 ( k ) plan ( the 201cbgi plan 201d ) covering employees of former bgi as a result of the bgi transaction . as part of the bgi plan , employee contributions for participants with at least one year of service were matched at 200% ( 200 % ) of participants 2019 pre-tax contributions up to 2% ( 2 % ) of base salary and overtime , and matched 100% ( 100 % ) of the next 2% ( 2 % ) of base salary and overtime , as defined by the plan and subject to irc limitations . the maximum matching contribution a participant would have received is an amount equal to 6% ( 6 % ) of base salary up to the irc limitations . the bgi plan expense was $ 12 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 . effective january 1 , 2011 , the net assets of this plan merged into the brsp . blackrock institutional trust company retirement plan ( formerly the bgi retirement plan ) the company assumed a defined contribution money purchase pension plan ( 201cbgi retirement plan 201d ) as a result of the bgi transaction . all salaried employees of former bgi and its participating affiliates who were u.s . residents on the u.s . payroll were eligible to participate . for participants earning less than $ 100000 in base salary , the company contributed 6% ( 6 % ) of a participant 2019s total compensation ( base salary , overtime and performance bonus ) up to $ 100000 . for participants earning $ 100000 or more in base salary , the company contributed 6% ( 6 % ) of a participant 2019s base salary and overtime up to the irc limita- tion of $ 245000 in 2010 . these contributions were 25% ( 25 % ) vested once the participant has completed two years of service and then vested at a rate of 25% ( 25 % ) for each additional year of service completed . employees with five or more years of service under the retirement plan were 100% ( 100 % ) vested in their entire balance . the retirement plan expense was $ 13 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 . effective january 1 , 2011 , the net assets of this plan merged into the brsp . blackrock group personal pension plan blackrock investment management ( uk ) limited ( 201cbim 201d ) , a wholly-owned subsidiary of the company , contributes to the blackrock group personal pension plan , a defined contribution plan for all employees of bim . bim contributes between 6% ( 6 % ) and 15% ( 15 % ) of each employee 2019s eligible compensation . the expense for this plan was $ 22 million , $ 13 million and $ 16 million for the years ended december 31 , 2010 , 2009 and 2008 , respectively . defined benefit plans in 2009 , prior to the bgi transaction , the company had several defined benefit pension plans in japan , germany , luxembourg and jersey . all accrued benefits under these defined benefit plans are currently frozen and the plans are closed to new participants . in 2008 , the defined benefit pension values in luxembourg were transferred into a new defined contribution plan for such employees , removing future liabilities . participant benefits under the plans will not change with salary increases or additional years of service . through the bgi transaction , the company assumed defined benefit pension plans in japan and germany which are closed to new participants . during 2010 , these plans merged into the legacy blackrock plans in japan ( the 201cjapan plan 201d ) and germany . at december 31 , 2010 and 2009 , the plan assets for these plans were approximately $ 19 million and $ 10 million , respectively , and the unfunded obligations were less than $ 6 million and $ 3 million , respectively , which were recorded in accrued compensation and benefits on the consolidated statements of financial condition . benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material . defined benefit plan assets for the japan plan of approximately $ 16 million are invested using a total return investment approach whereby a mix of equity securities , debt securities and other investments are used to preserve asset values , diversify risk and achieve the target investment return benchmark . investment strategies and asset allocations are based on consideration of plan liabilities and the funded status of the plan . investment performance and asset allocation are measured and monitored on an ongoing basis . the current target allocations for the plan assets are 45-50% ( 45-50 % ) for u.s . and international equity securities , 50-55% ( 50-55 % ) for u.s . and international fixed income securities and 0-5% ( 0-5 % ) for cash and cash equivalents . the table below provides the fair value of the defined benefit japan plan assets at december 31 , 2010 by asset category . the table also identifies the level of inputs used to determine the fair value of assets in each category . quoted prices significant in active other markets for observable identical assets inputs december 31 , ( dollar amounts in millions ) ( level 1 ) ( level 2 ) 2010 .
|( dollar amounts in millions )|quoted prices inactive marketsfor identical assets ( level 1 )|significant other observable inputs ( level 2 )|december 31 2010|
|cash and cash equivalents|$ 9|$ 2014|$ 9|
|equity securities|4|2014|4|
|fixed income securities|2014|3|3|
|fair value of plan assets|$ 13|$ 3|$ 16|
the assets and unfunded obligation for the defined benefit pension plan in germany and jersey were immaterial to the company 2019s consolidated financial statements at december 31 , 2010 . post-retirement benefit plans prior to the bgi transaction , the company had requirements to deliver post-retirement medical benefits to a closed population based in the united kingdom and through the bgi transaction , the company assumed a post-retirement benefit plan to a closed population of former bgi employees in the united kingdom . for the years ended december 31 , 2010 , 2009 and 2008 , expenses and unfunded obligations for these benefits were immaterial to the company 2019s consolidated financial statements . in addition , through the bgi transaction , the company assumed a requirement to deliver post-retirement medical benefits to a .
Question: what is the percentage change in expenses related to personal pension plan from 2009 to 2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.25987 | Context:depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under the credit facilities referred to above . the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively . we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 . shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings . at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement . we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time . 6 . leases we lease certain locomotives , freight cars , and other property . 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 , 2006 were as follows : millions of dollars operating leases capital leases .
|millions of dollars|operatingleases|capital leases|
|2007|$ 624|$ 180|
|2008|546|173|
|2009|498|168|
|2010|456|148|
|2011|419|157|
|later years|2914|1090|
|total minimum lease payments|$ 5457|$ 1916|
|amount representing interest|n/a|-680 ( 680 )|
|present value of minimum lease payments|n/a|$ 1236|
rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 . 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. .
Question: what percentage of total minimum lease payments are capital leases as of december 31 , 2006? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
609.0 | Context: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 .
Question: what was the sum of the earnings ( loss ) from continuing operations | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.06374 | Context:were more than offset by higher raw material and energy costs ( $ 312 million ) , increased market related downtime ( $ 187 million ) and other items ( $ 30 million ) . com- pared with 2003 , higher 2005 earnings in the brazilian papers , u.s . coated papers and u.s . market pulp busi- nesses were offset by lower earnings in the u.s . un- coated papers and the european papers businesses . the printing papers segment took 995000 tons of downtime in 2005 , including 540000 tons of lack-of-order down- time to align production with customer demand . this compared with 525000 tons of downtime in 2004 , of which 65000 tons related to lack-of-orders . printing papers in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|sales|$ 7860|$ 7670|$ 7280|
|operating profit|$ 552|$ 581|$ 464|
uncoated papers sales totaled $ 4.8 billion in 2005 compared with $ 5.0 billion in 2004 and 2003 . sales price realizations in the united states averaged 4.4% ( 4.4 % ) higher in 2005 than in 2004 , and 4.6% ( 4.6 % ) higher than 2003 . favorable pricing momentum which began in 2004 carried over into the beginning of 2005 . demand , however , began to weaken across all grades as the year progressed , resulting in lower price realizations in the second and third quarters . however , prices stabilized as the year ended . total shipments for the year were 7.2% ( 7.2 % ) lower than in 2004 and 4.2% ( 4.2 % ) lower than in 2003 . to continue matching our productive capacity with customer demand , the business announced the perma- nent closure of three uncoated freesheet machines and took significant lack-of-order downtime during the period . demand showed some improvement toward the end of the year , bolstered by the introduction our new line of vision innovation paper products ( vip technologiestm ) , with improved brightness and white- ness . mill operations were favorable compared to last year , and the rebuild of the no . 1 machine at the east- over , south carolina mill was completed as planned in the fourth quarter . however , the favorable impacts of improved mill operations and lower overhead costs were more than offset by record high input costs for energy and wood and higher transportation costs compared to 2004 . the earnings decline in 2005 compared with 2003 was principally due to lower shipments , higher down- time and increased costs for wood , energy and trans- portation , partially offset by lower overhead costs and favorable mill operations . average sales price realizations for our european operations remained relatively stable during 2005 , but averaged 1% ( 1 % ) lower than in 2004 , and 6% ( 6 % ) below 2003 levels . sales volumes rose slightly , up 1% ( 1 % ) in 2005 com- pared with 2004 and 5% ( 5 % ) compared to 2003 . earnings were lower than in 2004 , reflecting higher wood and energy costs and a compression of margins due to un- favorable foreign currency exchange movements . earn- ings were also adversely affected by downtime related to the rebuild of three paper machines during the year . coated papers sales in the united states were $ 1.6 bil- lion in 2005 , compared with $ 1.4 billion in 2004 and $ 1.3 billion in 2003 . the business reported an operating profit in 2005 versus a small operating loss in 2004 . the earnings improvement was driven by higher average sales prices and improved mill operations . price realiza- tions in 2005 averaged 13% ( 13 % ) higher than 2004 . higher input costs for raw materials and energy partially offset the benefits from improved prices and operations . sales volumes were about 1% ( 1 % ) lower in 2005 versus 2004 . market pulp sales from our u.s . and european facilities totaled $ 757 million in 2005 compared with $ 661 mil- lion and $ 571 million in 2004 and 2003 , respectively . operating profits in 2005 were up 86% ( 86 % ) from 2004 . an operating loss had been reported in 2003 . higher aver- age prices and sales volumes , lower overhead costs and improved mill operations in 2005 more than offset in- creases in raw material , energy and chemical costs . u.s . softwood and hardwood pulp prices improved through the 2005 first and second quarters , then declined during the third quarter , but recovered somewhat toward year end . softwood pulp prices ended the year about 2% ( 2 % ) lower than 2004 , but were 15% ( 15 % ) higher than 2003 , while hardwood pulp prices ended the year about 15% ( 15 % ) higher than 2004 and 10% ( 10 % ) higher than 2003 . u.s . pulp sales volumes were 12% ( 12 % ) higher than in 2004 and 19% ( 19 % ) higher than in 2003 , reflecting increased global demand . euro- pean pulp volumes increased 15% ( 15 % ) and 2% ( 2 % ) compared with 2004 and 2003 , respectively , while average sales prices increased 4% ( 4 % ) and 11% ( 11 % ) compared with 2004 and 2003 , respectively . brazilian paper sales were $ 684 million in 2005 com- pared with $ 592 million in 2004 and $ 540 million in 2003 . sales volumes for uncoated freesheet paper , coated paper and wood chips were down from 2004 , but average price realizations improved for exported un- coated freesheet and coated groundwood paper grades . favorable currency translation , as yearly average real exchange rates versus the u.s . dollar were 17% ( 17 % ) higher in 2005 than in 2004 , positively impacted reported sales in u.s . dollars . average sales prices for domestic un- coated paper declined 4% ( 4 % ) in local currency versus 2004 , while domestic coated paper prices were down 3% ( 3 % ) . operating profits in 2005 were down 9% ( 9 % ) from 2004 , but were up 2% ( 2 % ) from 2003 . earnings in 2005 were neg- atively impacted by a weaker product and geographic sales mix for both uncoated and coated papers , reflecting increased competition and softer demand , particularly in the printing , commercial and editorial market segments. .
Question: what was the printing papers profit margin in 2003 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.60362 | Context:average highway revenue equipment owned leased total age ( yrs. ) .
|highway revenue equipment|owned|leased|total|average age ( yrs. )|
|containers|33633|25998|59631|8.0|
|chassis|22086|26837|48923|9.6|
|total highway revenue equipment|55719|52835|108554|n/a|
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion . these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency . additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives . 2015 capital program 2013 during 2015 , our capital program totaled $ 4.3 billion . ( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources , item 7. ) 2016 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , which will include expenditures for ptc of approximately $ 375 million and may include non-cash investments . we may revise our 2016 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see discussion of our 2016 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2016 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.6 billion and $ 2.8 billion at december 31 , 2015 , and 2014 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment . ( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 . legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business . we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments . consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
Question: what percentage of total highway revenue equipment owned is containers? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
181.66667 | Context:the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 . operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s . dollar denominated net debt . ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand . sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china . sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard . average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets . average sales price realizations in russian markets increased year over year for all products . input costs were higher in 2018 , primarily for wood , fuel and chemicals . distribution costs were negatively impacted by tariffs and inflation . the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days . based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china . input costs are projected to be relatively flat , while distribution costs are expected to increase . equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 . the company received cash dividends from the investment of $ 25 million in 2018 . liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating 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 , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle . cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program . cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 . cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 . investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending . in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested . the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle . capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 . across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 . the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .
|in millions|2018|2017|2016|
|industrial packaging|$ 1061|$ 836|$ 832|
|global cellulose fibers|183|188|174|
|printing papers|303|235|215|
|subtotal|1547|1259|1221|
|corporate and other|25|21|20|
|capital spending|$ 1572|$ 1280|$ 1241|
capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .
Question: what is the average capital spending for the global cellulose fibers segment , considering the years 2016-2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
6.69231 | Context:at december 31 , 2005 , estimated total future post- retirement benefit payments , net of participant con- tributions and estimated future medicare part d subsidy receipts are as follows : in millions benefit payments subsidy receipts .
|in millions|benefitpayments|subsidy receipts|
|2006|$ 87|$ -13 ( 13 )|
|2007|86|-14 ( 14 )|
|2008|83|-15 ( 15 )|
|2009|81|-16 ( 16 )|
|2010|79|-17 ( 17 )|
|2011 2013 2015|352|-90 ( 90 )|
non-u.s . postretirement benefits in addition to the u.s . plan , certain canadian and brazilian employees are eligible for retiree health care and life insurance . net postretirement benefit cost for our non-u.s . plans was $ 3 million for 2005 and $ 2 mil- lion for 2004 . the benefit obligation for these plans was $ 21 million in 2005 and $ 20 million in 2004 . note 17 incentive plans international paper currently has a long-term in- centive compensation plan ( lticp ) that includes a stock option program , a restricted performance share program and a continuity award program , ad- ministered by a committee of nonemployee members of the board of directors ( committee ) who are not eligible for awards . also , stock appreciation rights ( sar 2019s ) have been awarded to employees of a non-u.s . subsidiary , with 5135 and 5435 rights outstanding at de- cember 31 , 2005 and 2004 , respectively . we also have other performance-based restricted share/unit programs available to senior executives and directors . international paper applies the provisions of apb opinion no . 25 , 201caccounting for stock issued to employees , 201d and related interpretations and the dis- closure provisions of sfas no . 123 , 201caccounting for stock-based compensation , 201d in accounting for our plans . sfas no . 123 ( r ) will be adopted effective jan- uary 1 , 2006 . as no unvested stock options were out- standing at this date , the company believes that the adoption will not have a material impact on its con- solidated financial statements . stock option program international paper accounts for stock options using the intrinsic value method under apb opinion no . 25 . under this method , compensation expense is recorded over the related service period when the market price exceeds the option price at the measurement date , which is the grant date for international paper 2019s options . no compensation expense is recorded as options are is- sued with an exercise price equal to the market price of international paper stock on the grant date . during each reporting period , fully diluted earnings per share is calculated by assuming that 201cin-the-money 201d options are exercised and the exercise proceeds are used to repurchase shares in the marketplace . when options are actually exercised , option proceeds are credited to equity and issued shares are included in the computation of earnings per common share , with no effect on re- ported earnings . equity is also increased by the tax benefit that international paper will receive in its tax return for income reported by the optionees in their in- dividual tax returns . under the program , officers and certain other em- ployees may be granted options to purchase interna- tional paper common stock . the option price is the market price of the stock on the close of business on the day prior to the date of grant . options must be vested before they can be exercised . upon exercise of an op- tion , a replacement option may be granted under certain circumstances with an exercise price equal to the market price at the time of exercise and with a term extending to the expiration date of the original option . the company discontinued its stock option pro- gram in 2004 for members of executive management , and in 2005 for all other eligible u.s . and non-u.s . employees . in the united states , the stock option pro- gram was replaced with a performance-based restricted share program for approximately 1250 employees to more closely tie long-term incentive compensation to company performance on two key performance drivers : return on investment ( roi ) and total shareholder re- turn ( tsr ) . as part of this shift in focus away from stock options to performance-based restricted stock , the company accelerated the vesting of all 14 million un- vested stock options to july 12 , 2005 . the company also considered the benefit to employees and the income statement impact in making its decision to accelerate the vesting of these options . based on the market value of the company 2019s common stock on july 12 , 2005 , the exercise prices of all such stock options were above the market value and , accordingly , the company recorded no expense as a result of this action. .
Question: in 2006 what was the ratio of the benefit payments to the subsidy receipts | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.0597 | Context:future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .
|year|amount|
|2017|142|
|2018|135|
|2019|125|
|2020|120|
|2021|112|
|thereafter|404|
|total|$ 1038|
rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 and 2014 , respectively . investment commitments . at december 31 , 2016 , the company had $ 192 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . in addition to the capital commitments of $ 192 million , the company had approximately $ 12 million of contingent commitments for certain funds which have investment periods that have expired . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million and is included in other liabilities on the consolidated statement of financial condition . other contingent payments . the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with .
Question: what is the expected percentage change in rent expense and certain office equipment expense in 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.04367 | Context:regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2014 decreased 8% ( 8 % ) to $ 5.7 billion compared with $ 6.2 billion in 2013 and 8% ( 8 % ) compared with $ 6.2 billion in 2012 . operating profits in 2014 were 106% ( 106 % ) lower than in 2013 and 103% ( 103 % ) lower than in 2012 . excluding facility closure costs , impairment costs and other special items , operating profits in 2014 were 7% ( 7 % ) higher than in 2013 and 8% ( 8 % ) lower than in 2012 . benefits from higher average sales price realizations and a favorable mix ( $ 178 million ) , lower planned maintenance downtime costs ( $ 26 million ) , the absence of a provision for bad debt related to a large envelope customer that was booked in 2013 ( $ 28 million ) , and lower foreign exchange and other costs ( $ 25 million ) were offset by lower sales volumes ( $ 82 million ) , higher operating costs ( $ 49 million ) , higher input costs ( $ 47 million ) , and costs associated with the closure of our courtland , alabama mill ( $ 41 million ) . in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets . we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 . operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . printing papers .
|in millions|2014|2013|2012|
|sales|$ 5720|$ 6205|$ 6230|
|operating profit ( loss )|-16 ( 16 )|271|599|
north american printing papers net sales were $ 2.1 billion in 2014 , $ 2.6 billion in 2013 and $ 2.7 billion in 2012 . operating profits in 2014 were a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) compared with gains of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 and $ 331 million in 2012 . sales volumes in 2014 decreased compared with 2013 due to lower market demand for uncoated freesheet paper and the closure our courtland mill . average sales price realizations were higher , reflecting sales price increases in both domestic and export markets . higher input costs for wood were offset by lower costs for chemicals , however freight costs were higher . planned maintenance downtime costs were $ 14 million lower in 2014 . operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill but benefited from the absence of a provision for bad debt related to a large envelope customer that was recorded in 2013 . entering the first quarter of 2015 , sales volumes are expected to be stable compared with the fourth quarter of 2014 . average sales margins should improve reflecting a more favorable mix although average sales price realizations are expected to be flat . input costs are expected to be stable . planned maintenance downtime costs are expected to be about $ 16 million lower with an outage scheduled in the 2015 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2014 fourth quarter . brazilian papers net sales for 2014 were $ 1.1 billion compared with $ 1.1 billion in 2013 and $ 1.1 billion in 2012 . operating profits for 2014 were $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) compared with $ 210 million in 2013 and $ 163 million in 2012 . sales volumes in 2014 were about flat compared with 2013 . average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2013 and in 2014 . margins were favorably affected by an increased proportion of sales to the higher-margin domestic market . raw material costs increased for wood and chemicals . operating costs were higher than in 2013 and planned maintenance downtime costs were flat . looking ahead to 2015 , sales volumes in the first quarter are expected to decrease due to seasonally weaker customer demand for uncoated freesheet paper . average sales price improvements are expected to reflect the partial realization of announced sales price increases in the brazilian domestic market for uncoated freesheet paper . input costs are expected to be flat . planned maintenance outage costs should be $ 5 million lower with an outage scheduled at the luiz antonio mill in the first quarter . european papers net sales in 2014 were $ 1.5 billion compared with $ 1.5 billion in 2013 and $ 1.4 billion in 2012 . operating profits in 2014 were $ 140 million compared with $ 167 million in 2013 and $ 179 million in compared with 2013 , sales volumes for uncoated freesheet paper in 2014 were slightly higher in both .
Question: in 2013 what was printing papers operating margin | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.12465 | Context:the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capital structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2015 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2015 , were as follows: .
|in millions|2015|2016|2017|2018|2019|thereafter|
|maturities of long-term debt ( a )|$ 426|$ 43|$ 811|$ 427|$ 183|$ 7436|
|lease obligations|118|95|72|55|41|128|
|purchase obligations ( b )|3001|541|447|371|358|1579|
|total ( c )|$ 3545|$ 679|$ 1330|$ 853|$ 582|$ 9143|
( a ) total debt includes scheduled principal payments only . ( b ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 101 million . we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2015 , to be indefinitely reinvested and , accordingly , no u.s . income taxes have been provided thereon . as of december 31 , 2015 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 600 million . we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements . pension obligations and funding at december 31 , 2015 , the projected benefit obligation for the company 2019s u.s . defined benefit plans determined under u.s . gaap was approximately $ 3.5 billion higher than the fair value of plan assets . approximately $ 3.2 billion of this amount relates to plans that are subject to minimum funding requirements . under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes . in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s . congress which provided for pension funding relief and technical corrections . funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level . the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million and $ 353 million for the years ended december 31 , 2015 and 2014 , respectively . at this time , we do not expect to have any required contributions to our plans in 2016 , although the company may elect to make future voluntary contributions . the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates . international paper has announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment . eligible participants who wish to receive the lump sum payment must make an election between february 29 and april 29 , 2016 , and payment is scheduled to be made on or before june 30 , 2016 . all payments will be made from the pension plan trust assets . the target population has a total liability of $ 3.0 billion . the amount of the total payments will depend on the participation rate of eligible participants , but is expected to be approximately $ 1.5 billion . based on the expected level of payments , settlement accounting rules will apply in the period in which the payments are made . this will result in a plan remeasurement and the recognition in earnings of a pro-rata portion of unamortized net actuarial loss . ilim holding s.a . shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a . joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners . this agreement was amended on may 7 , 2014 . pursuant to the amended agreement , beginning on january 1 , 2017 , either the company or its partners may commence certain procedures specified under the deadlock provisions . if these or any other deadlock provisions are commenced , the company may in certain situations , choose to purchase its partners 2019 50% ( 50 % ) interest in ilim . any such transaction would be subject to review and approval by russian and other relevant antitrust authorities . any such purchase by international paper would result in the consolidation of ilim 2019s financial position and results of operations in all subsequent periods. .
Question: what was the ratio of discretionary company contributions in 2015 compared to 2014 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-3179.0 | Context:bhge 2018 form 10-k | 39 outstanding under the commercial paper program . the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion . if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced . additionally , it could cause the rating agencies to lower our credit rating . there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility . however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper . should this occur , we could seek alternative sources of funding , including borrowing under the credit facility . during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge and share repurchases . we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs . cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: .
|( in millions )|2018|2017|2016|
|operating activities|$ 1762|$ -799 ( 799 )|$ 262|
|investing activities|-578 ( 578 )|-4123 ( 4123 )|-472 ( 472 )|
|financing activities|-4363 ( 4363 )|10919|-102 ( 102 )|
operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed . the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services . cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively . cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance . these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer . included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs . cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively . cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year . these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 . included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs . investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations . expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively . proceeds from the disposal of assets related primarily .
Question: what is the net change in cash during 2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.28211 | Context: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 .
Question: what is the growth rate in net earnings attributable to altria group inc . in 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.16667 | Context:table of contents item 1b . unresolved staff comments we have no unresolved sec staff comments to report . item 2 . properties as of december 31 , 2015 , we owned or leased 126 major manufacturing sites and 14 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 44 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|30|32|25|5|92|
|powertrain systems|4|10|5|2|21|
|electronics and safety|3|7|3|2014|13|
|total|37|49|33|7|126|
in addition to these manufacturing sites , we had 14 major technical centers : four 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 14 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 77 are primarily owned and 63 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 . gm ignition switch recall in the first quarter of 2014 , gm , delphi 2019s largest customer , initiated a product recall related to ignition switches . delphi received requests for information from , and cooperated with , various government agencies related to this ignition switch recall . in addition , delphi was initially named as a co-defendant along with gm ( and in certain cases other parties ) in class action and product liability lawsuits related to this matter . as of december 31 , 2015 , delphi was not named as a defendant in any class action complaints . although no assurances can be made as to the ultimate outcome of these or any other future claims , delphi does not believe a loss is probable and , accordingly , no reserve has been made as of december 31 , 2015 . unsecured creditors litigation the fourth amended and restated limited liability partnership agreement of delphi automotive llp ( the 201cfourth llp agreement 201d ) was entered into on july 12 , 2011 by the members of delphi automotive llp in order to position the company for its initial public offering . under the terms of the fourth llp agreement , if cumulative distributions to the members of delphi automotive llp under certain provisions of the fourth llp agreement exceed $ 7.2 billion , delphi , as disbursing agent on behalf of dphh , is required to pay to the holders of allowed general unsecured claims against dphh $ 32.50 for every $ 67.50 in excess of $ 7.2 billion distributed to the members , up to a maximum amount of $ 300 million . in december 2014 , a complaint was filed in the bankruptcy court alleging that the redemption by delphi automotive llp of the membership interests of gm and the pbgc , and the repurchase of shares and payment of dividends by delphi automotive plc , constituted distributions under the terms of the fourth llp agreement approximating $ 7.2 billion . delphi considers cumulative .
Question: what is the percentage of powertrain systems sites among all sites? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
82.0 | Context:altria group , inc . and subsidiaries notes to consolidated financial statements _________________________ may not be obtainable in all cases . this risk has been substantially reduced given that 47 states and puerto rico limit the dollar amount of bonds or require no bond at all . as discussed below , however , tobacco litigation plaintiffs have challenged the constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well . such challenges may include the applicability of state bond caps in federal court . states , including florida , may also seek to repeal or alter bond cap statutes through legislation . although altria group , inc . cannot predict the outcome of such challenges , it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges . altria group , inc . and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated . at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , except to the extent discussed elsewhere in this note 19 . contingencies : ( i ) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any . litigation defense costs are expensed as incurred . altria group , inc . and its subsidiaries have achieved substantial success in managing litigation . nevertheless , litigation is subject to uncertainty and significant challenges remain . it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation . altria group , inc . and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts . each of the companies has defended , and will continue to defend , vigorously against litigation challenges . however , altria group , inc . and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc . to do so . overview of altria group , inc . and/or pm usa tobacco- related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco-related litigation described below . plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below . the table below lists the number of certain tobacco-related cases pending in the united states against pm usa ( 1 ) and , in some instances , altria group , inc . as of december 31 , 2016 , 2015 and 2014: .
||2016|2015|2014|
|individual smoking and health cases ( 2 )|70|65|67|
|smoking and health class actions and aggregated claims litigation ( 3 )|5|5|5|
|health care cost recovery actions ( 4 )|1|1|1|
|201clights/ultra lights 201d class actions|8|11|12|
( 1 ) does not include 25 cases filed on the asbestos docket in the circuit court for baltimore city , maryland , which seek to join pm usa and other cigarette- manufacturing defendants in complaints previously filed against asbestos companies . ( 2 ) does not include 2485 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) . the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) . the terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages , but prohibited them from seeking punitive damages . also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) . ( 3 ) includes as one case the 600 civil actions ( of which 344 were actions against pm usa ) that were to be tried in a single proceeding in west virginia ( in re : tobacco litigation ) . the west virginia supreme court of appeals ruled that the united states constitution did not preclude a trial in two phases in this case . issues related to defendants 2019 conduct and whether punitive damages are permissible were tried in the first phase . trial in the first phase of this case began in april 2013 . in may 2013 , the jury returned a verdict in favor of defendants on the claims for design defect , negligence , failure to warn , breach of warranty , and concealment and declined to find that the defendants 2019 conduct warranted punitive damages . plaintiffs prevailed on their claim that ventilated filter cigarettes should have included use instructions for the period 1964 - 1969 . the second phase will consist of trials to determine liability and compensatory damages . in november 2014 , the west virginia supreme court of appeals affirmed the final judgment . in july 2015 , the trial court entered an order that will result in the entry of final judgment in favor of defendants and against all but 30 plaintiffs who potentially have a claim against one or more defendants that may be pursued in a second phase of trial . the court intends to try the claims of these 30 plaintiffs in six consolidated trials , each with a group of five plaintiffs . the first trial is currently scheduled to begin may 1 , 2018 . dates for the five remaining consolidated trials have not been scheduled . ( 4 ) see health care cost recovery litigation - federal government 2019s lawsuit below. .
Question: what are the total number of pending tobacco-related cases in united states in 2015? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.58621 | Context:be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements . we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions . income taxes 2013 as discussed in note 4 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2004 , and we are in different stages of the irs appeals process for these years . the irs is examining our tax returns for tax years 2005 and 2006 . in the third quarter of 2007 , we believe that we reached an agreement in principle with the irs to resolve all of the issues , except interest , related to tax years 1995 through 1998 , including the previously reported dispute over certain donations of property . we anticipate signing a closing agreement in 2008 . at december 31 , 2007 , we have recorded a current liability of $ 140 million for tax payments in 2008 related to federal and state income tax examinations . we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements . 11 . other income other income included the following for the years ended december 31 : millions of dollars 2007 2006 2005 .
|millions of dollars|2007|2006|2005|
|rental income|$ 68|$ 83|$ 59|
|net gain on non-operating asset dispositions|52|72|135|
|interest income|50|29|17|
|sale of receivables fees|-35 ( 35 )|-33 ( 33 )|-23 ( 23 )|
|non-operating environmental costs and other|-19 ( 19 )|-33 ( 33 )|-43 ( 43 )|
|total|$ 116|$ 118|$ 145|
12 . share repurchase program on january 30 , 2007 , our board of directors authorized the repurchase of up to 20 million shares of union pacific corporation common stock through the end of 2009 . management 2019s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases . we expect to fund our common stock repurchases through cash generated from operations , the sale or lease of various operating and non- operating properties , debt issuances , and cash on hand at december 31 , 2007 . during 2007 , we repurchased approximately 13 million shares under this program at an aggregate purchase price of approximately $ 1.5 billion . these shares were recorded in treasury stock at cost , which includes any applicable commissions and fees. .
Question: what percent of total other income was rental income in 2007? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.1473 | Context:management 2019s discussion and analysis action antitrust legal settlement . net income for 2005 and 2004 included an aftertax charge of $ 13 million , or 8 cents a share , and $ 19 million , or 11 cents a share , respectively , to reflect the net increase in the current value of the company 2019s obligation under the ppg settlement arrangement relating to asbestos claims . results of business segments net sales operating income ( millions ) 2005 2004 2005 2004 .
|( millions )|net sales 2005|net sales 2004|net sales 2005|2004|
|coatings|$ 5566|$ 5275|$ 609|$ 777|
|glass|2237|2204|56|169|
|chemicals|2398|2034|451|291|
coatings sales increased $ 291 million or 5% ( 5 % ) in 2005 . sales increased 3% ( 3 % ) due to higher selling prices across all businesses except automotive ; 1% ( 1 % ) due to improved volumes as increases in our aerospace , architectural and original equipment automotive businesses offset volume declines in automotive refinish and industrial coatings ; and 1% ( 1 % ) due to the positive effects of foreign currency translation . operating income decreased $ 168 million in 2005 . the adverse impact of inflation totaled $ 315 million , of which $ 245 million was attributable to higher raw material costs . higher year-over-year selling prices increased operating earnings by $ 169 million . coatings operating earnings were reduced by the $ 132 million charge for the cost of the marvin legal settlement net of insurance recoveries . other factors increasing coatings operating income in 2005 were the increased sales volumes described above , manufacturing efficiencies , formula cost reductions and higher other income . glass sales increased $ 33 million or 1% ( 1 % ) in 2005 . sales increased 1% ( 1 % ) due to improved volumes as increases in our automotive replacement glass , insurance and services and performance glazings ( flat glass ) businesses offset volume declines in our fiber glass and automotive original equipment glass businesses . the positive effects of foreign currency translation were largely offset by lower selling prices primarily in our automotive replacement glass and automotive original equipment businesses . operating income decreased $ 113 million in 2005 . the federal glass class action antitrust legal settlement of $ 61 million , the $ 49 million impact of rising natural gas costs and the absence of the $ 19 million gain in 2004 from the sale/ leaseback of precious metal combined to account for a reduction in operating earnings of $ 129 million . the remaining year-over-year increase in glass operating earnings of $ 16 million resulted primarily from improved manufacturing efficiencies and lower overhead costs exceeding the adverse impact of other inflation . our continuing efforts in 2005 to position the fiber glass business for future growth in profitability were adversely impacted by the rise in fourth quarter natural gas prices , slightly lower year-over-year sales , lower equity earnings due to weaker pricing in the asian electronics market , and the absence of the $ 19 million gain which occurred in 2004 stemming from the sale/ leaseback of precious metals . despite high energy costs , we expect fiber glass earnings to improve in 2006 because of price strengthening in the asian electronics market , which began to occur in the fourth quarter of 2005 , increased cost reduction initiatives and the positive impact resulting from the start up of our new joint venture in china . this joint venture will produce high labor content fiber glass reinforcement products and take advantage of lower labor costs , allowing us to refocus our u.s . production capacity on higher margin direct process products . the 2005 operating earnings of our north american automotive oem glass business declined by $ 30 million compared with 2004 . significant structural changes continue to occur in the north american automotive industry , including the loss of u.s . market share by general motors and ford . this has created a very challenging and competitive environment for all suppliers to the domestic oems , including our business . about half of the decline in earnings resulted from the impact of rising natural gas costs , particularly in the fourth quarter , combined with the traditional adverse impact of year-over-year sales price reductions producing a decline in earnings that exceeded our successful efforts to reduce manufacturing costs . the other half of the 2005 decline was due to lower sales volumes and mix and higher new program launch costs . the challenging competitive environment and high energy prices will continue in 2006 . our business is working in 2006 to improve its performance through increased manufacturing efficiencies , structural cost reduction initiatives , focusing on profitable growth opportunities and improving our sales mix . chemicals sales increased $ 364 million or 18% ( 18 % ) in 2005 . sales increased 21% ( 21 % ) due to higher selling prices , primarily for chlor-alkali products , and 1% ( 1 % ) due to the combination of an acquisition in our optical products business and the positive effects of foreign currency translation . total volumes declined 4% ( 4 % ) as volume increases in optical products were more than offset by volume declines in chlor-alkali and fine chemicals . volume in chlor-alkali products and silicas were adversely impacted in the third and fourth quarters by the hurricanes . operating income increased $ 160 million in 2005 . the primary factor increasing operating income was the record high selling prices in chlor-alkali . factors decreasing operating income were higher inflation , including $ 136 million due to increased energy and ethylene costs ; $ 34 million of direct costs related to the impact of the hurricanes ; $ 27 million due to the asset impairment charge related to our fine chemicals business ; lower sales volumes ; higher manufacturing costs and increased environmental expenses . the increase in chemicals operating earnings occurred primarily through the first eight months of 2005 . the hurricanes hit in september impacting volumes and costs in september through november and contributing to the rise in natural gas prices which lowered fourth quarter chemicals earnings by $ 58 million , almost 57% ( 57 % ) of the full year impact of higher natural gas prices . the damage caused by hurricane rita resulted in the shutdown of our lake charles , la chemical plant for a total of eight days in september and an additional five 18 2005 ppg annual report and form 10-k .
Question: what was the operating margin for the coatings segment in 2004? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.24048 | Context:purchases of equity securities 2013 during 2018 , we repurchased 57669746 shares of our common stock at an average price of $ 143.70 . the following table presents common stock repurchases during each month for the fourth quarter of 2018 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
|period|total number of shares purchased [a]|average price paid per share|total number of shares purchased as part of a publicly announcedplan or program [b]|maximum number of shares remaining under the plan or program [b]|
|oct . 1 through oct . 31|6091605|$ 158.20|6087727|32831024|
|nov . 1 through nov . 30|3408467|147.91|3402190|29428834|
|dec . 1 through dec . 31|3007951|148.40|3000715|26428119|
|total|12508023|$ 153.04|12490632|n/a|
[a] total number of shares purchased during the quarter includes approximately 17391 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
Question: what percentage of the total number of shares purchased where purchased in december? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.1619 | Context:management believes it is important for interna- tional paper to maintain an investment-grade credit rat- ing to facilitate access to capital markets on favorable terms . at december 31 , 2005 , the company held long- term credit ratings of bbb ( negative outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively . cash provided by operations cash provided by continuing operations totaled $ 1.5 billion for 2005 , compared with $ 2.1 billion in 2004 and $ 1.5 billion in 2003 . the major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash in- come and expense items and changes in working capital . earnings from continuing operations adjusted for non-cash items declined by $ 83 million in 2005 versus 2004 . this compared with an increase of $ 612 million for 2004 over 2003 . working capital , representing international paper 2019s investments in accounts receivable and inventory less accounts payable and accrued liabilities , was $ 2.6 billion at december 31 , 2005 . cash used for working capital components increased by $ 591 million in 2005 , com- pared with a $ 86 million increase in 2004 and an $ 11 million increase in 2003 . the increase in 2005 was principally due to a decline in accrued liabilities at de- cember 31 , 2005 . investment activities capital spending from continuing operations was $ 1.2 billion in 2005 , or 84% ( 84 % ) of depreciation and amor- tization , comparable to the $ 1.2 billion , or 87% ( 87 % ) of depreciation and amortization in 2004 , and $ 1.0 billion , or 74% ( 74 % ) of depreciation and amortization in 2003 . the following table presents capital spending from continuing operations by each of our business segments for the years ended december 31 , 2005 , 2004 and 2003 . in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|printing papers|$ 658|$ 590|$ 482|
|industrial packaging|187|179|165|
|consumer packaging|131|205|128|
|distribution|9|5|12|
|forest products|121|126|121|
|specialty businesses and other|31|39|31|
|subtotal|1137|1144|939|
|corporate and other|18|32|54|
|total from continuing operations|$ 1155|$ 1176|$ 993|
we expect capital expenditures in 2006 to be about $ 1.2 billion , or about 80% ( 80 % ) of depreciation and amor- tization . we will continue to focus our future capital spending on improving our key platform businesses in north america and on investments in geographic areas with strong growth opportunities . acquisitions in october 2005 , international paper acquired ap- proximately 65% ( 65 % ) of compagnie marocaine des cartons et des papiers ( cmcp ) , a leading moroccan corrugated packaging company , for approximately $ 80 million in cash plus assumed debt of approximately $ 40 million . in august 2005 , pursuant to an existing agreement , international paper purchased a 50% ( 50 % ) third-party interest in ippm ( subsequently renamed international paper distribution limited ) for $ 46 million to facilitate possi- ble further growth in asian markets . in 2001 , interna- tional paper had acquired a 25% ( 25 % ) interest in this business . the accompanying consolidated balance sheet as of december 31 , 2005 includes preliminary estimates of the fair values of the assets and liabilities acquired , including approximately $ 50 million of goodwill . in july 2004 , international paper acquired box usa holdings , inc . ( box usa ) for approximately $ 400 million , including the assumption of approximately $ 197 million of debt , of which approximately $ 193 mil- lion was repaid by july 31 , 2004 . each of the above acquisitions was accounted for using the purchase method . the operating results of these acquisitions have been included in the con- solidated statement of operations from the dates of ac- quisition . financing activities 2005 : financing activities during 2005 included debt issuances of $ 1.0 billion and retirements of $ 2.7 billion , for a net debt and preferred securities reduction of $ 1.7 billion . in november and december 2005 , international paper investments ( luxembourg ) s.ar.l. , a wholly- owned subsidiary of international paper , issued $ 700 million of long-term debt with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2010 . additionally , the subsidiary borrowed $ 70 million under a bank credit agreement with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2006 . in december 2005 , international paper used pro- ceeds from the above borrowings , and from the sale of chh in the third quarter of 2005 , to repay approx- imately $ 190 million of notes with coupon rates ranging from 3.8% ( 3.8 % ) to 10% ( 10 % ) and original maturities from 2008 to 2029 . the remaining proceeds from the borrowings and the chh sale will be used for further debt reductions in the first quarter of 2006. .
Question: what was the percent of the total capital spending from continuing operations for industrial packaging in 2005 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.1401 | Context:business subsequent to the acquisition . the liabilities for these payments are classified as level 3 liabilities because the related fair value measurement , which is determined using an income approach , includes significant inputs not observable in the market . financial assets and liabilities not measured at fair value our debt is reflected on the consolidated balance sheets at cost . based on market conditions as of december 31 , 2018 and 2017 , the fair value of our credit agreement borrowings reasonably approximated the carrying values of $ 1.7 billion and $ 2.0 billion , respectively . in addition , based on market conditions , the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 , respectively . as of december 31 , 2018 and december 31 , 2017 , the fair values of the u.s . notes ( 2023 ) were approximately $ 574 million and $ 615 million , respectively , compared to a carrying value of $ 600 million at each date . as of december 31 , 2018 and december 31 , 2017 , the fair values of the euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million , respectively . as of december 31 , 2018 , the fair value of the euro notes ( 2026/28 ) approximated the carrying value of $ 1.1 billion . the fair value measurements of the borrowings under our credit agreement and receivables facility are classified as level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market , including interest rates on recent financing transactions with similar terms and maturities . we estimated the fair value by calculating the upfront cash payment a market participant would require at december 31 , 2018 to assume these obligations . the fair value of our u.s . notes ( 2023 ) is classified as level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market . the fair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) are determined based upon observable market inputs including quoted market prices in markets that are not active , and therefore are classified as level 2 within the fair value hierarchy . note 13 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2018 are as follows ( in thousands ) : years ending december 31: .
|2019|$ 294269|
|2020|256172|
|2021|210632|
|2022|158763|
|2023|131518|
|thereafter|777165|
|future minimum lease payments|$ 1828519|
rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2018 , our portion of the guaranteed residual value would have totaled approximately $ 76 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies we have certain contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .
Question: at december 31 , 2018 what was the percent of the total future minimum lease commitments under the leases that was due in 2020 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-394.0 | Context:intermodal 2013 decreased volumes and fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008 . volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 , reflecting economic conditions , continued weak imports from asia , and diversions to non-uprr served ports . additionally , continued weakness in the domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to the volume decline . conversely , domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008 . a new contract with hub group , inc. , which included additional shipments , was executed in the second quarter of 2009 and more than offset the impact of weak market conditions in the second half of 2009 . price increases and fuel surcharges generated higher revenue in 2008 , partially offset by lower volume levels . international traffic declined 11% ( 11 % ) in 2008 , reflecting continued softening of imports from china and the loss of a customer contract . notably , the peak intermodal shipping season , which usually starts in the third quarter , was particularly weak in 2008 . additionally , continued weakness in domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to lower volumes . domestic traffic declined 3% ( 3 % ) in 2008 due to the loss of a customer contract and lower volumes from less-than-truckload shippers . additionally , the flood-related embargo on traffic in the midwest during the second quarter hindered intermodal volume levels in 2008 . mexico business 2013 each of our commodity groups include revenue from shipments to and from mexico . revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1.2 billion . volume declined in five of our six commodity groups , down 19% ( 19 % ) in 2009 , driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments , respectively . conversely , energy shipments increased 9% ( 9 % ) in 2009 versus 2008 , partially offsetting these declines . revenue from mexico business increased 13% ( 13 % ) to $ 1.6 billion in 2008 compared to 2007 . price improvements and fuel surcharges contributed to these increases , partially offset by a 4% ( 4 % ) decline in volume in 2008 compared to 2007 . operating expenses millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007 .
|millions of dollars|2009|2008|2007|% ( % ) change 2009 v 2008|% ( % ) change 2008 v 2007|
|compensation and benefits|$ 4063|$ 4457|$ 4526|( 9 ) % ( % )|( 2 ) % ( % )|
|fuel|1763|3983|3104|-56 ( 56 )|28|
|purchased services and materials|1614|1902|1856|-15 ( 15 )|2|
|depreciation|1444|1387|1321|4|5|
|equipment and other rents|1180|1326|1368|-11 ( 11 )|-3 ( 3 )|
|other|687|840|733|-18 ( 18 )|15|
|total|$ 10751|$ 13895|$ 12908|( 23 ) % ( % )|8% ( 8 % )|
2009 intermodal revenue international domestic .
Question: what was the change in millions of compensation and benefits from 2008 to 2009? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |