The pension liabilities, net of pension assets, recognized on the balance sheet at October 31, 2012, 2011 and 2010 were $1,817 million, $1,373 million and $693 million, respectively.
The OPEB liabilities, net of OPEB assets, on these same dates were $5,736 million, $5,193 million and $4,830 million, respectively.
The increases in pension net liabilities in 2012 and 2011 were primarily due to decreases in discount rates and interest on the liabilities, partially offset by the return on plan assets.
The increases in the OPEB net liabilities in 2012 and 2011 were primarily due to the decreases in discount rates and interest on the liabilities.
The effect of hypothetical changes to selected assumptions on the company’s major U. S.  retirement benefit plans would be as follows in millions of dollars:
## Table 0 ##
Goodwill Goodwill is not amortized and is tested for impairment annually and when events or circumstances change such that it is more likely than not that the fair value of a reporting unit is reduced below its carrying amount.
The end of the third quarter is the annual measurement date.
To test for goodwill impairment, the carrying value of each reporting unit is compared with its fair value.
If the carrying value of the goodwill is considered impaired, a loss is recognized based on the amount by which the carrying value exceeds the implied fair value of the goodwill.
An estimate of the fair value of the reporting unit is determined through a combination of comparable market values for similar businesses and discounted cash flows.
These estimates can change significantly based on such factors as the reporting unit’s financial performance, economic conditions, interest rates, growth rates, pricing, changes in business strategies and competition.
Based on this testing, the company identified a reporting unit in 2012 and 2010 for which the goodwill was impaired.
In the fourth quarters of 2012 and 2010, the company recorded non-cash charges in cost of sales of $33 million pretax, or $31 million after-tax, and $27 million pretax, or $25 million after-tax, respectively.
The charges were associated with a reporting unit included in the agriculture and turf operating segment.
The key factor contributing to the impairments was a decline in the reporting unit’s forecasted financial performance (see Note 5).
A 10 percent decrease in the estimated fair value of the company’s other reporting units would have had no impact on the carrying value of goodwill at the annual measurement date in 2012.
Allowance for Credit Losses The allowance for credit losses represents an estimate of the losses expected from the company’s receivable portfolio.
The level of the allowance is based on many quantitative and qualitative factors, including historical loss experience by product category, portfolio duration, delinquency trends, economic conditions and credit risk quality.
The adequacy of the allowance is assessed quarterly.
Different assumptions or changes in economic conditions would result in changes to the allowance for credit losses and the provision for credit losses.
The total allowance for credit losses at October 31, 2012, 2011 and 2010 was $243 million, $269 million and $296 million, respectively.
The decreases in 2012 and 2011 were primarily due to decreases in loss experience.
The assumptions used in evaluating the company’s exposure to credit losses involve estimates and significant judgment.
The historical loss experience on the receivable portfolio represents one of the key assumptions involved in determining the allowance for credit losses.
Over the last five fiscal years, this percent has varied by an average of approximately plus or minus .23 percent, compared to the average loss experience percent during that period.
Holding other assumptions constant, if this estimated loss experience on the receivable portfolio were to increase or decrease .23 percent, the allowance for credit losses at October 31, 2012 would increase or decrease by approximately $70 million.
Operating Lease Residual Values The carrying value of equipment on operating leases is affected by the estimated fair values of the equipment at the end of the lease (residual values).
Upon termination of the lease, the equipment is either purchased by the lessee or sold to a third party, in which case the company may record a gain or a loss for the difference between the estimated residual value and the sales price.
The residual values are dependent on current economic conditions and are reviewed quarterly.
Changes in residual value assumptions would affect the amount of depreciation expense and the amount of investment in equipment on operating leases.
The total operating lease residual values at October 31, 2012, 2011 and 2010 were $1,676 million, $1,425 million and $1,276 million, respectively.
The changes in 2012 and 2011 were primarily due to the increasing levels of operating leases.
The company views and has historically disclosed its operations as consisting of two geographic areas, the U. S.  and Canada, and outside the U. S.  and Canada, shown below in millions of dollars.
No individual foreign country’s net sales and revenues were material for disclosure purposes.
## Table 1 ##
The percentages indicate the approximate proportion of each amount that relates to the U. S.  only and are based upon a three-year average for 2012, 2011 and 2010.
## Table 2 ##
29.
SUPPLEMENTAL INFORMATION (UNAUDITED) Common stock per share sales prices from New York Stock Exchange composite transactions quotations follow:
## Table 3 ##
At October 31, 2012, there were 25,669 holders of record of the company’s $1 par value common stock.
Quarterly information with respect to net sales and revenues and earnings is shown in the following schedule.
The company’s fiscal year ends in October and its interim periods (quarters) end in January, April and July.
Such information is shown in millions of dollars except for per share amounts
## Table 4 ##
30.
Subsequent event A quarterly dividend of $.46 per share was declared at the Board of Directors meeting on December 5, 2012, payable on February 1, 2013 to stockholders of record on December 31, 2012.
Net earnings for the fiscal year ended December 28, 2008 were $306,766, or $2.00 per diluted share.
This compares to net earnings for fiscal 2007 and 2006 of $333,003 and $230,055, or $1.97 and $1.29 per diluted share, respectively.
Net earnings includes non-operating expense related to the change in fair value of certain warrants required to be classified as a liability of $44,370 in 2007 and $31,770 in 2006.
These warrants were repurchased during May 2007.
Net earnings for 2007 also includes a favorable tax adjustment of $29,619, or $0.17 per diluted share, related to the recognition of certain previously unrecognized tax benefits.
In January 2008 the Company acquired Cranium, Inc.  (“Cranium”).
The results of operations for 2008 include the operations of Cranium from the acquisition closing date of January 25, 2008.
Consolidated net revenues for the year ended December 28, 2008 were $4,021,520 compared to $3,837,557 in 2007 and $3,151,481 in 2006.
Most of the Company’s net revenues and operating profits were derived from its two principal segments: the U. S.  and Canada segment and the International segment, which are discussed in detail below.
Consolidated net revenues in 2008 were negatively impacted by foreign currency translation of approximately $10,300 as a result of the stronger U. S.  dollar in 2008 as compared to 2007 while consolidated net revenues in 2007 were positively impacted by foreign currency translation in the amount of $94,500 as a result of the overall weaker U. S.  dollar in that year.
The following table presents net revenues and operating profit data for the Company’s two principal segments for 2008, 2007 and 2006.
Results for 2007 and 2006 have been reclassified to conform to the Company’s 2008 operating segment structure.
## Table 5 ##
U. S.  and Canada U. S.  and Canada segment net revenues for the year ended December 28, 2008 increased 5% to $2,406,745 from $2,293,742 in 2007.
The impact of foreign currency translation on U. S.  and Canada segment net revenues in 2008 was unfavorable and decreased net revenues by approximately $3,100.
The increase in net revenues in 2008 was primarily due to higher revenues in the boys’ toys category, driven by increased sales of STAR WARS products and sales of INDIANA JONES products.
Although revenues from TRANSFORMERS and MARVEL products decreased in 2008 compared to 2007, as a result of the significant sales recognized in the prior year due to the theatrical releases of TRANSFORMERS in July 2007 and SPIDERMAN 3 in May 2007, these lines remained significant contributors to U. S.  and Canada segment net revenues in 2008.
The increase in segment net revenues for 2008 was also due to increased revenues in the games and puzzles category as a result of increased sales of DUEL MASTERS and TRIVIAL PURSUIT games and the impact of the acquisition of Cranium, partially offset by decreased revenues from plug and play games.
Revenues from the tweens category also increased as a result of higher sales of NERF products, partially offset by decreased sales of POWER TOUR GUITAR, which is no longer in the Company’s product line, as well as lower sales of I-DOG.
Revenues from the preschool category increased slightly as higher sales of PLAYSKOOL products were partially offset by decreased sales of TONKA products.
Revenues from the girls’ toys category increased slightly primarily as a result of of the reintroduction of EASY-BAKE oven, partly offset by decreased revenues from MY LITTLE PONY, FURREAL FRIENDS, and LITTLEST PET SHOP.
Although revenues from LITTLEST PET SHOP decreased slightly in 2008, sales of these products remained a significant contributor to U. S.  and Canada segment net revenues in 2008.
Revenues in 2008 were also negatively impacted by decreased sales of TOOTH TUNES.
PART I Pullmantur During 2013, we operated four ships with an aggregate capacity of approximately 7,650 berths under our Pullmantur brand, offering cruise itineraries that ranged from four to 12 nights throughout South America, the Caribbean and Europe.
One of these ships, Zenith, was redeployed from Pullmantur to CDF Croisières de France in January 2014.
Pullmantur serves the contemporary segment of the Spanish, Portuguese and Latin American cruise markets.
Pullmantur’s strategy is to attract cruise guests from these target markets by providing a variety of cruising options and onboard activities directed at couples and families traveling with children.
Over the last few years, Pullmantur has systematically increased its focus on Latin America.
In recognition of this, Pullmantur recently opened a regional head office in Panama to place the operating management closer to its largest and fastest growing market.
In order to facilitate Pullmantur’s ability to focus on its core cruise business, in December 2013, Pullmantur reached an agreement to sell the majority of its interest in its land-based tour operations, travel agency and Pullmantur Air, the closing of which is subject to customary closing conditions.
In connection with the agreement, we will retain a 19% interest in the non-core businesses.
We will retain ownership of the Pullmantur aircraft which will be dry leased to Pullmantur Air.
CDF Croisières de France In January 2014, we redeployed Zenith from Pullmantur to CDF Croisières de France.
As a result, as of January 2014, we operate two ships with an aggregate capacity of approximately 2,750 berths under our CDF Croisières de France brand.
During the summer of 2014, CDF Croisières de France will operate both ships in Europe and, for the first time, the brand will operate in the Caribbean during the winter of 2014.
In addition, CDF Croisières de France offers seasonal itineraries to the Mediterranean.
CDF Croisières de France is designed to serve the contemporary segment of the French cruise market by providing a brand tailored for French cruise guests.
TUI Cruises TUI Cruises is designed to serve the contemporary and premium segments of the German cruise market by offering a product tailored for German guests.
All onboard activities, services, shore excursions and menu offerings are designed to suit the preferences of this target market.
TUI Cruises operates two ships, Mein Schiff 1 and Mein Schiff 2, with an aggregate capacity of approximately 3,800 berths.
In addition, TUI Cruises has two ships on order, each with a capacity of 2,500 berths, scheduled for delivery in the second quarter of 2014 and second quarter of 2015.
TUI Cruises is a joint venture owned 50% by us and 50% by TUI AG, a German tourism and shipping company that also owns 51% of TUI Travel, a British tourism company.
INDUSTRY Cruising is considered a well-established vacation sector in the North American market, a growing sector over the long-term in the European market and a developing but promising sector in several other emerging markets.
Industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers.
We believe this presents an opportunity for long-term growth and a potential for increased profitability.
The following table details market penetration rates for North America and Europe computed based on the number of annual cruise guests as a percentage of the total population:
## Table 6 ##
(1) Source: International Monetary Fund and Cruise Line International Association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012.
Year 2013 amounts represent our estimates.
Includes the United States of America and Canada.
(2) Source: International Monetary Fund and CLIA Europe, formerly European Cruise Council, for years 2009 through 2012.
Year 2013 amounts represent our estimates.
We estimate that the global cruise fleet was served by approximately 436,000 berths on approximately 269 ships at the end of 2013.
There are approximately 26 ships with an estimated 71,000 berths that are expected to be placed in service in the global cruise market between 2014 and 2018, although it is also possible that ships could be ordered or taken out of service during these periods.
We estimate that the global cruise industry carried 21.3 million cruise guests in 2013 compared to 20.9 million cruise guests carried in 2012 and 20.2 million cruise guests carried in 2011.
STERIS PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts and as noted) Additional Authorized Shares STERIS PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts and as noted) Additional Authorized Shares STERIS Ireland has an additional authorized share capital of 50,000,000 preferred shares of $0.001 each, plus €25,000 divided into 25,000 deferred ordinary shares of €1.00 each, in order to satisfy minimum statutory capital requirements for all Irish public limited companies.13.
REPURCHASE OF ORDINARY SHARES On August 9, 2016, STERIS UK announced that its Board of Directors had authorized the purchase of up to $300 million (net of taxes, fees and commissions) of our ordinary shares.
We repurchased 651,093 of our ordinary shares during fiscal 2019 for the amount of $72,082, excluding taxes, fees and commissions.
We repurchased 664,963 of our ordinary shares during fiscal 2018 for the amount of $58,939, excluding taxes, fees and commissions.
As a result of the Redomiciliation that share repurchase authorization terminated.
On May 7, 2019, our Board of Directors authorized the continuation of the share repurchase program by STERIS Ireland.
There is approximately $80,000 (net of taxes, fees and commissions) of remaining availability under the authorization.
Under the authorization, the Company may repurchase its shares from time to time through open market purchases, including 10b5-1 plans.
The repurchase program may be suspended or discontinued at any time.
We obtained 112,356 of our shares during fiscal 2019 in the aggregate amount of $8,262 in connection with stock based compensation award programs.
We obtained 127,903 of our shares during fiscal 2018 in the aggregate amount of $7,014 in connection with these programs.
We obtained 168,906 of our shares during fiscal 2017 in the aggregate amount of $7,034 in connection with these programs.14.
SHARE-BASED COMPENSATION We maintain a long-term incentive plan that makes available shares for grants, at the discretion of the Compensation and Organization Development Committee of the Board of Directors, or the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants.
We satisfy share award incentives through the issuance of new ordinary shares.
Stock options provide the right to purchase our shares at the market price on the date of grant, or for options granted to employees in fiscal 2019 and thereafter, 110% of the market price on the date of grant, subject to the terms of the option plan and agreements.
Generally, one-fourth of the stock options granted to employees become exercisable for each full year of employment following the grant date.
Stock options granted generally expire 10 years after the grant date, or in some cases earlier if the option holder is no longer employed by us.
Restricted shares and restricted share units generally cliff vest after a four year period or vest in tranches of one-fourth of the number granted for each year of employment after the grant date.
As of March 31, 2019, 4,400,306 shares remained available for grant under the long-term incentive plan.
The fair value of share-based stock option compensation awards was estimated at their grant date using the Black-ScholesMerton option pricing model.
This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics that are not present in our option grants.
If the model permitted consideration of the unique characteristics of employee stock options, the resulting estimate of the fair value of the stock options could be different.
The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Consolidated Statements of Income.
The expense is classified as cost of goods sold or selling, general and administrative expenses in a manner consistent with the employee¡¯s compensation and benefits.
The following weighted-average assumptions were used for options granted during fiscal 2019, fiscal 2018 and fiscal 2017:

Tables referenced above, in order (Table 0 first):
<table><tr><td> Assumptions</td><td> Percentage  Change</td><td> October 31, 2012  Increase  (Decrease)  PBO/APBO*</td><td> 2013  Increase  (Decrease)  Expense</td></tr><tr><td> Pension</td><td></td><td></td><td></td></tr><tr><td>Discount rate**</td><td>+/-.5</td><td>$-598/635</td><td>$-28/28</td></tr><tr><td>Expected return on assets</td><td>+/-.5</td><td></td><td>-45/45</td></tr><tr><td> OPEB</td><td></td><td></td><td></td></tr><tr><td>Discount rate**</td><td>+/-.5</td><td>-419/465</td><td>-24/26</td></tr><tr><td>Expected return on assets</td><td>+/-.5</td><td></td><td>-6/6</td></tr><tr><td>Health care cost trend rate**</td><td>+/-1.0</td><td>938/-709</td><td>124/-95</td></tr></table>
<table><tr><td> </td><td> First  Quarter</td><td> Second  Quarter</td><td> Third  Quarter</td><td> Fourth  Quarter</td></tr><tr><td> 2012 Market price</td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>$87.99</td><td>$89.05</td><td>$83.43</td><td>$86.86</td></tr><tr><td>Low</td><td>$71.92</td><td>$76.51</td><td>$70.59</td><td>$73.81</td></tr><tr><td> 2011 Market price</td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>$90.99</td><td>$99.24</td><td>$97.39</td><td>$80.82</td></tr><tr><td>Low</td><td>$74.70</td><td>$86.91</td><td>$78.51</td><td>$61.72</td></tr></table>
<table><tr><td> GEOGRAPHIC AREAS</td><td> 2012</td><td> 2011</td><td> 2010</td></tr><tr><td> Net sales and revenues</td><td></td><td></td><td></td></tr><tr><td>Unaffiliated customers:</td><td></td><td></td><td></td></tr><tr><td>U.S. and Canada:</td><td></td><td></td><td></td></tr><tr><td>Equipment operations net sales -87%*</td><td>$20,807</td><td>$17,357</td><td>$14,794</td></tr><tr><td>Financial services revenues -79%*</td><td>1,930</td><td>1,857</td><td>1,817</td></tr><tr><td>Total</td><td>22,737</td><td>19,214</td><td>16,611</td></tr><tr><td>Outside U.S. and Canada:</td><td></td><td></td><td></td></tr><tr><td>Equipment operations net sales</td><td>12,694</td><td>12,109</td><td>8,779</td></tr><tr><td>Financial services revenues</td><td>305</td><td>306</td><td>257</td></tr><tr><td>Total</td><td>12,999</td><td>12,415</td><td>9,036</td></tr><tr><td>Other revenues</td><td>421</td><td>384</td><td>358</td></tr><tr><td>Total</td><td>$36,157</td><td>$32,013</td><td>$26,005</td></tr></table>
<table><tr><td>Equipment operations</td><td>$3,836</td><td>$2,898</td><td>$2,302</td></tr><tr><td>Financial services</td><td>566</td><td>593</td><td>400</td></tr><tr><td>Total</td><td>4,402</td><td>3,491</td><td>2,702</td></tr><tr><td>Outside U.S. and Canada:</td><td></td><td></td><td></td></tr><tr><td>Equipment operations</td><td>561</td><td>941</td><td>607</td></tr><tr><td>Financial services</td><td>146</td><td>132</td><td>99</td></tr><tr><td>Total</td><td>707</td><td>1,073</td><td>706</td></tr><tr><td>Total</td><td>$5,109</td><td>$4,564</td><td>$3,408</td></tr><tr><td> Property and equipment</td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$2,742</td><td>$2,329</td><td>$2,035</td></tr><tr><td>Germany</td><td>568</td><td>572</td><td>489</td></tr><tr><td>Other countries</td><td>1,702</td><td>1,451</td><td>1,267</td></tr><tr><td>Total</td><td>$5,012</td><td>$4,352</td><td>$3,791</td></tr></table>
<table><tr><td> </td><td> First  Quarter</td><td> Second  Quarter</td><td> Third  Quarter</td><td> Fourth  Quarter</td></tr><tr><td> 2012*</td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales and revenues</td><td>$6,766</td><td>$10,009</td><td>$9,590</td><td>$9,792</td></tr><tr><td>Net sales</td><td>6,119</td><td>9,405</td><td>8,930</td><td>9,047</td></tr><tr><td>Gross profit</td><td>1,543</td><td>2,570</td><td>2,174</td><td>2,206</td></tr><tr><td>Income before income taxes</td><td>800</td><td>1,597</td><td>1,215</td><td>1,122</td></tr><tr><td>Net income attributable to Deere & Company</td><td>533</td><td>1,056</td><td>788</td><td>688</td></tr><tr><td>Per share data:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1.32</td><td>2.64</td><td>2.00</td><td>1.76</td></tr><tr><td>Diluted</td><td>1.30</td><td>2.61</td><td>1.98</td><td>1.75</td></tr><tr><td>Dividends declared</td><td>.41</td><td>.46</td><td>.46</td><td>.46</td></tr><tr><td>Dividends paid</td><td>.41</td><td>.41</td><td>.46</td><td>.46</td></tr><tr><td> 2011</td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales and revenues</td><td>$6,119</td><td>$8,910</td><td>$8,372</td><td>$8,612</td></tr><tr><td>Net sales</td><td>5,514</td><td>8,327</td><td>7,722</td><td>7,903</td></tr><tr><td>Gross profit</td><td>1,420</td><td>2,221</td><td>1,929</td><td>1,977</td></tr><tr><td>Income before income taxes</td><td>746</td><td>1,341</td><td>1,079</td><td>1,057</td></tr><tr><td>Net income attributable to Deere & Company</td><td>514</td><td>904</td><td>712</td><td>670</td></tr><tr><td>Per share data:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1.22</td><td>2.15</td><td>1.71</td><td>1.63</td></tr><tr><td>Diluted</td><td>1.20</td><td>2.12</td><td>1.69</td><td>1.62</td></tr><tr><td>Dividends declared</td><td>.35</td><td>.35</td><td>.41</td><td>.41</td></tr><tr><td>Dividends paid</td><td>.30</td><td>.35</td><td>.35</td><td>.41</td></tr></table>
<table><tr><td></td><td> 2008</td><td>% Change</td><td> 2007</td><td>% Change</td><td> 2006</td></tr><tr><td>Net Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. and Canada</td><td>$2,406,745</td><td>5%</td><td>$2,293,742</td><td>15%</td><td>$1,997,141</td></tr><tr><td>International</td><td>$1,499,334</td><td>4%</td><td>$1,444,863</td><td>32%</td><td>$1,092,468</td></tr><tr><td>Operating Profit</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. and Canada</td><td>$283,152</td><td>-2%</td><td>$287,800</td><td>13%</td><td>$254,502</td></tr><tr><td>International</td><td>$165,186</td><td>-13%</td><td>$189,783</td><td>69%</td><td>$112,350</td></tr></table>
<table><tr><td>Year</td><td>North America-1</td><td>Europe-2</td></tr><tr><td>2009</td><td>3.0%</td><td>1.0%</td></tr><tr><td>2010</td><td>3.1%</td><td>1.1%</td></tr><tr><td>2011</td><td>3.4%</td><td>1.1%</td></tr><tr><td>2012</td><td>3.3%</td><td>1.2%</td></tr><tr><td>2013</td><td>3.4%</td><td>1.2%</td></tr></table>

Question: What will (12694-12109)/12109 reach in 2013 if it continues to grow at its current rate?
Answer: 13307.3
Reasoning program: subtract(12694,12109), divide(#0,12109), add(const_1,#1), multiply(#2,12694)