Consumer Foods net sales increased $303 million, or 5%, for the year to $6.8 billion.
Results reflect an increase of three percentage points from improved net pricing and product mix and two percentage points of improvement from higher volumes.
Net pricing and volume improvements were achieved in many of the Company’s priority investment and enabler brands.
The impact of product recalls partially offset these improvements.
The Company implemented significant price increases for many Consumer Foods products during the fourth quarter of fiscal 2008.
Continued net sales improvements are expected into fiscal 2009 when the Company expects to receive the benefit of these pricing actions for full fiscal periods.
Sales of some of the Company’s most significant brands, including Chef Boyardee?, DAVID?, Egg Beaters?, Healthy Choice?, Hebrew National?, Hunt’s?, Marie Callender’s?, Manwich?, Orville Redenbacher’s?, PAM?, Ro*Tel?, Rosarita?, Snack Pack?, Swiss Miss?, Wesson?, and Wolf?
grew in fiscal 2008.
Sales of ACT II?, Andy Capp?, Banquet?, Crunch ‘n Munch?, Kid Cuisine?, Parkay?, Pemmican?, Reddi-wip?, and Slim Jim?
declined in fiscal 2008.
Net sales in the Consumer Foods segment are not comparable across periods due to a variety of factors.
The Company initiated a peanut butter recall in the third quarter of fiscal 2007 and reintroduced Peter Pan?
peanut butter products in August 2007.
Sales of all peanut butter products, including both branded and private label, in fiscal 2008 were $14 million lower than comparable amounts in fiscal 2007.
Consumer Foods net sales were also adversely impacted by the recall of Banquet?
and private label pot pies in the second quarter of fiscal 2008.
Net sales of pot pies were lower by approximately $22 million in fiscal 2008, relative to fiscal 2007, primarily due to product returns and lost sales of Banquet?
and private label pot pies.
Sales from Alexia Foods and Lincoln Snacks, businesses acquired in fiscal 2008, totaled $66 million in fiscal 2008.
The Company divested a refrigerated pizza business during the first half of fiscal 2007.
Sales from this business were $17 million in fiscal 2007.
Food and Ingredients net sales were $4.1 billion in fiscal 2008, an increase of $706 million, or 21%.
Increased sales are reflective of higher sales prices in the Company’s milling operations due to higher grain prices, and price and volume increases in the Company’s potato and dehydrated vegetable operations.
The fiscal 2007 divestiture of an oat milling operation resulted in a reduction of sales of $27 million for fiscal 2008, partially offset by increased sales of $18 million from the acquisition of Watts Brothers in February 2008.  International Foods net sales increased $65 million to $678 million.
The strengthening of foreign currencies relative to the U. S.  dollar accounted for approximately $36 million of this increase.
The segment achieved a 5% increase in sales volume in fiscal 2008, primarily reflecting increased unit sales in Canada and Mexico, and modest increases in net pricing.
Gross Profit (Net Sales less Cost of Goods Sold) ($ in millions)
## Table 0 ##
The Company’s gross profit for fiscal 2008 was $2.7 billion, an increase of $23 million, or 1%, over the prior year.
The increase in gross profit was largely driven by results in the Food and Ingredients segment, reflecting higher margins in the Company’s milling and specialty potato operations, largely offset by reduced gross profits in the Consumer Foods segment.
Costs of implementing the Company’s restructuring plans reduced gross profit by $4 million and $46 million in fiscal 2008 and fiscal 2007, respectively.
ROPER INDUSTRIES, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2014, 2013 and 2012 (1) SUMMARY OF ACCOUNTING POLICIES Basis of Presentation - These financial statements present consolidated information for Roper Industries, Inc.  and its subsidiaries (“Roper” or the “Company”).
All significant intercompany accounts and transactions have been eliminated.
Nature of the Business - Roper is a diversified technology company.
The Company operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets; including healthcare, transportation, food, energy, water, education and academic research.
Accounts Receivable - Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $13.7 million and $15.0 million at December 31, 2014 and 2013, respectively.
Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes it is probable that an account receivable is uncollectible.
The returns and other sales credit allowance is an estimate of customer returns, exchanges, discounts or other forms of anticipated concessions and is treated as a reduction in revenue.
Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents.
Roper had $40 million in cash equivalents at December 31, 2014 and none at December 31, 2013.
Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies.
Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred.
In the assessment of contingencies as of December 31, 2014, management concluded that no accrual was necessary and that there were no matters for which there was a reasonable possibility of a material loss.
Earnings per Share - Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year.
Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock outstanding during the respective year.
Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper’s senior subordinated convertible notes based upon the trading price of the Company’s common stock.
The effects of potential common stock were determined using the treasury stock method (in thousands):
## Table 1 ##
As of and for the years ended December 31, 2014, 2013 and 2012, there were 764,333, 614,850 and 547,591 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.
Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities.
Actual results could differ from those estimates.
Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U. S.  dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results.
Translation adjustments are reflected as a component of other comprehensive income.
Foreign currency transaction gains and losses are recorded in the income statement as other income/(expense).
The gain or loss included in pre-tax income was a net gain of $0.2 million for the year ended December 31, 2014, a net loss of $3.9 million for the year ended December 31, 2013 and a net loss of $2.8 million for the year ended December 31, 2012.
some portion or all of such deferred tax assets will not be realized.
As of December 31, 2014, based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions, the Company believes that it is more likely than not that the remaining net deferred tax assets will be realized.
The Company recognizes in the consolidated financial statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
## Table 2 ##
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $27.0 million.
Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense and totaled $0.6 million in 2014.
Accrued interest and penalties were $5.2 million at December 31, 2014 and $4.5 million at December 31, 2013.
During the next twelve months, the unrecognized tax benefits are expected to increase by a net $9.2 million, due mainly to anticipated settlements with various state taxing authorities.
The Company and its subsidiaries are subject to U. S.  federal income tax as well as income taxes of multiple state, city and foreign jurisdictions.
The Company’s federal income tax returns for 2010 through the current period remain subject to examination and the relevant state, city and foreign statutes vary.
At December 31, 2014, the Internal Revenue Service has been and is continuing to examine the Company’s income tax returns for the years 2010 through 2012.
The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.
(8) LONG-TERM DEBT On July 27, 2012, Roper entered into a $1.5 billion unsecured credit facility (the “2012 Facility”) with JPMorgan Chase Bank, N. A. , as administrative agent, and a syndicate of lenders, which replaced its prior unsecured credit facility dated as of July 7, 2008 (the “2008 Facility”).
The 2012 Facility is composed of a five year $1.5 billion revolving credit facility.
Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $350 million.
At December 31, 2014, there were no outstanding borrowings under the 2012 Facility.
Roper recorded a $1.0 million non-cash debt extinguishment charge in the third quarter of 2012 related to the early termination of the 2008 Facility.
This charge reflects the unamortized fees associated with the 2008 Facility and was reported as other expense.
The 2012 Facility contains affirmative and negative covenants which, among other things, limit Roper’s ability to incur new debt, prepay subordinated debt, make certain investments and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business.
Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio.
The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5.
The Company was in compliance with its debt covenants throughout the years ended December 31, 2014 and 2013.
On June 6, 2013, the Company completed a public offering of $800 million aggregate principal amount of 2.050% senior unsecured notes due October 1, 2018.
The notes bear interest at a fixed rate of 2.050% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2013.
Roper may redeem some or all of the notes at any time or from time to time, at 100% of their principal amount plus a makewhole premium based on a spread to U. S.  Treasury securities as described in the indenture relating to the notes.
On November 21, 2012, Roper completed a public offering of $400 million aggregate principal amount of 1.850% senior unsecured notes due November 15, 2017 and $500 million aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022.
The notes bear interest at a fixed rate of 1.850% and 3.125% per year, respectively, payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013.
Roper may redeem some or all of the notes at any time or from time to time, at 100% of their principal amount plus a makewhole premium based on a spread to U. S.  Treasury securities as described in the indenture relating to the notes.
Stock Options – Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant.
Stock options typically vest over a period of three to five years from the grant date and expire ten years after the grant date.
The Company recorded $16.6 million, $16.9 million, and $14.8 million of compensation expense relating to outstanding options during 2014, 2013 and 2012, respectively, as a component of general and administrative expenses, primarily at corporate.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model.
The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant.
The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding.
The risk-free rate for periods within the contractual life of the option is based on the U. S.  Treasury yield curve in effect at the time of grant.
The weighted-average fair value of options granted in 2014, 2013 and 2012 were calculated using the following weighted-average assumptions:
## Table 3 ##
The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2014 and 2013:
## Table 4 ##
The following table summarizes information for stock options outstanding at December 31, 2014:
## Table 5 ##
A summary of the Company’s warranty accrual activity is presented below (in thousands):

Tables referenced above, in order (Table 0 first):
<table><tr><td>Reporting Segment</td><td>Fiscal 2008 Gross Profit</td><td>Fiscal 2007 Gross Profit</td><td>% Increase/ (Decrease)</td></tr><tr><td>Consumer Foods</td><td>$1,802</td><td>$1,923</td><td>-6%</td></tr><tr><td>Food and Ingredients</td><td>724</td><td>590</td><td>23%</td></tr><tr><td>International Foods</td><td>190</td><td>180</td><td>6%</td></tr><tr><td>Total</td><td>$2,716</td><td>$2,693</td><td>1%</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Basic weighted-average shares outstanding</td><td>99,916</td><td>99,123</td><td>97,702</td></tr><tr><td>Effect of potential common stock:</td><td></td><td></td><td></td></tr><tr><td>Common stock awards</td><td>816</td><td>891</td><td>1,040</td></tr><tr><td>Senior subordinated convertible notes</td><td>152</td><td>195</td><td>816</td></tr><tr><td>Diluted weighted-average shares outstanding</td><td>100,884</td><td>100,209</td><td>99,558</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Beginning balance</td><td>$26,924</td><td>$24,865</td><td>$19,556</td></tr><tr><td>Additions for tax positions of prior periods</td><td>6,532</td><td>3,055</td><td>1,371</td></tr><tr><td>Additions for tax positions of the current period</td><td>5,571</td><td>1,639</td><td>1,541</td></tr><tr><td>Additions due to acquisitions</td><td>-</td><td>5,026</td><td>9,116</td></tr><tr><td>Reductions for tax positions of prior periods</td><td>-1,008</td><td>-3,675</td><td>-197</td></tr><tr><td>Reductions for tax positions of the current period</td><td></td><td></td><td></td></tr><tr><td>Settlements with taxing authorities</td><td>-518</td><td>-</td><td>-</td></tr><tr><td>Lapse of applicable statute of limitations</td><td>-8,934</td><td>-3,986</td><td>-6,522</td></tr><tr><td>Ending balance</td><td>$28,567</td><td>$26,924</td><td>$24,865</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Weighted-average fair value ($)</td><td>34.95</td><td>37.08</td><td>30.25</td></tr><tr><td>Risk-free interest rate (%)</td><td>1.63</td><td>0.86</td><td>0.77</td></tr><tr><td>Average expected option life (years)</td><td>5.22</td><td>5.19</td><td>5.24</td></tr><tr><td>Expected volatility (%)</td><td>27.01</td><td>36.09</td><td>36.51</td></tr><tr><td>Expected dividend yield (%)</td><td>0.58</td><td>0.56</td><td>0.58</td></tr></table>
<table><tr><td></td><td>Number of shares</td><td>Weighted-averageexercise priceper share</td><td>Weighted-averagecontractual term</td><td>Aggregate intrinsicvalue</td></tr><tr><td>Outstanding at January 1, 2013</td><td>2,918,195</td><td>$63.15</td><td></td><td></td></tr><tr><td>Granted</td><td>601,350</td><td>117.78</td><td></td><td></td></tr><tr><td>Exercised</td><td>-424,945</td><td>56.48</td><td></td><td></td></tr><tr><td>Canceled</td><td>-106,164</td><td>98.74</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2013</td><td>2,988,436</td><td>74.00</td><td>6.22</td><td>$193,279,214</td></tr><tr><td>Granted</td><td>650,000</td><td>137.05</td><td></td><td></td></tr><tr><td>Exercised</td><td>-587,661</td><td>55.98</td><td></td><td></td></tr><tr><td>Canceled</td><td>-69,664</td><td>116.29</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2014</td><td>2,981,111</td><td>90.48</td><td>6.37</td><td>$196,378,239</td></tr><tr><td>Exercisable at December 31, 2014</td><td>1,811,238</td><td>$68.02</td><td>4.91</td><td>$159,978,254</td></tr></table>
<table><tr><td></td><td colspan="3">Outstanding options</td><td colspan="2">Exercisable options</td></tr><tr><td>Exercise price</td><td>Number</td><td>Averageexerciseprice</td><td>Average remaininglife (years)</td><td>Number</td><td>Averageexerciseprice</td></tr><tr><td>$31.66 - 47.49</td><td>110,598</td><td>$41.82</td><td>4.2</td><td>110,598</td><td>$41.82</td></tr><tr><td>47.50 - 63.32</td><td>911,913</td><td>54.10</td><td>3.3</td><td>911,913</td><td>54.10</td></tr><tr><td>63.33 - 79.15</td><td>379,830</td><td>72.62</td><td>6.1</td><td>379,830</td><td>72.62</td></tr><tr><td>79.16 - 94.98</td><td>325,632</td><td>92.70</td><td>7.0</td><td>216,610</td><td>92.24</td></tr><tr><td>94.99 - 110.81</td><td>89,049</td><td>97.99</td><td>7.5</td><td>51,717</td><td>98.07</td></tr><tr><td>110.82- 126.64</td><td>512,589</td><td>117.12</td><td>8.2</td><td>124,727</td><td>116.27</td></tr><tr><td>126.65 - 142.47</td><td>573,000</td><td>135.14</td><td>9.2</td><td>15,843</td><td>133.77</td></tr><tr><td>142.48 - 158.30</td><td>78,500</td><td>150.38</td><td>9.7</td><td>-</td><td>-</td></tr><tr><td>$31.66 - 158.30</td><td>2,981,111</td><td>$90.48</td><td>6.4</td><td>1,811,238</td><td>$68.02</td></tr></table>

Question: If Weighted-average fair value ($) develops with the same growth rate in 2014, what will it reach in 2015?
Answer: 32.9423
Reasoning program: subtract(34.95,37.08), divide(#0,37.08), add(const_1,#1), multiply(34.95,#2)