wandb/finqa-data-processed huggingface dataset:
american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 . the increase was primarily due to valuation allowances on foreign loss carryforwards . at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations . the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses . total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized . at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

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years ended december 31, | federal | state | foreign
----------|----------|----------|----------
2011 to 2015 | $ 2014 | $ 2014 | $ 503
2016 to 2020 | 2014 | 331315 | 5509
2021 to 2025 | 774209 | 576780 | 2014
2026 to 2030 | 423398 | 279908 | 92412
total | $ 1197607 | $ 1188003 | $ 98424
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in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .

Question: what portion of the total net operating loss carryforwards is state related?
Program: add(1197607, 1188003), add(#0, 98424), divide(1188003, #1)
Answer: 0.47826
other items on our consolidated financial statements have been appropriately adjusted from the amounts provided in the earnings release , including a reduction of our full year 2016 gross profit and income from operations by $ 2.9 million , and a reduction of net income by $ 1.7 million. .

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Row 1: ( in thousands ), at december 31 , 2016, at december 31 , 2015, at december 31 , 2014, at december 31 , 2013, at december 31 , 2012
Row 2: cash and cash equivalents, $ 250470, $ 129852, $ 593175, $ 347489, $ 341841
Row 3: working capital ( 1 ), 1279337, 1019953, 1127772, 702181, 651370
Row 4: inventories, 917491, 783031, 536714, 469006, 319286
Row 5: total assets, 3644331, 2865970, 2092428, 1576369, 1155052
Row 6: total debt including current maturities, 817388, 666070, 281546, 151551, 59858
Row 7: total stockholders 2019 equity, $ 2030900, $ 1668222, $ 1350300, $ 1053354, $ 816922
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( 1 ) working capital is defined as current assets minus current liabilities. .

Question: what is the debt-to-equity ratio in 2016?
Program: divide(817388, 2030900)
Answer: 0.40248
entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses . 2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) .

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 | amount ( in millions )
----------|----------
2010 net revenue | $ 540.2
retail electric price | 36.0
volume/weather | 21.3
purchased power capacity | -24.6 ( 24.6 )
other | 4.9
2011 net revenue | $ 577.8
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the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case . see note 2 to the financial statements for further discussion of the rate case settlement . the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year . usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries . the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases. .

Question: what percent of of the total variance in net revenue is attributed to the variance in volume/weather?
Program: subtract(577.8, 540.2), divide(21.3, #0)
Answer: 0.56649
item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2016 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2011 and that all dividends were reinvested. .

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 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016
loews common stock | 100.0 | 108.91 | 129.64 | 113.59 | 104.47 | 128.19
s&p 500 index | 100.0 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18
loews peer group ( a ) | 100.0 | 113.39 | 142.85 | 150.44 | 142.44 | 165.34
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( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after it acquired the chubb corporation on january 15 , 2016 ) , w.r . berkley corporation , the chubb corporation ( included through january 15 , 2016 when it was acquired by ace limited ) , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2016 and 2015. .

Question: what is the roi of an investment in s&p500 index from 2011 to 2012?
Program: subtract(116.00, const_100), divide(#0, const_100)
Answer: 0.16
supplementary information on oil and gas producing activities ( unaudited ) changes in the standardized measure of discounted future net cash flows ( in millions ) 2011 2010 2009 .

( in millions ) | 2011 | 2010 | 2009
sales and transfers of oil and gas produced net of production and administrative costs | $ -7922 ( 7922 ) | $ -6330 ( 6330 ) | $ -4876 ( 4876 )
net changes in prices and production and administrative costs related to future production | 12313 | 9843 | 4840
extensions discoveries and improved recovery less related costs | 1454 | 1268 | 1399
development costs incurred during the period | 1899 | 2546 | 2786
changes in estimated future development costs | -1349 ( 1349 ) | -2153 ( 2153 ) | -3773 ( 3773 )
revisions of previous quantity estimates | 2526 | 1117 | 5110
net changes in purchases and sales of minerals in place | 233 | -20 ( 20 ) | -159 ( 159 )
accretion of discount | 2040 | 1335 | 787
net change in income taxes | -6676 ( 6676 ) | -4231 ( 4231 ) | -4345 ( 4345 )
timing and other | 130 | 250 | -149 ( 149 )
net change for the year | 4648 | 3625 | 1620
beginning of the year | 9280 | 5655 | 4035
end of year | $ 13928 | $ 9280 | $ 5655

.

Question: what was the average net annual change in discounted future net cash flows ( in millions ) for the years 2011 , 2010 , and 2009?
Program: table_average(net change for the year, none)
Answer: 3297.66667
item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2016 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2011 and that all dividends were reinvested. .

• , 2011, 2012, 2013, 2014, 2015, 2016
• loews common stock, 100.0, 108.91, 129.64, 113.59, 104.47, 128.19
• s&p 500 index, 100.0, 116.00, 153.57, 174.60, 177.01, 198.18
• loews peer group ( a ), 100.0, 113.39, 142.85, 150.44, 142.44, 165.34

( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after it acquired the chubb corporation on january 15 , 2016 ) , w.r . berkley corporation , the chubb corporation ( included through january 15 , 2016 when it was acquired by ace limited ) , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2016 and 2015. .

Question: in 2016 what was the ratio of the s&p 500 index to loews common stock overall growth from 2011 to 2016
Program: divide(198.18, 165.34)
Answer: 1.19862
2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the acquisition . awards may be granted under the 2006 plan , as amended and restated , after december 5 , 2008 only to employees and consultants of allied waste industries , inc . and its subsidiaries who were not employed by republic services , inc . prior to such date . at december 31 , 2010 , there were approximately 15.3 million shares of common stock reserved for future grants under the 2006 plan . stock options we use a binomial option-pricing model to value our stock option grants . we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier . expected volatility is based on the weighted average of the most recent one-year volatility and a historical rolling average volatility of our stock over the expected life of the option . the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option . we use historical data to estimate future option exercises , forfeitures and expected life of the options . when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes . the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2010 , 2009 and 2008 were $ 5.28 , $ 3.79 and $ 4.36 per option , respectively , which were calculated using the following weighted-average assumptions: .

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• , 2010, 2009, 2008
• expected volatility, 28.6% ( 28.6 % ), 28.7% ( 28.7 % ), 27.3% ( 27.3 % )
• risk-free interest rate, 2.4% ( 2.4 % ), 1.4% ( 1.4 % ), 1.7% ( 1.7 % )
• dividend yield, 2.9% ( 2.9 % ), 3.1% ( 3.1 % ), 2.9% ( 2.9 % )
• expected life ( in years ), 4.3, 4.2, 4.2
• contractual life ( in years ), 7, 7, 7
• expected forfeiture rate, 3.0% ( 3.0 % ), 3.0% ( 3.0 % ), 3.0% ( 3.0 % )
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republic services , inc . notes to consolidated financial statements , continued .

Question: from 2009 to 2010 what was the percentage change in the expected volatility
Program: subtract(28.7, 27.3), divide(#0, 27.3)
Answer: 0.05128
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: .

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( 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
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.

Question: what is the total combined royalty fees for years ended 2006-2008 , in millions?
Program: add(6.3, 5.2), add(#0, 3.9)
Answer: 15.4
asset category target allocation total quoted prices in active markets for identical assets ( level 1 ) significant observable inputs ( level 2 ) significant unobservable inputs .

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• , level 3
• balance as of january 1 2018, $ 278
• actual return on assets, -23 ( 23 )
• purchases issuances and settlements net, -25 ( 25 )
• balance as of december 31 2018, $ 230
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balance as of january 1 , 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 actual return on assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 purchases , issuances and settlements , net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 balance as of december 31 , 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 278 the company 2019s postretirement benefit plans have different levels of funded status and the assets are held under various trusts . the investments and risk mitigation strategies for the plans are tailored specifically for each trust . in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and meet the risk tolerance criteria of the company . the company periodically updates the long-term , strategic asset allocations for these plans through asset liability studies and uses various analytics to determine the optimal asset allocation . considerations include plan liability characteristics , liquidity needs , funding requirements , expected rates of return and the distribution of returns . in 2012 , the company implemented a de-risking strategy for the american water pension plan after conducting an asset-liability study to reduce the volatility of the funded status of the plan . as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of fixed- income assets relative to liabilities . the fixed income portion of the portfolio was designed to match the bond- .

Question: what was the change in value for level 3 inputs during 2018?\\n
Program: subtract(230, 278)
Answer: -48.0
provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to the increase in pretax income from continuing operations , including the impact of the resumption of sales in libya in the first quarter of 2012 . the following is an analysis of the effective income tax rates for 2012 and 2011: .

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• , 2012, 2011
• statutory rate applied to income from continuing operations before income taxes, 35% ( 35 % ), 35% ( 35 % )
• effects of foreign operations including foreign tax credits, 18, 6
• change in permanent reinvestment assertion, 2014, 5
• adjustments to valuation allowances, 21, 14
• tax law changes, 2014, 1
• effective income tax rate on continuing operations, 74% ( 74 % ), 61% ( 61 % )
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the effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income . the provision for income taxes is allocated on a discrete , stand-alone basis to pretax segment income and to individual items not allocated to segments . the difference between the total provision and the sum of the amounts allocated to segments appears in the "corporate and other unallocated items" shown in the reconciliation of segment income to net income below . effects of foreign operations 2013 the effects of foreign operations on our effective tax rate increased in 2012 as compared to 2011 , primarily due to the resumption of sales in libya in the first quarter of 2012 , where the statutory rate is in excess of 90 percent . change in permanent reinvestment assertion 2013 in the second quarter of 2011 , we recorded $ 716 million of deferred u.s . tax on undistributed earnings of $ 2046 million that we previously intended to permanently reinvest in foreign operations . offsetting this tax expense were associated foreign tax credits of $ 488 million . in addition , we reduced our valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred u.s . tax on previously undistributed earnings . adjustments to valuation allowances 2013 in 2012 and 2011 , we increased the valuation allowance against foreign tax credits because it is more likely than not that we will be unable to realize all u.s . benefits on foreign taxes accrued in those years . see item 8 . financial statements and supplementary data - note 10 to the consolidated financial statements for further information about income taxes . discontinued operations is presented net of tax , and reflects our downstream business that was spun off june 30 , 2011 and our angola business which we agreed to sell in 2013 . see item 8 . financial statements and supplementary data 2013 notes 3 and 6 to the consolidated financial statements for additional information. .

Question: by how much did the effective income tax rate on continuing operations increase from 2011 to 2012?
Program: subtract(74%, 61%)
Answer: 0.13