Question: what was the percent change in operating leases between 2011/12 and 2013/4?

def solution():
    # Define variables name and value
    operating_leases_2011_2012 = 47.6
    operating_leases_2013_2014 = 26.6

    # Do math calculation to get the answer
    difference = operating_leases_2013_2014 - operating_leases_2011_2012
    percent_change = (difference / operating_leases_2011_2012) * 100

    return percent_change

Acquisition, integration, realignment and other expenses for 2009 were $75.3 million compared to $68.5 million in 2008.

During 2009, we initiated a workforce realignment, which included the elimination of positions in some areas and increases in others to support long-term growth.

As a result of this realignment and headcount reductions from acquisitions, we incurred approximately $19.0 million of severance and termination-related expenses.

Other items in acquisition, integration, realignment and other expenses in 2009 included approximately $9.4 million of expenses related to contract termination costs, $23.4 million of certain litigation matters that were recognized during the period and various costs incurred to integrate the Abbott Spine business acquired in the fourth quarter of 2008.

Included in acquisition, integration, realignment and other expenses in 2008 was $38.5 million of in-process research and development related to the Abbott Spine acquisition and other costs related to the integration of Abbott Spine.

See Note 2 to the consolidated financial statements for a more complete description of these charges.

We recognized a net curtailment and settlement gain of $32.1 million during 2009 related to amending our U. S.  and Puerto Rico postretirement benefit plans.

For more information regarding the net curtailment and settlement gain, see Note 12 to the consolidated financial statements.

Operating Profit, Income Taxes and Net Earnings Operating profit for 2009 decreased 7 percent to $1,018.8 million from $1,090.0 million in 2008.

The decrease in operating profit is due to higher operating expenses, most notably the goodwill impairment charge.

Interest and other expense for 2009 increased to $20.6 million compared to income of $31.8 million in 2008.

Interest and other income in 2008 included a realized gain of $38.8 million related to the sale of certain marketable securities.

Interest expense increased in the 2009 period as the result of increased long-term debt used to partially fund the Abbott Spine acquisition and the $1.0 billion senior notes offering during 2009.

The effective tax rate on earnings before income taxes increased to 28.1 percent for 2009, up from 24.3 percent in 2008.

The effective tax rate for 2009 is negatively impacted by the goodwill impairment charge of $73.0 million recorded during 2009 for which no tax benefit was recorded.

The effective tax rate for 2008 includes the impact of a current tax benefit of $31.7 million related to the 2007 settlement expense, resulting in a decrease of approximately 3 percent in the 2008 effective tax rate.

This impact on the 2008 effective tax rate was partially offset by Abbott Spine acquisitionrelated in-process research and development charges recorded during 2008 for which no tax benefit was recorded.

These discrete items account for the majority of the change in our effective tax rate year-over-year.

Net earnings decreased 15 percent to $717.4 million for 2009, compared to $848.6 million in 2008, as a result of decreased operating profit, increased interest expense and an increased effective tax rate.

Basic earnings per share in 2009 decreased 10 percent to $3.34 from $3.73 in 2008.

Diluted earnings per share decreased 11 percent to $3.32 from $3.72 in 2008.

The disproportional change in earnings per share as compared to net earnings is attributed to the effect of 2009 and 2008 share repurchases.

ear Ended December 31, 2008 Compared to Year Ended December 31, 2007 Net Sales by Reportable Segment The following table presents net sales by reportable segment and the components of the percentage changes (dollars in millions):

We have a five year $1,350 million revolving, multicurrency, senior unsecured credit facility maturing November 30, 2012 (Senior Credit Facility).

We had $128.8 million outstanding under the Senior Credit Facility at December 31, 2009, and an availability of $1,221.2 million.

The Senior Credit Facility contains provisions by which we can increase the line to $1,750 million.

We also have available uncommitted credit facilities totaling $84.1 million.

We may use excess cash or further borrow against our Senior Credit Facility, subject to limits set by our Board of Directors, to repurchase additional common stock under the $1.25 billion program which expires December 31, 2010.

Approximately $211.1 million remains authorized for future repurchases under this plan.

Management believes that cash flows from operations and available borrowings under the Senior Credit Facility are sufficient to meet our expected working capital, capital expenditure and debt service needs.

Should investment opportunities arise, we believe that our earnings, balance sheet and cash flows will allow us to obtain additional capital, if necessary.

CONTRACTUAL OBLIGATIONS We have entered into contracts with various third parties in the normal course of business which will require future payments.

The following table illustrates our contractual obligations (in millions):

CRITICAL ACCOUNTING ESTIMATES Our financial results are affected by the selection and application of accounting policies and methods.

Significant accounting policies which require management’s judgment are discussed below.

Excess Inventory and Instruments – We must determine as of each balance sheet date how much, if any, of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost.

Similarly, we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply.

Reserves are established to effectively adjust inventory and instruments to net realizable value.

To determine the appropriate level of reserves, we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components.

The basis for the determination is generally the same for all inventory and instrument items and categories except for work-in-progress inventory, which is recorded at cost.

Obsolete or discontinued items are generally destroyed and completely written off.

Management evaluates the need for changes to valuation reserves based on market conditions, competitive offerings and other factors on a regular basis.

Income Taxes – Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid.

We are subject to income taxes in both the U. S.  and numerous foreign jurisdictions.

Significant judgments and estimates are required in determining the consolidated income tax expense.

We estimate income tax expense and income tax liabilities and assets by taxable jurisdiction.

Realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits.

We evaluate deferred tax assets on an ongoing basis and provide valuation allowances if it is determined to be “more likely than not” that the deferred tax benefit will not be realized.

Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the U. S.  The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations.

We are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve.

We record our income tax provisions based on our knowledge of all relevant facts and circumstances, including existing tax laws, our experience with previous settlement agreements, the status of current examinations and our understanding of how the tax authorities view certain relevant industry and commercial matters.

We recognize tax liabilities in accordance with the Financial Accounting Standards Board’s (FASB) guidance on income taxes and we adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available.

Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities.

These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined.

Commitments and Contingencies – Accruals for product liability and other claims are established with the assistance of internal and external legal counsel based on current information and historical settlement information for claims, related legal fees and for claims incurred but not reported.

We use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims.

Historical patterns of claim loss development

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Revisions to the Consolidated Balance Sheet

||December 31, 2014|
||As Reported|Adjustments|As Revised|
|Inventories|$1,169.0|$24.3|$1,193.3|
|Total Current Assets|4,289.0|24.3|4,313.3|
|Property, plant and equipment, net|1,288.8|-3.5|1,285.3|
|Other assets|939.2|2.5|941.7|
|Total Assets|9,634.7|23.3|9,658.0|
|Accounts payable|167.1|-21.9|145.2|
|Income taxes payable|72.4|7.9|80.3|
|Other current liabilities|798.5|–|798.5|
|Total Current Liabilities|1,038.0|-14.0|1,024.0|
|Long-term income tax payable|181.7|8.2|189.9|
|Total Liabilities|3,112.1|-5.8|3,106.3|
|Retained earnings|8,285.2|76.9|8,362.1|
|Accumulated other comprehensive income|85.9|-47.8|38.1|
|Total Zimmer Holdings, Inc. stockholders’ equity|6,520.8|29.1|6,549.9|
|Total Stockholders’ Equity|6,522.6|29.1|6,551.7|
|Total Liabilities and Stockholders’ Equity|9,634.7|23.3|9,658.0|

||Year ended December 31, 2014|Year ended December 31, 2013|
||As Reported|Adjustments|As Revised|As Reported|Adjustments|As Revised|
|Net earnings|$719.0|$0.2|$719.2|$759.2|$19.4|$778.6|
|Deferred income tax provision|-84.2|-6.3|-90.5|-126.2|–|-126.2|
|Changes in operating assets and liabilities, net of effect of acquisitions:|||||||
|Income taxes payable|-51.9|1.5|-50.4|96.8|7.6|104.4|
|Inventories|-154.1|-10.5|-164.6|-128.4|-19.7|-148.1|
|Accounts payable and accrued expenses|120.1|-11.7|108.4|38.3|-4.7|33.6|
|Other assets and liabilities|87.6|26.8|114.4|-47.1|-2.6|-49.7|

We have not presented revisions to our consolidated statements of stockholders’ equity.

The only revisions to these statements are related to retained earnings caused by revisions to net earnings and accumulated other comprehensive income caused by revisions to other comprehensive income (loss).

These revisions have already been presented in the tables for the consolidated statements of earnings and comprehensive income and the consolidated balance sheets.

In the fourth quarter of 2015 we discovered an error that was immaterial to previous quarters’ condensed consolidated statements of cash flows.

As further discussed in Note 4, we recognized $90.4 million of compensation expense related to previously unvested LVB stock options and LVB stock-based awards that vested immediately prior to the merger under the terms of the merger agreement.

$52.8 million of the $90.4 million represented cash payments to holders of these options and stock-based awards.

In the six month period ended June 30, 2015 and nine month period ended September 30, 2015, we presented the $52.8 million as a cash outflow from investing activities.

However, since the payment represented compensation expense, the $52.8 million should have been presented as an operating cash outflow.

We have corrected this error in the consolidated statement of cash flows for the year ended December 31, 2015.

We will also revise future interim filings to correct for this error.3.

Significant Accounting Policies Basis of Presentation – The consolidated financial statements include the accounts of Zimmer Biomet Holdings and its subsidiaries in which it holds a controlling financial interest.

All significant intercompany accounts and transactions are eliminated.

Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation.

Use of Estimates – The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U. S.  which require us to make

Answer: -44.11764705882353


Question: What is the average amount of Employee separations of Other, and Operating activities of Year Ended December 31, 2007 ?

def solution():
    # Define variables name and value
    employee_separations_other = 1743.0
    operating_activities_2007 = 692679.0
    const_2 = 2

    # Do math calculation to get the answer
    answer = (employee_separations_other + operating_activities_2007) / const_2

    return answer

AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 3.00% Convertible Notes—During the years ended December 31, 2008 and 2007, the Company issued an aggregate of approximately 8.9 million and 973 shares of Common Stock, respectively, upon conversion of $182.8 million and $0.02 million principal amount, respectively, of 3.00% Notes.

Pursuant to the terms of the indenture, holders of the 3.00% Notes are entitled to receive 48.7805 shares of Common Stock for every $1,000 principal amount of notes converted.

In connection with the conversions in 2008, the Company paid such holders an aggregate of approximately $4.7 million, calculated based on the discounted value of the future interest payments on the notes, which is reflected in loss on retirement of long-term obligations in the accompanying consolidated statement of operations for the year ended December 31, 2008.14.

IMPAIRMENTS, NET LOSS ON SALE OF LONG-LIVED ASSETS, RESTRUCTURING AND MERGER RELATED EXPENSE The significant components reflected in impairments, net loss on sale of long-lived assets, restructuring and merger related expense in the accompanying consolidated statements of operations include the following: Impairments and Net Loss on Sale of Long-Lived Assets—During the years ended December 31, 2008, 2007 and 2006, the Company recorded impairments and net loss on sale of long-lived assets (primarily related to its rental and management segment) of $11.2 million, $9.2 million and $2.6 million, respectively.

During the years ended December 31, 2008, 2007 and 2006 respectively, the Company recorded net losses associated with the sales of certain non-core towers and other assets, as well as impairment charges to write-down certain assets to net realizable value after an indicator of impairment had been identified.

As a result, the Company recorded net losses and impairments of approximately $10.5 million, $7.1 million and $2.0 million for the years ended December 31, 2008, 2007 and 2006, respectively.

The net loss for the year ended December 31, 2008 is comprised of net losses from asset sales and other impairments of $10.7 million, offset by gains from asset sales of $0.2 million.

The net loss for the year ended December 31, 2007 is comprised of net losses from asset sales and other impairments of $7.8 million, offset by gains from asset sales of $0.7 million.

Merger Related Expense—During the year ended December 31, 2005, the Company assumed certain obligations, as a result of the merger with SpectraSite, Inc. , primarily related to employee separation costs of former SpectraSite employees.

Severance payments made to former SpectraSite, Inc.  employees were subject to plans and agreements established by SpectraSite, Inc.  and assumed by the Company in connection with the merger.

These costs were recognized as an assumed liability in the purchase price allocation.

In addition, the Company also incurred certain merger related costs for additional employee retention and separation costs incurred during the year ended December 31, 2006.

The following table displays the activity with respect to this accrued liability for the years ended December 31, 2008, 2007 and 2006 (in thousands):

||Liability  as of December 31, 2005|2006 Expense|2006 Cash Payments|Other|Liability  as of December 31, 2006|2007 Expense|2007 Cash Payments|Other|Liability  as of December 31, 2007|2008 Expense|2008 Cash Payments|Other|Liability  as of December 31, 2008|
|Employee separations|$20,963|$496|$-12,389|$-1,743|$7,327|$633|$-6,110|$-304|$1,546|$284|$-1,901|$71|—|

As of December 31, 2008, the Company had paid all of these merger related liabilities.

The loss from discontinued operations for the year ended December 31, 2007 is primarily due to the settlement of the Verestar bankruptcy proceedings and related litigation and the related tax effects.

In November 2007, following approval by the bankruptcy court, the Verestar settlement agreement became effective, we paid the $32.0 million settlement amount and the litigation was dismissed.

In connection with the approval of the settlement agreement by the bankruptcy court and the dismissal of the bankruptcy proceedings and related litigation, we determined that the benefits from certain of Verestar’s net operating losses would more likely than not be recoverable by us.

We had not previously recorded these tax benefits related to net operating losses generated from the operations of Verestar and used by us because our ability to realize such benefits was potentially impacted by the bankruptcy proceedings and related litigation that had yet to be resolved.

Accordingly, in November 2007, we recorded $5.6 million of additional tax benefits related to Verestar.

We also recorded a tax provision of $10.7 million in loss from discontinued operations, net during the three months ended December 31, 2007 to write off deferred tax assets associated with Verestar that should have been written off in 2002 and removed from the consolidated balance sheet when Verestar was deconsolidated upon its bankruptcy filing in December 2003.

Liquidity and Capital Resources Overview As a holding company, our cash flows are derived primarily from the operations of and distributions from our operating subsidiaries or funds raised through borrowings under our credit facilities and debt and equity offerings.

As of December 31, 2008, we had approximately $638.2 million of total liquidity, comprised of approximately $143.1 million in cash and cash equivalents and the ability to borrow approximately $495.1 million under our Revolving Credit Facility.

As of December 31, 2008, our cash and cash equivalents increased by $110.0 million as compared to December 31, 2007.

Summary cash flow information for the years ended December 31, 2008, 2007 and 2006 is set forth below.

||Year Ended December 31,|
|2008|2007|2006|
|Net cash provided by (used for):||||
|Operating activities|$773,258|$692,679|$620,738|
|Investing activities|-274,940|-186,180|-129,112|
|Financing activities|-388,172|-754,640|-323,063|
|Net effect of changes in exchange rates on cash and cash equivalents|-192|—|—|
|Increase (decrease) in cash and cash equivalents|$109,954|$-248,141|$168,563|

We use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, tower construction and DAS network installations, and tower and land acquisitions.

During the years ended December 31, 2008 and 2007, we also used a significant amount of our cash flows to fund refinancing and repurchases of our outstanding indebtedness, as well as our stock repurchase programs.

By refinancing and repurchasing a portion of our outstanding indebtedness, we improved our financial position, which increased our financial flexibility and our ability to return value to our stockholders.

Our significant transactions in 2008 included the following: ?

We entered into a new $325.0 million Term Loan pursuant to our Revolving Credit Facility and used the net proceeds, together with available cash, to repay $325.0 million of existing indebtedness under the Revolving Credit Facility.  ?

We reduced the amount of indebtedness outstanding under our convertible notes through conversions of approximately $201.1 million face amount of convertible notes into shares of our Common Stock.

SELECTED FINANCIAL DATA You should read the selected financial data in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.

In accordance with accounting principles generally accepted in the United States (“GAAP”), the consolidated statements of operations for all periods presented in this “Selected Financial Data” have been adjusted to reflect certain businesses as discontinued operations (see note 1 to our consolidated financial statements included in this Annual Report).

Year-over-year comparisons are significantly affected by our acquisitions, dispositions and, to a lesser extent, construction of towers.

Answer: 347211.0


Question: What was the average of the Operating Expenses in the years where Revenue is positive? (in million)

def solution():
    # Define variables name and value
    operating_expenses_2014 = 53264
    operating_expenses_2013 = 48404
    operating_expenses_2012 = 52784
    const_3 = 3

    # Do math calculation to get the answer
    answer = (operating_expenses_2014 + operating_expenses_2013 + operating_expenses_2012) / const_3

    return answer

Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview U. S.  economic growth, retail sales and industrial production continued at a moderate pace in 2014, which resulted in growth in the small package delivery market.

Continued strong growth in e-commerce and omni-channel retail sales has driven package volume increases in both commercial and residential products.

Given these trends, overall volume growth was strong during the year, and products most aligned with business-to-consumer and retail industry shipments experienced the fastest growth.

Economic conditions in Europe have deteriorated somewhat, as solid growth in the United Kingdom is being offset by slower growth in Germany and general economic weakness in France and Italy.

Economic growth in Asia has continued, though growth in China has moderated.

The uneven nature of economic growth worldwide, combined with a trend towards more intra-regional trade, has led to shifting trade patterns and resulted in overcapacity in certain trade lanes.

These factors have created an environment in which customers are more likely to trade-down from premium express products to standard delivery products in both Europe and Asia.

As a result of these circumstances, we have adjusted our air capacity and cost structure in our transportation network to better match the prevailing volume mix levels.

Our broad portfolio of product offerings and the flexibilities inherent in our transportation network have helped us adapt to these changing trends.

While the worldwide economic environment has remained challenging in 2014, we have continued to undertake several initiatives in the U. S.  and internationally to (1) improve the flexibility and capacity in our delivery network; (2) improve yield management; and (3) increase operational efficiency and contain costs across all segments.

Most notably, the continued deployment of technology improvements (including several facility automation projects and the accelerated deployment of our On Road Integrated Optimization and Navigation system - "ORION") should increase our network capacity, and improve operational efficiency, flexibility and reliability.

Additionally, we have continued to adjust our transportation network and utilize new or expanded operating facilities to improve time-in-transit for shipments in each region.

Our consolidated results are presented in the table below:

UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 Revenue The change in overall revenue was impacted by the following factors for the years ended December 31, 2014 and 2013, compared with the corresponding prior year periods:

Volume 2014 compared to 2013 Our total volume increased in 2014, largely due to continued solid growth in e-commerce and overall retail sales.

Business-to-consumer shipments, which represent more than 45% of total U. S.  Domestic Package volume, grew 12% for the year and drove increases in both air and ground shipments.

UPS SurePost volume increased more than 45% in 2014, and accounted for approximately half of the overall volume growth for the segment.

Business-to-business volume grew 3% in 2014, largely due to increased volume from the retail industry, including the use of our solutions for omni-channel (including ship-from-store and ship-to-store models) and returns shipping; additionally, business-to-business volume was positively impacted by growth in shipments from the industrial, automotive and government sectors.

Among our air products, volume increased in 2014 for both our Next Day Air and deferred services.

Solid air volume growth continued for those products most aligned with business-to-consumer shipping, particularly our residential Second Day Air package product.

Our business-to-business air volume increased slightly as well, largely due to growth in the retail and industrial sectors.

This growth was slightly offset by a decline in air letter volume, which was negatively impacted by some competitive losses and slowing growth in the financial services industry.

The growth in premium and deferred air volume continues to be impacted by economic conditions and changes in our customers' supply chain networks; the combination of these factors influences their sensitivity towards the price and speed of shipments, and therefore favoring the use of our deferred air services.

The increase in ground volume in 2014 was driven by our SurePost service offering, which had a volume increase of more than 45% for the year; additionally, we experienced moderate volume growth in our traditional residential and commercial ground services.

Demand for SurePost and our traditional residential products continues to be driven by businessto-consumer shipping activity from e-commerce retailers and other large customers.

The growth in business-to-business ground volume was largely due to growth in omni-channel retail volume, the increased use of our returns service offerings, and the growth in shipments from the industrial sector.2013 compared to 2012 Our overall volume increased in 2013 compared with 2012, largely due to continued solid growth in e-commerce and overall retail sales; however, the increase in volume was hindered by slow overall U. S.  economic and industrial production growth.

Business-to-consumer shipments, which represent over 40% of total U. S.  Domestic Package volume, grew approximately 8% for the year and drove increases in both air and ground shipments.

Growth accelerated during our peak holiday shipping season, as business-to-consumer volume grew over 11% in the fourth quarter of 2013, and business-toconsumer shipments exceeded 50% of total U. S.  Domestic Package volume for the first time.

Business-to-business volume increased slightly in 2013, largely due to increased shipping activity by the retail industry; however, business-to-business volume was negatively impacted by slowing industrial production.

UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 49 Issuances of debt in 2014 and 2013 consisted primarily of longer-maturity commercial paper.

Issuances of debt in 2012 consisted primarily of senior fixed rate note offerings totaling $1.75 billion.

Repayments of debt in 2014 and 2013 consisted primarily of the maturity of our $1.0 and $1.75 billion senior fixed rate notes that matured in April 2014 and January 2013, respectively.

The remaining repayments of debt during the 2012 through 2014 time period included paydowns of commercial paper and scheduled principal payments on our capitalized lease obligations.

We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt.

We had $772 million of commercial paper outstanding at December 31, 2014, and no commercial paper outstanding at December 31, 2013 and 2012.

The amount of commercial paper outstanding fluctuates throughout each year based on daily liquidity needs.

The average commercial paper balance was $1.356 billion and the average interest rate paid was 0.10% in 2014 ($1.013 billion and 0.07% in 2013, and $962 million and 0.07% in 2012, respectively).

The variation in cash received from common stock issuances to employees was primarily due to level of stock option exercises in the 2012 through 2014 period.

The cash outflows in other financing activities were impacted by several factors.

Cash inflows (outflows) from the premium payments and settlements of capped call options for the purchase of UPS class B shares were $(47), $(93) and $206 million for 2014, 2013 and 2012, respectively.

Cash outflows related to the repurchase of shares to satisfy tax withholding obligations on vested employee stock awards were $224, $253 and $234 million for 2014, 2013 and 2012, respectively.

In 2013, we paid $70 million to purchase the noncontrolling interest in a joint venture that operates in the Middle East, Turkey and portions of the Central Asia region.

In 2012, we settled several interest rate derivatives that were designated as hedges of the senior fixed-rate debt offerings that year, which resulted in a cash outflow of $70 million.

Sources of Credit See note 7 to the audited consolidated financial statements for a discussion of our available credit and debt covenants.

Guarantees and Other Off-Balance Sheet Arrangements We do not have guarantees or other off-balance sheet financing arrangements, including variable interest entities, which we believe could have a material impact on financial condition or liquidity.

Contractual Commitments We have contractual obligations and commitments in the form of capital leases, operating leases, debt obligations, purchase commitments, and certain other liabilities.

We intend to satisfy these obligations through the use of cash flow from operations.

The following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of December 31, 2014 (in millions):

Answer: 51484.0


Question: what is percentage change in rd&e spendings from 2013 to 2014?

def solution():
    # Define variables name and value
    year_2013_spending = 1.3
    year_2012_spending = 1.2

    # Do math calculation to get the answer
    difference = year_2013_spending - year_2012_spending
    answer = (difference / year_2012_spending) * 100

    return answer

Backlog Applied manufactures systems to meet demand represented by order backlog and customer commitments.

Backlog consists of: (1) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months, or shipment has occurred but revenue has not been recognized; and (2) contractual service revenue and maintenance fees to be earned within the next 12 months.

Backlog by reportable segment as of October 27, 2013 and October 28, 2012 was as follows:

Applied’s backlog on any particular date is not necessarily indicative of actual sales for any future periods, due to the potential for customer changes in delivery schedules or cancellation of orders.

Customers may delay delivery of products or cancel orders prior to shipment, subject to possible cancellation penalties.

Delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on Applied’s business and results of operations.

Manufacturing, Raw Materials and Supplies Applied’s manufacturing activities consist primarily of assembly, test and integration of various proprietary and commercial parts, components and subassemblies (collectively, parts) that are used to manufacture systems.

Applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries, including the United States, Europe, Israel, Singapore, Taiwan, and other countries in Asia, and assembly of some systems is completed at customer sites.

Applied uses numerous vendors, including contract manufacturers, to supply parts and assembly services for the manufacture and support of its products.

Although Applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers, this is not always possible.

Accordingly, some key parts may be obtained from only a single supplier or a limited group of suppliers.

Applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by: (1) selecting and qualifying alternate suppliers for key parts; (2) monitoring the financial condition of key suppliers; (3) maintaining appropriate inventories of key parts; (4) qualifying new parts on a timely basis; and (5) locating certain manufacturing operations in close proximity to suppliers and customers.

Research, Development and Engineering Applied’s long-term growth strategy requires continued development of new products.

The Company’s significant investment in research, development and engineering (RD&E) has generally enabled it to deliver new products and technologies before the emergence of strong demand, thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle.

Applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements.

Product development and engineering organizations are located primarily in the United States, as well as in Europe, Israel, Taiwan, and China.

In addition, Applied outsources certain RD&E activities, some of which are performed outside the United States, primarily in India.

Process support and customer demonstration laboratories are located in the United States, China, Taiwan, Europe, and Israel.

Applied’s investments in RD&E for product development and engineering programs to create or improve products and technologies over the last three years were as follows: $1.3 billion (18 percent of net sales) in fiscal 2013, $1.2 billion (14 percent of net sales) in fiscal 2012, and $1.1 billion (11 percent of net sales) in fiscal 2011.

Applied has spent an average of 14 percent of net sales in RD&E over the last five years.

In addition to RD&E for specific product technologies, Applied maintains ongoing programs for automation control systems, materials research, and environmental control that are applicable to its products.

Item 2: Properties Information concerning Applied’s principal properties at October 27, 2013 is set forth below:

|Location|Type|Principal Use|SquareFootage|Ownership|
|Santa Clara, CA|Office, Plant & Warehouse|Headquarters; Marketing; Manufacturing; Distribution; Research, Development,Engineering; Customer Support|1,476,000150,000|OwnedLeased|
|Austin, TX|Office, Plant & Warehouse|Manufacturing|1,719,000145,000|OwnedLeased|
|Rehovot, Israel|Office, Plant & Warehouse|Manufacturing; Research,Development, Engineering;Customer Support|417,0005,000|OwnedLeased|
|Singapore|Office, Plant & Warehouse|Manufacturing andCustomer Support|392,00010,000|OwnedLeased|
|Gloucester, MA|Office, Plant & Warehouse|Manufacturing; Research,Development, Engineering;Customer Support|315,000131,000|OwnedLeased|
|Tainan, Taiwan|Office, Plant & Warehouse|Manufacturing andCustomer Support|320,000|Owned|

Because of the interrelation of Applied’s operations, properties within a country may be shared by the segments operating within that country.

Products in the Silicon Systems Group are manufactured in Austin, Texas; Singapore; Gloucester, Massachusetts; and Rehovot, Israel.

Remanufactured equipment products in the Applied Global Services segment are produced primarily in Austin, Texas.

Products in the Display segment are manufactured in Tainan, Taiwan; Santa Clara, California; and Alzenau, Germany.

Products in the Energy and Environmental Solutions segment are primarily manufactured in Alzenau, Germany; Treviso, Italy; and Cheseaux, Switzerland.

In addition to the above properties, Applied also owns and leases offices, plants and/or warehouse locations in 78 locations throughout the world: 18 in Europe, 21 in Japan, 15 in North America (principally the United States), 8 in China, 7 in Korea, 6 in Southeast Asia, and 3 in Taiwan.

These facilities are principally used for manufacturing; research, development and engineering; and marketing, sales and/or customer support.

Applied also owns a total of approximately 139 acres of buildable land in Texas, California, Israel and Italy that could accommodate additional building space.

Applied considers the properties that it owns or leases as adequate to meet its current and future requirements.

Applied regularly assesses the size, capability and location of its global infrastructure and periodically makes adjustments based on these assessments.

Fiscal 2013 operating results reflected a recovery in demand for TV manufacturing equipment and continued demand for advanced mobile display equipment, which resulted in increased new orders, net sales, operating income and non-GAAPadjusted operating income compared to fiscal 2012.

In the fourth quarter of fiscal 2013, new orders were $114 million, down 55 percent from the prior quarter, and reflected customer push-outs of orders.

Net sales in the fourth quarter of fiscal 2013 were $163 million, almost flat compared to the prior quarter.

Two customers accounted for approximately 50 percent of net sales for the Display segment in fiscal 2013.

Fiscal 2012 operating results reflected a continued overcapacity in the large substrate LCD TV equipment industry that resulted in decreased new orders and net sales in fiscal 2012.

The downturn in the LCD TV equipment industry was partially offset by increased demand for advanced mobile display equipment.

Four customers accounted for 60 percent of net sales for the Display segment in fiscal 2012.

Energy and Environmental Solutions Segment The Energy and Environmental Solutions segment includes products for fabricating c-Si solar PVs, as well as high throughput roll-to-roll deposition equipment for flexible electronics, packaging and other applications.

This business is focused on delivering solutions to generate and conserve energy, with an emphasis on lowering the cost to produce solar power and increasing conversion efficiency.

While end-demand for solar PVs has been robust over the last several years, investment levels in capital equipment remain depressed.

Global solar PV production capacity exceeds anticipated demand, which has caused solar PV manufacturers to significantly reduce or delay investments in manufacturing capacity and new technology, or in some instances to cease operations.

Certain significant measures for the past three fiscal years were as follows:

Reconciliations of non-GAAP adjusted measures are presented under "Non-GAAP Adjusted Results" below.

Net Operating Revenues by Operating Segment Information about our net operating revenues by operating segment as a percentage of Company net operating revenues is as follows:

Answer: 8.333333333333341


Question: What's the current increasing rate of U.S. high-grade?

def solution():
    # Define variables name and value
    us_high_grade_2004 = 45465
    us_high_grade_2003 = 40310

    # Do math calculation to get the answer
    increase_amount = us_high_grade_2004 - us_high_grade_2003
    increasing_rate = (increase_amount / us_high_grade_2004) * 100

    return increasing_rate

solution()

Table of Contents Broker-dealer clients pay a commission for transactions in sovereign and corporate bonds issued by entities domiciled in an emerging markets country based on the type and amount of the security traded.

The commission is calculated on a standard schedule that applies to all broker-dealer clients and varies depending on whether the transaction is in an actively traded sovereign issue, a less actively traded sovereign issue or a corporate issue.

A lower commission rate is charged for actively traded sovereign issues, while a higher commission rate is charged for corporate issues.

The average commission on emerging markets transactions for the year ended December 31, 2004 was $205 per million traded.

For newly-issued U. S.  high-grade corporate bonds and for newly-issued sovereign and corporate bonds issued by entities domiciled in an emerging markets country, we enable U. S.  institutional investors to submit indications of interest on our electronic trading platform directly to the underwriter syndicate desks of our broker-dealer clients.

Broker-dealer clients pay a commission for new issue transactions that is based on the allocation amount.

The commission is set as a percentage of the new issue selling costs paid by the issuer to our broker-dealer client.

The percentage of the new issue selling costs is lower on orders over $5 million.

The fee is capped on larger transactions.

There are currently no fixed monthly fees or caps on the level of monthly commissions.

The average commission on new issue transactions for the year ended December 31, 2004 was $297 per million traded U. S.  Treasury Securities In September 2004, we started trading U. S.  Treasury securities on our trading platform.

In 2004, the total revenues we derived from the trading of U. S.  Treasury securities on our platform was not material.

The commission is calculated as a flat fee per million of notional amount traded and applies to all broker-dealer clients.

Please see “— Risk Factors That May Affect Future Results — If we are unable to enter into additional marketing and strategic alliances or if our current strategic alliances are not successful, we may not maintain the current level of trading or generate increased trading on our trading platform.

Information and user access fees consist of information services fees and monthly user fees.

We charge information services fees for Corporate BondTicker to our broker-dealer clients, institutional investor clients and data only subscribers.

The information services fee is a flat monthly fee, based on the level of service.

We also generate information services fees from the sale of bulk data to certain institutional investor clients and data only subscribers.

Institutional investor clients trading U. S.  high-grade corporate bonds are charged a monthly user access fee for the use of our platform.

The fee, billed quarterly, is charged to the client based on the number of the client’s users.

To encourage institutional investor clients to execute trades on our U. S.  high-grade corporate bond platform, we reduce these information and user access fees for such clients once minimum quarterly trading volumes are attained.

Revenues Our revenues for the years ended December 31, 2004 and 2003, and the resulting dollar and percentage change, are as follows:

Total commissions increased by $15.4 million or 29.1% to $68.2 million for the year ended December 31, 2004 from $52.8 million for the comparable period in 2003.

This increase was primarily due to increases in the amount of U. S.  high-grade commissions and substantial increases in European high-grade commissions.

U. S.  high-grade commissions increased by $5.2 million or 12.8% to $45.5 million for the year ended December 31, 2004 from $40.3 million for the comparable period in 2003.

European high-grade commissions increased by $8.0 million or 112.5% to $15.1 million from $7.1 million for the comparable period in 2003.

Other commissions increased by $2.2 million or 41.0% to $7.6 million from $5.4 million for the comparable period in 2003.

These increases were primarily due to an increase in transaction volume from $192.2 billion for the year ended December 31, 2003 to $298.1 billion for the year ended December 31, 2004 generated by new and existing clients, offset by a 16.7% reduction in the average commission per million from $275 per million for the year ended December 31, 2003 to $229 per million for the year ended December 31, 2004.

This decrease in average commission per million was attributable to the full-year effect of our U. S.  high-grade fee plans, increasing volumes of transactions with lower fees per million and an increase in the percentage of trades executed on the platform with shorter maturities, which generally generate lower commissions per million, Information and User Access Fees.

Information and user access fees increased by $1.6 million or 137.2% to $2.7 million for the year ended December 31, 2004 from $1.1 million for the year ended December 31, 2003.

This increase was primarily due to an increase in the number of subscribers to our Corporate BondTicker service.

License fees decreased by $1.0 million or 24.2% to $3.1 million for the year ended December 31, 2004 from $4.1 million for the year ended December 31, 2003.

This decrease was due to the addition of four new broker-dealer clients in the year ended December 31, 2004 compared to five new broker-dealer clients added in the year ended December 31, 2003.

Interest income increased by $0.5 million or 137.7% to $0.9 million for the year ended December 31, 2004 from $0.4 million for the comparable period in 2003.

This increase was due to a rise in interest rates and higher cash, cash equivalents and short-term investment balances during the year ended December 31, 2004 as compared to the comparable period in 2003.

Other revenues increased to $0.9 million for the year ended December 31, 2004 from $0.0 million for the comparable period in 2003.

This increase was primarily due to the effects of a change in accounting policy with respect to recognizing as revenue gross telecommunication line fees paid by broker-

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Price Range Our common stock commenced trading on the NASDAQ National Market under the symbol “MKTX” on November 5, 2004.

Prior to that date, there was no public market for our common stock.

The high and low bid information for our common stock, as reported by NASDAQ, was as follows:

On March 8, 2006, the last reported closing price of our common stock on the NASDAQ National Market was $12.59.

Holders There were approximately 114 holders of record of our common stock as of March 8, 2006.  Dividend Policy We have not declared or paid any cash dividends on our capital stock since our inception.

We intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.

In the event we decide to declare dividends on our common stock in the future, such declaration will be subject to the discretion of our Board of Directors.

Our Board may take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our Board may deem relevant.

Use of Proceeds On November 4, 2004, the registration statement relating to our initial public offering (No.333-112718) was declared effective.

We received net proceeds from the sale of the shares of our common stock in the offering of $53.9 million, at an initial public offering price of $11.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses.

Except for salaries, and reimbursements for travel expenses and other out-of -pocket costs incurred in the ordinary course of business, none of the proceeds from the offering have been paid by us, directly or indirectly, to any of our directors or officers or any of their associates, or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates.

We have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities.

Answer: 11.338392169800946


Question: What's the sum of the equity the securities in the level where U.S. small cap stocks is greater than 1? (in million)

def solution():
    # Define variables name and value
    us_large_cap_stocks = 97
    us_small_cap_stocks = 55
    non_us_large_cap_stocks = 21
    non_us_small_cap_stocks = 21
    emerging_markets = 14

    # Do math calculation to get the answer
    answer = us_large_cap_stocks + us_small_cap_stocks + non_us_large_cap_stocks + non_us_small_cap_stocks + emerging_markets

    return answer

At December 31, 2013, there were no significant holdings of any single issuer and the exposure to derivative instruments was not significant.

The following tables present the Company’s pension plan assets measured at fair value on a recurring basis:

||December 31, 2013|
|Asset Category|Level 1|Level 2|Level 3|Total|
||(in millions)|
|Equity securities:|||||
|U.S. large cap stocks|$97|$43|$—|$140|
|U.S. small cap stocks|55|1|—|56|
|Non-U.S. large cap stocks|21|35|—|56|
|Non-U.S. small cap stocks|21|—|—|21|
|Emerging markets|14|23|—|37|
|Debt securities:|||||
|U.S. investment grade bonds|17|14|—|31|
|U.S. high yield bonds|—|21|—|21|
|Non-U.S. investment grade bonds|—|14|—|14|
|Real estate investment trusts|—|—|2|2|
|Hedge funds|—|—|20|20|
|Pooled pension funds|—|126|—|126|
|Cash equivalents|20|—|—|20|
|Total|$245|$277|$22|$544|

||December 31, 2012|
|Asset Category|Level 1|Level 2|Level 3|Total|
||(in millions)|
|Equity securities:|||||
|U.S. large cap stocks|$89|$14|$—|$103|
|U.S. small cap stocks|43|1|—|44|
|Non-U.S. large cap stocks|17|30|—|47|
|Emerging markets|13|20|—|33|
|Debt securities:|||||
|U.S. investment grade bonds|20|12|—|32|
|U.S. high yield bonds|—|20|—|20|
|Non-U.S. investment grade bonds|—|15|—|15|
|Real estate investment trusts|—|—|12|12|
|Hedge funds|—|—|18|18|
|Pooled pension funds|—|104|—|104|
|Cash equivalents|9|—|—|9|
|Total|$191|$216|$30|$437|

Equity securities are managed to track the performance of common market indices for both U. S.  and non-U.

S.  securities, primarily across large cap, small cap and emerging market asset classes.

Debt securities are managed to track the performance of common market indices for both U. S.  and non-U.

S.  investment grade bonds as well as a pool of U. S.  high yield bonds.

Real estate investment trusts are managed to track the performance of a broad population of investment grade non-agricultural income producing properties.

The Company’s investments in hedge funds include investments in a multi-strategy fund and an off-shore fund managed to track the performance of broad fund of fund indices.

Pooled pension funds are managed to return 1.5% in excess of a common index of similar pooled pension funds on a rolling three year basis.

Cash equivalents consist of holdings in a money market fund that seeks to equal the return of the three month U. S.  Treasury bill.

The fair value of real estate investment trusts is based primarily on the underlying cash flows of the properties within the trusts which are significant unobservable inputs and classified as Level 3.

The fair value of the hedge funds is based on the proportionate share of the underlying net assets of the funds, which are significant unobservable inputs and classified as Level 3.

The fair value of pooled pension funds and equity securities held in collective trust funds is based on the fund’s NAV and classified as Level 2 as they trade in principal-to-principal markets.

Equity securities and mutual funds traded in active markets are classified as Level 1.

For debt securities and cash equivalents, the valuation techniques and classifications are consistent with those used for the Company’s own investments as described in Note 14.

Entergy New Orleans, Inc.  Management's Financial Discussion and Analysis 339 Net Revenue 2008 Compared to 2007 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.

Following is an analysis of the change in net revenue comparing 2008 to 2007.

||Amount (In Millions)|
|2007 net revenue|$231.0|
|Volume/weather|15.5|
|Net gas revenue|6.6|
|Rider revenue|3.9|
|Base revenue|-11.3|
|Other|7.0|
|2008 net revenue|$252.7|

The volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007.

Entergy New Orleans estimates that approximately 141,000 electric customers and 93,000 gas customers have returned since Hurricane Katrina and are taking service as of December 31, 2008, compared to approximately 132,000 electric customers and 86,000 gas customers as of December 31, 2007.

Billed retail electricity usage increased a total of 184 GWh compared to the same period in 2007, an increase of 4%.

The net gas revenue variance is primarily due to an increase in base rates in March and November 2007.

Refer to Note 2 to the financial statements for a discussion of the base rate increase.

The rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective March 2007 as a result of the City Council's approval of a settlement agreement in October 2006.

The approved storm reserve has been set to collect $75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account.

The settlement agreement is discussed in Note 2 to the financial statements.

The base revenue variance is primarily due to a base rate recovery credit, effective January 2008.

The base rate credit is discussed in Note 2 to the financial statements.

Gross operating revenues and fuel and purchased power expenses Gross operating revenues increased primarily due to: x an increase of $58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales; x an increase of $47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage; and x an increase of $22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in March 2007 and November 2007.

Fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand.

Table of Contents Seasonality Our revenues are seasonal based on the demand for cruises.

Demand is strongest for cruises during the Northern Hemisphere’s summer months and holidays.

In order to mitigate the impact of the winter weather in the Northern Hemisphere and to capitalize on the summer season in the Southern Hemisphere, our brands have focused on deployment in the Caribbean, Asia and Australia during that period.

Passengers and Capacity Selected statistical information is shown in the following table (see Financial Presentation- Description of Certain Line Items and Selected Operational and Financial Metrics under Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations, for definitions):

Answer: 208.0


Question: What's the average of Interest expense in 2009? (in thousand)

def solution():
    # Define variables name and value
    interest_expense_q4 = 177271
    interest_expense_q3 = 191027
    interest_expense_q2 = 213105
    interest_expense_q1 = 232452
    quarters = 4

    # Do math calculation to get the answer
    answer = (interest_expense_q4 + interest_expense_q3 + interest_expense_q2 + interest_expense_q1) / quarters

    return answer

Table 58 — Selected Quarterly Income Statement Data(1)

A list of trust-preferred securities outstanding at December 31, 2010 follows:

| (Dollar amounts in thousands)| Rate|| Principal Amount of   Subordinated Note/   Debenture Issued to Trust -1| Investment in   Unconsolidated   Subsidiary -2|
|Huntington Capital I|0.99|-3|$138,816|$6,186|
|Huntington Capital II|0.93|-4|60,093|3,093|
|Huntington Capital III|6.69||114,072|10|
|BancFirst Ohio Trust Preferred|8.54||23,248|619|
|Sky Financial Capital Trust I|8.52||64,474|1,856|
|Sky Financial Capital Trust II|3.52|-5|30,929|929|
|Sky Financial Capital Trust III|1.28|-6|77,481|2,320|
|Sky Financial Capital Trust IV|1.27|-6|77,482|2,320|
|Prospect Trust I|3.54|-7|6,186|186|
| Total|||$592,781|$17,519|

(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.

(2) Huntington’s investment in the unconsolidated trusts represents the only risk of loss.

(3) Variable effective rate at December 31, 2010, based on three month LIBOR + 0.70.

(4) Variable effective rate at December 31, 2010, based on three month LIBOR + 0.625.

(5) Variable effective rate at December 31, 2010, based on three month LIBOR + 2.95.

(6) Variable effective rate at December 31, 2010, based on three month LIBOR + 1.40.

(7) Variable effective rate at December 31, 2010, based on three month LIBOR + 3.25.

Each issue of the junior subordinated debentures has an interest rate equal to the corresponding trust securities distribution rate.

Huntington has the right to defer payment of interest on the debentures at any time, or from time to time for a period not exceeding five years, provided that no extension period may extend beyond the stated maturity of the related debentures.

During any such extension period, distributions to the trust securities will also be deferred and Huntington’s ability to pay dividends on its common stock will be restricted.

Periodic cash payments and payments upon liquidation or redemption with respect to trust securities are guaranteed by Huntington to the extent of funds held by the trusts.

The guarantee ranks subordinate and junior in right of payment to all indebtedness of the Company to the same extent as the junior subordinated debt.

The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by Huntington.

Low Income Housing Tax Credit Partnerships Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit pursuant to Section 42 of the Internal Revenue Code.

The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act.

The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants.

Generally, these types of investments are funded through a combination of debt and equity.

Huntington does not own a majority of the limited partnership interests in these entities and is not the primary beneficiary.

Huntington uses the equity method to account for the majority of its investments in these entities.

These investments are included in accrued income and other assets.

At December 31, 2010 and 2009, Huntington has commitments of $316.0 million and $285.3 million, respectively, of which $260.1 million and

Financial Expectations – We are cautious about the economic environment, but, assuming that industrial production grows approximately 3% as projected, volume should exceed 2013 levels.

Even with no volume growth, we expect earnings to exceed 2013 earnings, generated by core pricing gains, on-going network improvements and productivity initiatives.

We expect that free cash flow for 2014 will be lower than 2013 as higher cash from operations will be more than offset by additional cash of approximately $400 million that will be used to pay income taxes that were previously deferred through bonus depreciation, increased capital spend and higher dividend payments.

RESULTS OF OPERATIONS Operating Revenues

We generate freight revenues by transporting freight or other materials from our six commodity groups.

Freight revenues vary with volume (carloads) and 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 from five of our six commodity groups increased during 2013 compared to 2012.

Revenue from agricultural products was down slightly compared to 2012.

ARC increased 5%, driven by core pricing gains, shifts in business mix and an automotive logistics management arrangement.

Volume was essentially flat year over year as growth in automotives, frac sand, crude oil and domestic intermodal offset declines in coal, international intermodal and grain shipments.

Freight revenues from four of our six commodity groups increased during 2012 compared to 2011.

Revenues from coal and agricultural products declined during the year.

Our franchise diversity allowed us to take advantage of growth from shale-related markets (crude oil, frac sand and pipe) and strong automotive manufacturing, which offset volume declines from coal and agricultural products.

ARC increased 7%, driven by core pricing gains and higher fuel cost recoveries.

Improved fuel recovery provisions and higher fuel prices, including the lag effect of our programs (surcharges trail fluctuations in fuel price by approximately two months), combined to increase revenues from fuel surcharges.

Our fuel surcharge programs generated freight revenues of $2.6 billion, $2.6 billion, and $2.2 billion in 2013, 2012, and 2011, respectively.

Fuel surcharge in 2013 was essentially flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs (surcharges trail fluctuations in fuel price by approximately two months).

Rising fuel prices and more shipments subject to fuel surcharges drove the increase from 2011 to 2012.

In 2013, other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services.

In 2012, other revenues increased from 2011 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services.

Assessorial revenues also increased in 2012 due to container revenue related to an increase in intermodal shipments.

Answer: 203463.75


Question: What is the average value of Operating leases (b) in 2018 ,2019 and 2021? (in million)

def solution():
    # Define variables name and value
    lease_2018 = 118.8
    lease_2019 = 182.4
    lease_2021 = 110.4
    const_3 = 3

    # Do math calculation to get the answer
    total = lease_2018 + lease_2021 + lease_2019
    answer = total / const_3

    return answer

The following table details the fee-paid committed and uncommitted credit lines we had available as of May 28, 2017:

| In Billions| Facility Amount| Borrowed Amount|
|Credit facility expiring:|||
|May 2022|$2.7|$—|
|June 2019|0.2|0.1|
|Total committed credit facilities|2.9|0.1|
|Uncommitted credit facilities|0.5|0.1|
|Total committed and uncommitted credit facilities|$3.4|$0.2|

In fiscal 2016, we entered into a $2.7 billion fee-paid committed credit facility that was originally scheduled to expire in May 2021.

During the fourth quarter of fiscal 2017 we amended the credit facility’s expiration date by one year to May 2022.

To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding notes payable.

Commercial paper is a continuing source of short-term financing.

We have commercial paper programs available to us in the United States and Europe.

We also have uncommitted and asset-backed credit lines that support our foreign operations.

The credit facilities contain several covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times.

Certain of our long-term debt agreements, our credit facilities, and our noncontrolling interests contain restrictive covenants.

As of May 28, 2017, we were in compliance with all of these covenants.

We have $605 million of long-term debt maturing in the next 12 months that is classified as current, including $500 million of 1.4 percent notes due October 2017 and $100 million of 6.39 percent fixed rate medium term notes due for remarketing in February 2018.

We believe that cash flows from operations, together with available short- and long-term debt financing, will be adequate to meet our liquidity and capital needs for at least the next 12 months.

As of May 28, 2017, our total debt, including the impact of derivative instruments designated as hedges, was 67 percent in fixed-rate and 33 percent in floating-rate instruments, compared to 78 percent in fixedrate and 22 percent in floating-rate instruments on May 29, 2016.

Return on average total capital was 12.7 percent in fiscal 2017 compared to 12.9 percent in fiscal 2016.

Improvement in adjusted return on average total capital is one of our key performance measures (see the “NonGAAP Measures” section below for our discussion of this measure, which is not defined by GAAP).

Adjusted return on average total capital increased 30 basis points from 11.3 percent in fiscal 2016 to 11.6 percent in fiscal 2017 as fiscal 2017 adjusted earnings increased.

On a constant-currency basis, adjusted return on average total capital increased 40 basis points.

We also believe that our fixed charge coverage ratio and the ratio of operating cash flow to debt are important measures of our financial strength.

Our fixed charge coverage ratio in fiscal 2017 was 7.26 compared to 7.40 in fiscal 2016.

The measure decreased from fiscal 2016 as earnings before income taxes and after-tax earnings from joint ventures decreased by $132 million in fiscal 2017.

Our operating cash flow to debt ratio decreased 6.8 percentage points to 24.4 percent in fiscal 2017, driven by a decrease in cash provided by operations and an increase in notes payable.

We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl.

Sodiaal holds the remaining interests in each of these entities.

We consolidate these entities into our consolidated financial statements.

We record Sodiaal’s 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl as noncontrolling interests, and its 49 percent interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets.

These euro- and Canadian dollar-denominated interests are reported in U. S.  dollars on our Consolidated Balance Sheets.

Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024.

As of May 28, 2017, the redemption value of the redeemable interest was $911 million which approximates its fair value.

The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $252 million).

On June 1, 2015, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 125 basis points.

The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction.

We have an option to purchase the Class A Interests for consideration equal to the then current capital account value, plus any unpaid preferred return and the prescribed make-whole amount.

If we purchase these interests, any change in the third-party holder’s capital account from its original value will be charged directly to retained earnings and will increase or decrease the net earnings used to calculate EPS in that period.

OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS As of May 28, 2017, we have issued guarantees and comfort letters of $505 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $165 million for the debt and other obligations of non-consolidated affiliates, mainly CPW.

In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $501 million as of May 28, 2017.

As of May 28, 2017, we had invested in five variable interest entities (VIEs).

None of our VIEs are material to our results of operations, financial condition, or liquidity as of and for the fiscal year ended May 28, 2017.

Our defined benefit plans in the United States are subject to the requirements of the Pension Protection Act (PPA).

In the future, the PPA may require us to make additional contributions to our domestic plans.

We do not expect to be required to make any contributions in fiscal 2017.

The following table summarizes our future estimated cash payments under existing contractual obligations, including payments due by period:

(a) Amounts represent the expected cash payments of our long-term debt and do not include $1.2 million for capital leases or $44.4 million for net unamortized debt issuance costs, premiums and discounts, and fair value adjustments.

(b) Operating leases represents the minimum rental commitments under non-cancelable operating leases.

(c) The majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands.

For purposes of this table, arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction.

Most arrangements are cancelable without a significant penalty and with short notice (usually 30 days).

Any amounts reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities are excluded from the table above.

(d) The fair value of our foreign exchange, equity, commodity, and grain derivative contracts with a payable position to the counterparty was $24 million as of May 28, 2017, based on fair market values as of that date.

Future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future.

Other long-term obligations mainly consist of liabilities for accrued compensation and benefits, including the underfunded status of certain of our defined benefit pension, other postretirement benefit, and postemployment benefit plans, and miscellaneous liabilities.

We expect to pay $21 million of benefits from our unfunded postemployment benefit plans and $14.6 million of deferred compensation in fiscal 2018.

We are unable to reliably estimate the amount of these payments beyond fiscal 2018.

As of May 28, 2017, our total liability for uncertain tax positions and accrued interest and penalties was $158.6 million.

SIGNIFICANT ACCOUNTING ESTIMATES For a complete description of our significant accounting policies, see Note 2 to the Consolidated Financial Statements on page 51 of this report.

Our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations.

These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit, and postemployment benefit plans.

Promotional Expenditures Our promotional activities are conducted through our customers and directly or indirectly with end consumers.

These activities include: payments to customers to perform merchandising activities on our behalf, such as advertising or in-store displays; discounts to our list prices to lower retail shelf prices; payments to gain distribution of new products; coupons, contests, and other incentives; and media and advertising expenditures.

The recognition of these costs requires estimation of customer participation and performance levels.

Answer: 137.20000000000002


Question: In the year with largest amount of Commercial of Gross Recoveries, what's the increasing rate of Total gross recoveries?

def solution():
    # Define variables name and value
    gross_recoveries_current_year = 235
    gross_recoveries_previous_year = 221

    # Do math calculation to get the answer
    increase_amount = gross_recoveries_current_year - gross_recoveries_previous_year
    increase_rate = (increase_amount / gross_recoveries_previous_year) * 100

    return increase_rate

The estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, are as follows (in thousands):

|Cash|$45,826|
|Customer-related intangible assets|42,721|
|Acquired technology|27,954|
|Trade name|2,901|
|Other assets|2,337|
|Deferred income tax assets (liabilities)|-9,788|
|Other liabilities|-49,797|
|Total identifiable net assets|62,154|
|Goodwill|203,828|
|Total purchase consideration|$265,982|

Goodwill of $203.8 million arising from the acquisition, included in the Asia-Pacific segment, was attributable to expected growth opportunities in Australia and New Zealand, as well as growth opportunities and operating synergies in integrated payments in our existing Asia-Pacific and North America markets.

Goodwill associated with this acquisition is not deductible for income tax purposes.

The customer-related intangible assets have an estimated amortization period of 15 years.

The acquired technology has an estimated amortization period of 15 years.

The trade name has an estimated amortization period of 5 years.

NOTE 3 — SETTLEMENT PROCESSING ASSETS AND OBLIGATIONS Funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants.

For transactions processed on our systems, we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants.

We process funds settlement under two models, a sponsorship model and a direct membership model.

Under the sponsorship model, we are designated as a Merchant Service Provider by MasterCard and an Independent Sales Organization by Visa, which means that member clearing banks (“Member”) sponsor us and require our adherence to the standards of the payment networks.

In certain markets, we have sponsorship or depository and clearing agreements with financial institution sponsors.

These agreements allow us to route transactions under the Members’ control and identification numbers to clear credit card transactions through MasterCard and Visa.

In this model, the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds, and, instead, require that these funds be in the possession of the Member until the merchant is funded.

Under the direct membership model, we are members in various payment networks, allowing us to process and fund transactions without third-party sponsorship.

In this model, we route and clear transactions directly through the card brand’s network and are not restricted from performing funds settlement.

Otherwise, we process these transactions similarly to how we process transactions in the sponsorship model.

We are required to adhere to the standards of the payment networks in which we are direct members.

We maintain relationships with financial institutions, which may also serve as our Member sponsors for other card brands or in other markets, to assist with funds settlement.

Timing differences, interchange fees, Merchant Reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants.

These intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets.

Settlement processing assets and obligations include the components outlined below: ?

Our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee.

x The Executive Benefits business offers corporate-owned universal and variable universal life insurance (“COLI”) and bankowned universal and variable universal life insurance (“BOLI”) to small to mid-sized banks and mid to large-sized corporations, mostly through executive benefit brokers.11 The Group Protection segment focuses on offering group term life, disability income and dental insurance primarily in the small to mid-sized employer marketplace for their eligible employees.

Employer Markets - Retirement Products The Defined Contribution business is the largest business in this segment and focuses on 403(b) plans and 401(k) plans.

Lincoln has a strong historical presence in the 403(b) space where assets account for about 61% of total assets under management in this segment as of December 31, 2007.

The 401(k) business accounts for 51% of our new deposits as of December 31, 2007.

The Retirement Products segment’s deposits (in millions) were as follows:

|| For the Years Ended December 31,|
|| 2007| 2006| 2005|
|Variable portion of variable annuity|$2,355|$2,525|$2,254|
|Fixed portion of variable annuity|351|441|520|
|Total variable annuity|2,706|2,966|2,774|
|Fixed annuity|754|506|563|
|Alliance Mutual Fund|2,090|1,113|1,066|
|Total annuity and Alliance|5,550|4,585|4,403|
|COLI and BOLI|303|267|210|
|Total deposits|$5,853|$4,852|$4,613|

Retirement Products - Defined Contribution Products Employer Markets currently offers four primary products to the employer-sponsored market: Lincoln American Legacy RetirementSM, LINCOLN DIRECTORSM, LINCOLN ALLIANCE?

Lincoln American Legacy RetirementSM , LINCOLN DIRECTORSM and Multi-Fund?

These products cover both the 403(b) and 401(k) marketplace.

Both 403(b) and 401(k) plans are tax-deferred, defined contribution plans offered to employees of an entity to enable them to save for retirement.

The 403(b) plans are available to employees of educational institutions and certain non-profit entities, while 401(k) plans are generally available to employees of forprofit entities.

The investment options for our annuities encompass the spectrum of asset classes with varying levels of risk and include both equity and fixed income.

As of December 31, 2007, healthcare clients accounted for 43% of account values for these products.

The Lincoln American Legacy RetirementSM variable annuity, launched in the third quarter of 2006, offers 51 investment options with 10 fund families, 20 of which are American Funds?

This product is focused on the micro to small corporate 401(k) market.

LALR account values were $49 million as of December 31, 2007.

LINCOLN DIRECTORSM is a defined contribution retirement plan solution available to businesses of all sizes, but focused on micro- to small-sized corporations, generally with five to 200 lives.

Funded through a Lincoln National Life Insurance Company (“LNL”) group variable annuity contract, LINCOLN DIRECTORSM offers participants 60 investment options from 15 fund families.

In New York, Lincoln Life & Annuity Company of New York (“LLANY”) underwrites the annuity contracts, and these contracts offer 57 investment options from 16 fund families.

LINCOLN DIRECTORSM has the option of being serviced through a third-party administrator or fully serviced by Lincoln.

The Employer Markets Defined Contribution segment earns advisory fees, investment income, surrender charges and recordkeeping fees from this product.

Account values for LINCOLN DIRECTORSM were $7.7 billion, $7.5 billion and $6.5 billion as of December 31, 2007, 2006 and 2005, respectively.

Deposits for LINCOLN DIRECTORSM were $1.5 billion, $1.7 billion and $1.6 billion as of December 31, 2007, 2006 and 2005, respectively.

program, with an open architecture platform, bundles our traditional fixed annuity products with the employer’s choice of retail mutual funds, along with recordkeeping and customized employee education components.

We earn fees for the services we provide to mutual fund accounts and investment margins on fixed annuities of LINCOLN ALLIANCE?

The retail mutual funds associated with this program are not included in the separate accounts reported on our Consolidated Balance Sheets.

This program is customized for each employer.

The target market is primarily education and

Answer: 6.334841628959276


Question: What is the sum of Europe of Year Ended December 31, 2007, Retained earnings of December 31, 2014 As Revised, and Total of Year Ended December 31, 2008 ?

def solution():
    # Define variables name and value
    europe_2007 = 1081.0
    retained_earnings_2014 = 8362.1
    total_2008 = 4121.1

    # Do math calculation to get the sum
    sum_result = europe_2007 + retained_earnings_2014 + total_2008

    return sum_result

Acquisition, integration, realignment and other expenses for 2009 were $75.3 million compared to $68.5 million in 2008.

During 2009, we initiated a workforce realignment, which included the elimination of positions in some areas and increases in others to support long-term growth.

As a result of this realignment and headcount reductions from acquisitions, we incurred approximately $19.0 million of severance and termination-related expenses.

Other items in acquisition, integration, realignment and other expenses in 2009 included approximately $9.4 million of expenses related to contract termination costs, $23.4 million of certain litigation matters that were recognized during the period and various costs incurred to integrate the Abbott Spine business acquired in the fourth quarter of 2008.

Included in acquisition, integration, realignment and other expenses in 2008 was $38.5 million of in-process research and development related to the Abbott Spine acquisition and other costs related to the integration of Abbott Spine.

See Note 2 to the consolidated financial statements for a more complete description of these charges.

We recognized a net curtailment and settlement gain of $32.1 million during 2009 related to amending our U. S.  and Puerto Rico postretirement benefit plans.

For more information regarding the net curtailment and settlement gain, see Note 12 to the consolidated financial statements.

Operating Profit, Income Taxes and Net Earnings Operating profit for 2009 decreased 7 percent to $1,018.8 million from $1,090.0 million in 2008.

The decrease in operating profit is due to higher operating expenses, most notably the goodwill impairment charge.

Interest and other expense for 2009 increased to $20.6 million compared to income of $31.8 million in 2008.

Interest and other income in 2008 included a realized gain of $38.8 million related to the sale of certain marketable securities.

Interest expense increased in the 2009 period as the result of increased long-term debt used to partially fund the Abbott Spine acquisition and the $1.0 billion senior notes offering during 2009.

The effective tax rate on earnings before income taxes increased to 28.1 percent for 2009, up from 24.3 percent in 2008.

The effective tax rate for 2009 is negatively impacted by the goodwill impairment charge of $73.0 million recorded during 2009 for which no tax benefit was recorded.

The effective tax rate for 2008 includes the impact of a current tax benefit of $31.7 million related to the 2007 settlement expense, resulting in a decrease of approximately 3 percent in the 2008 effective tax rate.

This impact on the 2008 effective tax rate was partially offset by Abbott Spine acquisitionrelated in-process research and development charges recorded during 2008 for which no tax benefit was recorded.

These discrete items account for the majority of the change in our effective tax rate year-over-year.

Net earnings decreased 15 percent to $717.4 million for 2009, compared to $848.6 million in 2008, as a result of decreased operating profit, increased interest expense and an increased effective tax rate.

Basic earnings per share in 2009 decreased 10 percent to $3.34 from $3.73 in 2008.

Diluted earnings per share decreased 11 percent to $3.32 from $3.72 in 2008.

The disproportional change in earnings per share as compared to net earnings is attributed to the effect of 2009 and 2008 share repurchases.

ear Ended December 31, 2008 Compared to Year Ended December 31, 2007 Net Sales by Reportable Segment The following table presents net sales by reportable segment and the components of the percentage changes (dollars in millions):

We have a five year $1,350 million revolving, multicurrency, senior unsecured credit facility maturing November 30, 2012 (Senior Credit Facility).

We had $128.8 million outstanding under the Senior Credit Facility at December 31, 2009, and an availability of $1,221.2 million.

The Senior Credit Facility contains provisions by which we can increase the line to $1,750 million.

We also have available uncommitted credit facilities totaling $84.1 million.

We may use excess cash or further borrow against our Senior Credit Facility, subject to limits set by our Board of Directors, to repurchase additional common stock under the $1.25 billion program which expires December 31, 2010.

Approximately $211.1 million remains authorized for future repurchases under this plan.

Management believes that cash flows from operations and available borrowings under the Senior Credit Facility are sufficient to meet our expected working capital, capital expenditure and debt service needs.

Should investment opportunities arise, we believe that our earnings, balance sheet and cash flows will allow us to obtain additional capital, if necessary.

CONTRACTUAL OBLIGATIONS We have entered into contracts with various third parties in the normal course of business which will require future payments.

The following table illustrates our contractual obligations (in millions):

CRITICAL ACCOUNTING ESTIMATES Our financial results are affected by the selection and application of accounting policies and methods.

Significant accounting policies which require management’s judgment are discussed below.

Excess Inventory and Instruments – We must determine as of each balance sheet date how much, if any, of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost.

Similarly, we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply.

Reserves are established to effectively adjust inventory and instruments to net realizable value.

To determine the appropriate level of reserves, we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components.

The basis for the determination is generally the same for all inventory and instrument items and categories except for work-in-progress inventory, which is recorded at cost.

Obsolete or discontinued items are generally destroyed and completely written off.

Management evaluates the need for changes to valuation reserves based on market conditions, competitive offerings and other factors on a regular basis.

Income Taxes – Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid.

We are subject to income taxes in both the U. S.  and numerous foreign jurisdictions.

Significant judgments and estimates are required in determining the consolidated income tax expense.

We estimate income tax expense and income tax liabilities and assets by taxable jurisdiction.

Realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits.

We evaluate deferred tax assets on an ongoing basis and provide valuation allowances if it is determined to be “more likely than not” that the deferred tax benefit will not be realized.

Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the U. S.  The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations.

We are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve.

We record our income tax provisions based on our knowledge of all relevant facts and circumstances, including existing tax laws, our experience with previous settlement agreements, the status of current examinations and our understanding of how the tax authorities view certain relevant industry and commercial matters.

We recognize tax liabilities in accordance with the Financial Accounting Standards Board’s (FASB) guidance on income taxes and we adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available.

Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities.

These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined.

Commitments and Contingencies – Accruals for product liability and other claims are established with the assistance of internal and external legal counsel based on current information and historical settlement information for claims, related legal fees and for claims incurred but not reported.

We use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims.

Historical patterns of claim loss development

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Revisions to the Consolidated Balance Sheet

||December 31, 2014|
||As Reported|Adjustments|As Revised|
|Inventories|$1,169.0|$24.3|$1,193.3|
|Total Current Assets|4,289.0|24.3|4,313.3|
|Property, plant and equipment, net|1,288.8|-3.5|1,285.3|
|Other assets|939.2|2.5|941.7|
|Total Assets|9,634.7|23.3|9,658.0|
|Accounts payable|167.1|-21.9|145.2|
|Income taxes payable|72.4|7.9|80.3|
|Other current liabilities|798.5|–|798.5|
|Total Current Liabilities|1,038.0|-14.0|1,024.0|
|Long-term income tax payable|181.7|8.2|189.9|
|Total Liabilities|3,112.1|-5.8|3,106.3|
|Retained earnings|8,285.2|76.9|8,362.1|
|Accumulated other comprehensive income|85.9|-47.8|38.1|
|Total Zimmer Holdings, Inc. stockholders’ equity|6,520.8|29.1|6,549.9|
|Total Stockholders’ Equity|6,522.6|29.1|6,551.7|
|Total Liabilities and Stockholders’ Equity|9,634.7|23.3|9,658.0|

||Year ended December 31, 2014|Year ended December 31, 2013|
||As Reported|Adjustments|As Revised|As Reported|Adjustments|As Revised|
|Net earnings|$719.0|$0.2|$719.2|$759.2|$19.4|$778.6|
|Deferred income tax provision|-84.2|-6.3|-90.5|-126.2|–|-126.2|
|Changes in operating assets and liabilities, net of effect of acquisitions:|||||||
|Income taxes payable|-51.9|1.5|-50.4|96.8|7.6|104.4|
|Inventories|-154.1|-10.5|-164.6|-128.4|-19.7|-148.1|
|Accounts payable and accrued expenses|120.1|-11.7|108.4|38.3|-4.7|33.6|
|Other assets and liabilities|87.6|26.8|114.4|-47.1|-2.6|-49.7|

We have not presented revisions to our consolidated statements of stockholders’ equity.

The only revisions to these statements are related to retained earnings caused by revisions to net earnings and accumulated other comprehensive income caused by revisions to other comprehensive income (loss).

These revisions have already been presented in the tables for the consolidated statements of earnings and comprehensive income and the consolidated balance sheets.

In the fourth quarter of 2015 we discovered an error that was immaterial to previous quarters’ condensed consolidated statements of cash flows.

As further discussed in Note 4, we recognized $90.4 million of compensation expense related to previously unvested LVB stock options and LVB stock-based awards that vested immediately prior to the merger under the terms of the merger agreement.

$52.8 million of the $90.4 million represented cash payments to holders of these options and stock-based awards.

In the six month period ended June 30, 2015 and nine month period ended September 30, 2015, we presented the $52.8 million as a cash outflow from investing activities.

However, since the payment represented compensation expense, the $52.8 million should have been presented as an operating cash outflow.

We have corrected this error in the consolidated statement of cash flows for the year ended December 31, 2015.

We will also revise future interim filings to correct for this error.3.

Significant Accounting Policies Basis of Presentation – The consolidated financial statements include the accounts of Zimmer Biomet Holdings and its subsidiaries in which it holds a controlling financial interest.

All significant intercompany accounts and transactions are eliminated.

Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation.

Use of Estimates – The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U. S.  which require us to make

Answer: 13564.2