Answer: 2005.0

Question: Which year is Retirement of treasury stock for Treasury Stock of Common Stock the least?

Context:
Entergy Corporation and Subsidiaries Notes to Financial Statements

	Amount (In Millions)

Plant (including nuclear fuel)	$727

Decommissioning trust funds	252

Other assets	41

Total assets acquired	1,020

Purchased power agreement (below market)	420

Decommissioning liability	220

Other liabilities	44

Total liabilities assumed	684

Net assets acquired	$336

 Subsequent to the closing, Entergy received approximately $6 million from Consumers Energy Company as part of the Post-Closing Adjustment defined in the Asset Sale Agreement. The Post-Closing Adjustment amount resulted in an approximately $6 million reduction in plant and a corresponding reduction in other liabilities. For the PPA, which was at below-market prices at the time of the acquisition, Non-Utility Nuclear will amortize a liability to revenue over the life of the agreement. The amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices. Amounts amortized to revenue were $53 million in 2009, $76 million in 2008, and $50 million in 2007. The amounts to be amortized to revenue for the next five years will be $46 million for 2010, $43 million for 2011, $17 million in 2012, $18 million for 2013, and $16 million for 2014. NYPA Value Sharing Agreements Non-Utility Nuclear's purchase of the FitzPatrick and Indian Point 3 plants from NYPA included value sharing agreements with NYPA. In October 2007, Non-Utility Nuclear and NYPA amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms. Under the amended value sharing agreements, Non-Utility Nuclear will make annual payments to NYPA based on the generation output of the Indian Point 3 and FitzPatrick plants from January 2007 through December 2014. Non-Utility Nuclear will pay NYPA $6.59 per MWh for power sold from Indian Point 3, up to an annual cap of $48 million, and $3.91 per MWh for power sold from FitzPatrick, up to an annual cap of $24 million. The annual payment for each year's output is due by January 15 of the following year. Non-Utility Nuclear will record its liability for payments to NYPA as power is generated and sold by Indian Point 3 and FitzPatrick. An amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants. In 2009, 2008, and 2007, Non-Utility Nuclear recorded $72 million as plant for generation during each of those years. This amount will be depreciated over the expected remaining useful life of the plants. In August 2008, Non-Utility Nuclear entered into a resolution of a dispute with NYPA over the applicability of the value sharing agreements to its FitzPatrick and Indian Point 3 nuclear power plants after the planned spin-off of the Non-Utility Nuclear business. Under the resolution, Non-Utility Nuclear agreed not to treat the separation as a "Cessation Event" that would terminate its obligation to make the payments under the value sharing agreements. As a result, after the spin-off transaction, Enexus will continue to be obligated to make payments to NYPA under the amended and restated value sharing agreements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Dollar amounts in thousands except per share data) Note 11—Shareholders’ Equity Share Data: A summary of preferred and common share activity is as follows:

	 Preferred Stock 	Common Stock

	 Issued 	 Treasury Stock 	Issued	Treasury Stock

2004:

Balance at January 1, 2004	-0-	-0-	113,783,658	-1,069,053

Issuance of common stock due to exercise of stock options				763,592

Treasury stock acquired				-5,534,276

Retirement of treasury stock			-5,000,000	5,000,000

Balance at December 31, 2004	-0-	-0-	108,783,658	-839,737

2005:

Issuance of common stock due to exercise of stock options			91,090	5,835,740

Treasury stock acquired				-10,301,852

Retirement of treasury stock			-4,000,000	4,000,000

Balance at December 31, 2005	-0-	-0-	104,874,748	-1,305,849

2006:

Grants of restricted stock				28,000

Issuance of common stock due to exercise of stock options				507,259

Treasury stock acquired				-5,989,531

Retirement of treasury stock			-5,000,000	5,000,000

Balance at December 31, 2006	-0-	-0-	99,874,748	-1,760,121

 Acquisition of Common Shares: Torchmark shares are acquired from time to time through open market purchases under the Torchmark stock repurchase program when it is believed to be the best use of Torchmark’s excess cash flows. Share repurchases under this program were 5.6 million shares at a cost of $320 million in 2006, 5.6 million shares at a cost of $300 million in 2005, and 5.2 million shares at a cost of $268 million in 2004. When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds, in order to reduce dilution. Shares repurchased for dilution purposes were 415 thousand shares at a cost of $24 million in 2006, 4.7 million shares costing $255 million in 2005, and 313 thousand shares at a cost of $17 million in 2004. Retirement of Treasury Stock: Torchmark retired 5 million shares of treasury stock in December, 2006, 4 million in 2005, and 5 million in 2004. Restrictions: Restrictions exist on the flow of funds to Torchmark from its insurance subsidiaries. Statutory regulations require life insurance subsidiaries to maintain certain minimum amounts of capital and surplus. Dividends from insurance subsidiaries of Torchmark are limited to the greater of statutory net gain from operations, excluding capital gains and losses, on an annual noncumulative basis, or 10% of surplus, in the absence of special regulatory approval. Additionally, insurance company distributions are generally not permitted in excess of statutory surplus. Subsidiaries are also subject to certain minimum capital requirements. In 2006, subsidiaries of Torchmark paid $428 million in dividends to the parent company. During 2007, a maximum amount of $434 million is expected to be available to Torchmark from subsidiaries without regulatory approval. PART I ITEM 1.  BUSINESS General SL Green Realty Corp.  is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. We were formed in June 1997 for the purpose of continuing the commercial real estate business of S. L.  Green Properties, Inc. , our predecessor entity. S. L.  Green Properties, Inc. , which was founded in 1980 by Stephen L.  Green, the Company's Chairman, had been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan, a borough of New York City. Reckson Associates Realty Corp. , or Reckson, and Reckson Operating Partnership, L. P. , or ROP, are wholly-owned subsidiaries of SL Green Operating Partnership, L. P. , the Operating Partnership. As of December 31, 2013, we owned the following interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban properties:

Location	Ownership	Number ofBuildings	Square Feet	Weighted AverageOccupancy-1

Manhattan	Consolidated properties	23	17,306,045	94.5%

	Unconsolidated properties	9	5,934,434	96.6%

Suburban	Consolidated properties	26	4,087,400	79.8%

	Unconsolidated properties	4	1,222,100	87.2%

		62	28,549,979	92.5%

 (1) The weighted average occupancy represents the total occupied square feet divided by total available rentable square feet. As of December 31, 2013, our Manhattan office properties were comprised of 17 fee owned buildings, including ownership in commercial condominium units, and six leasehold owned buildings. As of December 31, 2013, our Suburban office properties were comprised of 25 fee owned buildings and one leasehold building. As of December 31, 2013, we also held fee owned interests in nine unconsolidated Manhattan office properties and four unconsolidated Suburban office properties. We refer to our consolidated and unconsolidated Manhattan and Suburban office properties collectively as our Portfolio. As of December 31, 2013, we also owned investments in 16 retail properties encompassing approximately 875,800 square feet, 20 development buildings encompassing approximately 3,230,800 square feet, four residential buildings encompassing 801 units (approximately 719,900 square feet) and two land interests encompassing approximately 961,400 square feet. The Company also has ownership interests in 28 west coast office properties encompassing 52 buildings totaling approximately 3,654,300 square feet. In addition, we manage two office buildings owned by third parties and affiliated companies encompassing approximately 626,400 square feet. As of December 31, 2013, we also held debt and preferred equity investments with a book value of $1.3 billion. Our corporate offices are located in midtown Manhattan at 420 Lexington Avenue, New York, New York 10170. As of December 31, 2013, our corporate staff consisted of approximately 278 persons, including 182 professionals experienced in all aspects of commercial real estate. We can be contacted at (212) 594-2700. We maintain a website at www. slgreen. com. On our website, you can obtain, free of charge, a copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we file such material electronically with, or furnish it to, the Securities and Exchange Commission, or the SEC. We have also made available on our website our audit committee charter, compensation committee charter, nominating and corporate governance committee charter, code of business conduct and ethics and corporate governance principles. We do not intend for information contained on our website to be part of this annual report on Form 10-K.  You can also read and copy any materials we file with the SEC at its Public Reference Room at 100 F Street, NE, Washington, DC 20549 (1-800-SEC-0330). The SEC maintains an Internet site (http://www. sec. gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Operating Profit We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate. We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment’s contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated. Segment operating profit is not, however, a measure of financial performance under U. S.  GAAP, and may not be defined and calculated by other companies in the same manner. The table below reconciles segment operating profit to total operating profit:


Answer: 0.08333

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

Context:
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:

	2013	2012		(In millions, except percentages)

Silicon Systems Group	$1,295	55%	$705	44%

Applied Global Services	591	25%	580	36%

Display	361	15%	206	13%

Energy and Environmental Solutions	125	5%	115	7%

Total	$2,372	100%	$1,606	100%

 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:

				Change

2013	2012	2011	2013 over 2012	2012 over 2011

	(In millions, except percentages and ratios)

New orders	$166	$195	$1,684	$-29	-15%	$-1,489	-88%

Net sales	173	425	1,990	-252	-59%	-1,565	-79%

Book to bill ratio	1.0	0.5	0.8

Operating income (loss)	-433	-668	453	235	35%	-1,121	-247%

Operating margin	-250.3%	-157.2%	22.8%		-93.1 points		-180.0 points

Non-GAAP Adjusted Results

Non-GAAP adjusted operating income (loss)	-115	-184	444	69	38%	-628	-141%

Non-GAAP adjusted operating margin	-66.5%	-43.3%	22.3%		-23.2 points		-65.6 points

 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: 6589.9

Question: What is the sum of the Notebooks/Mobile Devices in the years where Netcomm Products is greater than 1400? (in millions)

Context:
ended December 31, 2015 and 2014, respectively. The increase in cash provided by accounts payable-inventory financing was primarily due to a new vendor added to our previously existing inventory financing agreement. For a description of the inventory financing transactions impacting each period, see Note 6 (Inventory Financing Agreements) to the accompanying Consolidated Financial Statements. For a description of the debt transactions impacting each period, see Note 8 (Long-Term Debt) to the accompanying Consolidated Financial Statements. Net cash used in financing activities decreased $56.3 million in 2014 compared to 2013. The decrease was primarily driven by several debt refinancing transactions during each period and our July 2013 IPO, which generated net proceeds of $424.7 million after deducting underwriting discounts, expenses and transaction costs. The net impact of our debt transactions resulted in cash outflows of $145.9 million and $518.3 million during 2014 and 2013, respectively, as cash was used in each period to reduce our total long-term debt. For a description of the debt transactions impacting each period, see Note 8 (Long-Term Debt) to the accompanying Consolidated Financial Statements. Long-Term Debt and Financing Arrangements As of December 31, 2015, we had total indebtedness of $3.3 billion, of which $1.6 billion was secured indebtedness. At December 31, 2015, we were in compliance with the covenants under our various credit agreements and indentures. The amount of CDW’s restricted payment capacity under the Senior Secured Term Loan Facility was $679.7 million at December 31, 2015. For further details regarding our debt and each of the transactions described below, see Note 8 (Long-Term Debt) to the accompanying Consolidated Financial Statements. During the year ended December 31, 2015, the following events occurred with respect to our debt structure: ? On August 1, 2015, we consolidated Kelway’s Term Loan and Kelway’s Revolving Credit Facility. Kelway’s Term Loan is denominated in British Pounds. The Kelway Revolving Credit Facility is a multi-currency revolving credit facility under which Kelway is permitted to borrow an aggregate amount of ￡50.0 million ($73.7 million) as of December 31, 2015.  ? On March 3, 2015, we completed the issuance of $525.0 million principal amount of 5.0% Senior Notes due 2023 which will mature on September 1, 2023.  ? On March 3, 2015, we redeemed the remaining $503.9 million aggregate principal amount of the 8.5% Senior Notes due 2019, plus accrued and unpaid interest through the date of redemption, April 2, 2015. Inventory Financing Agreements We have entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions. These amounts are classified separately as accounts payable-inventory financing on the Consolidated Balance Sheets. We do not incur any interest expense associated with these agreements as balances are paid when they are due. For further details, see Note 6 (Inventory Financing Agreements) to the accompanying Consolidated Financial Statements. Contractual Obligations We have future obligations under various contracts relating to debt and interest payments, operating leases and asset retirement obligations. Our estimated future payments, based on undiscounted amounts, under contractual obligations that existed as of December 31, 2015, are as follows:

	Payments Due by Period

(in millions)	Total	< 1 year	1-3 years	4-5 years	> 5 years

Term Loan-1	$1,703.4	$63.9	$126.3	$1,513.2	$—

Kelway Term Loan-1	90.9	13.5	77.4	—	—

Senior Notes due 2022-2	852.0	36.0	72.0	72.0	672.0

Senior Notes due 2023-2	735.1	26.3	52.5	52.5	603.8

Senior Notes due 2024-2	859.7	31.6	63.3	63.3	701.5

Operating leases-3	143.2	22.5	41.7	37.1	41.9

Asset retirement obligations-4	1.8	0.8	0.5	0.3	0.2

Total	$4,386.1	$194.6	$433.7	$1,738.4	$2,019.4

 ES TO CONSOLIDATED FINANCIAL STATEMENTS 90 Selected Segment Financial Information Information regarding the Company’s segments for the years ended December 31, 2015, 2014 and 2013 is as follows:

(in millions)	Corporate	Public	Other	Headquarters	Total

2015:

Net sales	$6,816.4	$5,125.5	$1,046.8	$—	$12,988.7

Income (loss) from operations	470.1	343.3	43.1	-114.5	742.0

Depreciation and amortization expense	-96.0	-43.7	-24.4	-63.3	-227.4

2014:

Net sales	$6,475.5	$4,879.4	$719.6	$—	$12,074.5

Income (loss) from operations	439.8	313.2	32.9	-112.9	673.0

Depreciation and amortization expense	-96.3	-43.8	-8.8	-59.0	-207.9

2013:

Net sales	$5,960.1	$4,164.5	$644.0	$—	$10,768.6

Income (loss) from operations(1)	363.3	246.5	27.2	-128.4	508.6

Depreciation and amortization expense	-97.3	-44.0	-8.6	-58.3	-208.2

 (1) Includes $75.0 million of IPO- and secondary-offering related expenses, as follows: Corporate $26.4 million; Public $14.4 million; Other $3.6 million; and Headquarters $30.6 million. For additional information relating to the IPO- and secondary-offering, see Note 10 (Stockholders’ Equity). Geographic Areas and Revenue Mix The Company does not have Net sales to customers outside of the U. S.  exceeding 10% of the Company’s total Net sales in 2015, 2014 and 2013. The Company does not have long-lived assets located outside of the U. S.  exceeding 10% of the Company’s total long-lived assets as of December 31, 2015 and 2014, respectively. The following table presents net sales by major category for the years ended December 31, 2015, 2014 and 2013. Categories are based upon internal classifications. Amounts for the years ended December 31, 2014 and 2013 have been reclassified for certain changes in individual product classifications to conform to the presentation for the year ended December 31, 2015.

	Year EndedDecember 31, 2015	Year EndedDecember 31, 2014	Year EndedDecember 31, 2013

	Dollars inMillions	Percentageof Total NetSales	Dollars inMillions	Percentageof Total NetSales	Dollars inMillions	Percentageof Total NetSales

Notebooks/Mobile Devices	$2,539.4	19.6%	$2,354.0	19.5%	$1,696.5	15.8%

Netcomm Products	1,914.9	14.7	1,613.3	13.4	1,482.7	13.8

Enterprise and Data Storage (Including Drives)	1,065.2	8.2	1,024.2	8.5	999.3	9.3

Other Hardware	4,756.4	36.6	4,551.1	37.6	4,184.1	38.8

Software	2,163.6	16.7	2,064.1	17.1	1,982.4	18.4

Services	478.0	3.7	371.9	3.1	332.7	3.1

Other-1	71.2	0.5	95.9	0.8	90.9	0.8

Total Net sales	$12,988.7	100.0%	$12,074.5	100.0%	$10,768.6	100.0%

 (1) Includes items such as delivery charges to customers and certain commission revenue.17. Supplemental Guarantor Information The 2022 Senior Notes, the 2023 Senior Notes and the 2024 Senior Notes are, and, prior to being redeemed in full, the 2019 Senior Notes, the 12.535% Senior Subordinated Exchange Notes due 2017, and the 8.0% Senior Secured Notes due 2018 were guaranteed by Parent and each of CDW LLC’s direct and indirect, 100% owned, domestic subsidiaries PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock has been listed on the Nasdaq Global Select Market since June 27, 2013 under the symbol “CDW. ” The following table sets forth the ranges of high and low sales prices per share of our common stock as reported on the Nasdaq Global Select Market and the cash dividends per share of common stock declared for the two most recent fiscal years.


Answer: 26666.0

Question: What is the average amount of Interest expense, net of Year Ended December 31, 2013, and Office equipment of December 31, 2015 ?

Context:
ITEM 6. SELECTED FINANCIAL DATA The following selected financial data is qualified by reference to, and should be read in conjunction with, the Consolidated Financial Statements, including the notes thereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Form 10-K.

	Year Ended December 31,

(In thousands, except per share amounts)	2016	2015	2014	2013	2012

Net revenues	$4,825,335	$3,963,313	$3,084,370	$2,332,051	$1,834,921

Cost of goods sold	2,584,724	2,057,766	1,572,164	1,195,381	955,624

Gross profit	2,240,611	1,905,547	1,512,206	1,136,670	879,297

Selling, general and administrative expenses	1,823,140	1,497,000	1,158,251	871,572	670,602

Income from operations	417,471	408,547	353,955	265,098	208,695

Interest expense, net	-26,434	-14,628	-5,335	-2,933	-5,183

Other expense, net	-2,755	-7,234	-6,410	-1,172	-73

Income before income taxes	388,282	386,685	342,210	260,993	203,439

Provision for income taxes	131,303	154,112	134,168	98,663	74,661

Net income	256,979	232,573	208,042	162,330	128,778

Adjustment payment to Class C	59,000	—	—	—	—

Net income available to all stockholders	$197,979	$232,573	$208,042	$162,330	$128,778

Net income available per common share

Basic net income per share of Class A and B common stock	$0.45	$0.54	$0.49	$0.39	$0.31

Basic net income per share of Class C common stock	$0.72	$0.54	$0.49	$0.39	$0.31

Diluted net income per share of Class A and B common stock	$0.45	$0.53	$0.47	$0.38	$0.30

Diluted net income per share of Class C common stock	$0.71	$0.53	$0.47	$0.38	$0.30

Weighted average common shares outstanding Class A and B common stock

Basic	217,707	215,498	213,227	210,696	208,686

Diluted	221,944	220,868	219,380	215,958	212,760

Weighted average common shares outstanding Class C common stock

Basic	218,623	215,498	213,227	210,696	208,686

Diluted	222,904	220,868	219,380	215,958	212,760

Dividends declared	$59,000	$—	$—	$—	$—

 Our net revenues for the full year 2016 were $4,825.3 million, which reflects a revision from the $4,828.2 million reported in our earnings release, filed January 31, 2017, on Form 8-K. This revision reflects a $2.9 million adjustment related to a return credit for footwear that was identified in connection with the closing of our January 2017 books and records, following the earnings release. As a result, other items on our Consolidated Financial Statements have been appropriately adjusted from the amounts provided in the earnings release, including a reduction of our full year 2016 gross profit and income from operations by $2.9 million, and a reduction of net income by $1.7 million.

	At December 31,

(In thousands)	2016	2015	2014	2013	2012

Cash and cash equivalents	$250,470	$129,852	$593,175	$347,489	$341,841

Working capital -1	1,279,337	1,019,953	1,127,772	702,181	651,370

Inventories	917,491	783,031	536,714	469,006	319,286

Total assets	3,644,331	2,865,970	2,092,428	1,576,369	1,155,052

Total debt, including current maturities	817,388	666,070	281,546	151,551	59,858

Total stockholders’ equity	$2,030,900	$1,668,222	$1,350,300	$1,053,354	$816,922

 (1) Working capital is defined as current assets minus current liabilities. In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company will not early adopt this ASU. The adoption of this guidance may have a material impact on the Company’s effective tax rate and income tax expense, depending in part on whether significant employee stock option exercises occur. In August 2016, the FASB issued ASU 2016-15, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period of 2017. Upon adoption, any deferred charge established upon an intra-company transfer would be recorded as a cumulative-effect adjustment to retained earnings. At December 31, 2016, the Company had a deferred charge of $26.0 million with $1.8 million and $24.2 million recorded within Prepaid expenses and Other long term assets, respectively. The Company plans to adopt this ASU during the interim period ending March 31, 2017. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt. This ASU is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this ASU in the first quarter of 2016, and reclassified approximately $2.9 million from “Other long term assets” to “Long term debt, net of current maturities” as of December 31, 2015.3. Property and Equipment, Net Property and equipment consisted of the following:

	December 31,

(In thousands)	2016	2015

Leasehold and tenant improvements	$326,617	$214,834

Furniture, fixtures and displays	168,720	132,736

Buildings	47,216	47,137

Software	151,059	99,309

Office equipment	75,196	50,399

Plant equipment	124,140	118,138

Land	83,574	17,628

Construction in progress	204,362	147,581

Other	20,383	4,002

Subtotal property and equipment	1,201,267	831,764

Accumulated depreciation	-397,056	-293,233

Property and equipment, net	$804,211	$538,531


Answer: 208.0

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)

Context:
targets. 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: -0.01639

Question: In the year with largest amount of Services, what's the increasing rate of Hardware ?

Context:
McKESSON CORPORATION FINANCIAL REVIEW (Continued)

	 Years Ended March 31,	 Change

 (Dollars in millions) 	 2012	 2011	 2010	 2012	 2011

Distribution Solutions

Direct distribution & services	$85,523	$77,554	$72,210	10%	7%

Sales to customers’ warehouses	20,453	18,631	21,435	10	-13

Total U.S. pharmaceutical distribution & services	105,976	96,185	93,645	10	3

Canada pharmaceutical distribution & services	10,303	9,784	9,072	5	8

Medical-Surgical distribution & services	3,145	2,920	2,861	8	2

Total Distribution Solutions	119,424	108,889	105,578	10	3

Technology Solutions

Services	2,594	2,483	2,439	4	2

Software & software systems	596	590	571	1	3

Hardware	120	122	114	-2	7

Total Technology Solutions	3,310	3,195	3,124	4	2

Total Revenues	$122,734	$112,084	$108,702	10	3

 Revenues increased 10% to $122.7 billion in 2012 and 3% to $112.1 billion in 2011. The increase in revenues in each year primarily reflects market growth in our Distribution Solutions segment, which accounted for approximately 97% of our consolidated revenues, and our acquisition of US Oncology. Direct distribution and services revenues increased in 2012 compared to 2011 primarily due to market growth, which includes growing drug utilization and price increases, and from our acquisition of US Oncology. These increases were partially offset by price deflation associated with brand to generic drug conversions. Direct distribution and services revenues increased in 2011 compared to 2010 primarily due to market growth, the effect of a shift of revenues from sales to customers’ warehouses to direct store delivery, the lapping of which was completed in the third quarter of 2011, and due to our acquisition of US Oncology. These increases were partially offset by a decline in demand associated with the flu season and the impact of price deflation associated with brand to generic drug conversions. Sales to customers’ warehouses for 2012 increased compared to 2011 primarily due to a new customer and new business with existing customers. Sales to customers’ warehouses for 2011 decreased compared to 2010 primarily reflecting reduced revenues associated with existing customers, the effect of a shift of revenues to direct store delivery, the lapping of which was completed in the third quarter of 2011, and the impact of price deflation associated with brand to generic drug conversions. Sales to retail customers’ warehouses represent large volume sales of pharmaceuticals primarily to a limited number of large self-warehousing retail chain customers whereby we order bulk product from the manufacturer, receive and process the product through our central distribution facility and subsequently deliver the bulk product (generally in the same form as received from the manufacturer) directly to our customers’ warehouses. This distribution method is typically not marketed or sold by the Company as a stand-alone service; rather, it is offered as an additional distribution method for our large retail chain customers that have an internal self-warehousing distribution network. Sales to customers’ warehouses provide a benefit to these customers because they can utilize the Company as one source for both their direct-to-store business and their warehouse business. We generally have significantly lower gross profit margins on sales to customers’ warehouses as we pass much of the efficiency of this low cost-to-serve model on to the customer. These sales do, however, contribute to our gross profit dollars. McKESSON CORPORATION FINANCIAL NOTES (Continued) Expected benefit payments, including assumed executive lump sum payments, for our pension plans are as follows: $180 million, $64 million, $64 million, $62 million and $62 million for 2020 to 2024 and $327 million for 2025 through 2029. Expected benefit payments are based on the same assumptions used to measure the benefit obligations and include estimated future employee service. Expected contributions to be made for our pension plans are $146 million for 2020. Weighted-average assumptions used to estimate the net periodic pension expense and the actuarial present value of benefit obligations were as follows:

	U.S. Plans Years Ended March 31,	Non-U.S. Plans Years Ended March 31,

	2019	2018	2017	2019	2018	2017

Net periodic pension expense

Discount rates	3.83%	3.55%	3.40%	2.35%	2.34%	2.72%

Rate of increase in compensation	N/A -1	4.00	4.00	3.13	2.72	2.76

Expected long-term rate of return on plan assets	5.25	6.25	6.25	3.71	4.03	4.51

Benefit obligation

Discount rates	3.65%	3.69%	3.39%	2.13%	2.35%	2.35%

Rate of increase in compensation	N/A -1	N/A -1	4.00	3.18	2.59	3.18

 (1) This assumption is no longer needed in actuarial valuations as U. S.  plans are frozen or have fixed benefits for the remaining active participants. Our defined benefit pension plan liabilities are valued using a discount rate based on a yield curve developed from a portfolio of high quality corporate bonds rated AA or better whose maturities are aligned with the expected benefit payments of our plans. For March 31, 2019, our U. S.  defined benefit liabilities are valued using a weighted average discount rate of 3.65%, which represents a decrease of 4 basis points from our 2018 weighted-average discount rate of 3.69%. Our non-U. S.  defined benefit pension plan liabilities are valued using a weighted-average discount rate of 2.13%, which represents a decrease of 22 basis points from our 2018 weighted average discount rate of 2.35%. Plan Assets Investment Strategy: The overall objective for U.  S.  pension plan assets has been to generate long-term investment returns consistent with capital preservation and prudent investment practices, with a diversification of asset types and investment strategies. Periodic adjustments were made to provide liquidity for benefit payments and to rebalance plan assets to their target allocations. In September 2018, a new investment allocation strategy was put in place to protect the funded status of the U. S.  plan assets subsequent to Board approval of U. S.  pension plan termination. The target allocation for U. S.  plan assets at March 31, 2019 is 100% fixed income investments including cash and cash equivalents. The target allocations for U. S.  plan assets at March 31, 2018 were 26% equity investments, 70% fixed income investments including cash and cash equivalents and 4% real estate. Equity investments include common stock, preferred stock, and equity commingled funds. Fixed income investments include corporate bonds, government securities, mortgage-backed securities, asset-backed securities, other directly held fixed income investments, and fixed income commingled funds. The real estate investments are in a commingled real estate fund. Year Ended December 31, 2010 Compared to Year Ended December 31, 2009 Net revenues increased $207.5 million, or 24.2%, to $1,063.9 million in 2010 from $856.4 million in 2009. Net revenues by product category are summarized below:

	Year Ended December 31,

(In thousands)	2010	2009	$ Change	% Change

Apparel	$853,493	$651,779	$201,714	30.9%

Footwear	127,175	136,224	-9,049	-6.6

Accessories	43,882	35,077	8,805	25.1

Total net sales	1,024,550	823,080	201,470	24.5

License revenues	39,377	33,331	6,046	18.1

Total net revenues	$1,063,927	$856,411	$207,516	24.2%

 Net sales increased $201.5 million, or 24.5%, to $1,024.6 million in 2010 from $823.1 million in 2009 as noted in the table above. The increase in net sales primarily reflects: ? $88.9 million, or 56.8%, increase in direct to consumer sales, which includes 19 additional stores in 2010; and ? unit growth driven by increased distribution and new offerings in multiple product categories, most significantly in our training, base layer, mountain, golf and underwear categories; partially offset by ? $9.0 million decrease in footwear sales driven primarily by a decline in running and training footwear sales. License revenues increased $6.1 million, or 18.1%, to $39.4 million in 2010 from $33.3 million in 2009. This increase in license revenues was primarily a result of increased sales by our licensees due to increased distribution and continued unit volume growth. We have developed our own headwear and bags, and beginning in 2011, these products are being sold by us rather than by one of our licensees. Gross profit increased $120.4 million to $530.5 million in 2010 from $410.1 million in 2009. Gross profit as a percentage of net revenues, or gross margin, increased 200 basis points to 49.9% in 2010 compared to 47.9% in 2009. The increase in gross margin percentage was primarily driven by the following: ? approximate 100 basis point increase driven by increased direct to consumer higher margin sales; ? approximate 50 basis point increase driven by decreased sales markdowns and returns, primarily due to improved sell-through rates at retail; and ? approximate 50 basis point increase driven primarily by liquidation sales and related inventory reserve reversals. The current year period benefited from reversals of inventory reserves established in the prior year relative to certain cleated footwear, sport specific apparel and gloves. These products have historically been more difficult to liquidate at favorable prices. Selling, general and administrative expenses increased $93.3 million to $418.2 million in 2010 from $324.9 million in 2009. As a percentage of net revenues, selling, general and administrative expenses increased to 39.3% in 2010 from 37.9% in 2009. These changes were primarily attributable to the following: ? Marketing costs increased $19.3 million to $128.2 million in 2010 from $108.9 million in 2009 primarily due to an increase in sponsorship of events and collegiate and professional teams and athletes, increased television and digital campaign costs, including media campaigns for specific customers and additional personnel costs. In addition, we incurred increased expenses for our performance incentive plan as compared to the prior year. As a percentage of net revenues, marketing costs decreased to 12.0% in 2010 from 12.7% in 2009 primarily due to decreased marketing costs for specific customers.


Answer: 4155.0

Question: What is the sum of Net written premiums for Specialty and Other revenue, primarily operating in 2016?

Context:
Notes to Consolidated Financial Statements Note 11. Income Taxes – (Continued) The federal income tax return for 2006 is subject to examination by the IRS. In addition for 2007 and 2008, the IRS has invited the Company to participate in the Compliance Assurance Process (“CAP”), which is a voluntary program for a limited number of large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. The Company has agreed to participate. The Company believes this approach should reduce tax-related uncertainties, if any. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2000. As discussed in Note 1, the Company adopted the provisions of FIN No.48, “Accounting for Uncertainty in Income Taxes,” on January 1, 2007. As a result of the implementation of FIN No.48, the Company recognized a decrease to beginning retained earnings on January 1, 2007 of $37 million. The total amount of unrecognized tax benefits as of the date of adoption was approximately $70 million. Included in the balance at January 1, 2007, were $51 million of tax positions that if recognized would affect the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance, January 1, 2007	$70

Additions based on tax positions related to the current year	12

Additions for tax positions of prior years	3

Reductions for tax positions related to the current year	-23

Settlements	-6

Expiration of statute of limitations	-3

Balance, December 31, 2007	$53

 The Company anticipates that it is reasonably possible that payments of approximately $2 million will be made primarily due to the conclusion of state income tax examinations within the next 12 months. Additionally, certain state and foreign income tax returns will no longer be subject to examination and as a result, there is a reasonable possibility that the amount of unrecognized tax benefits will decrease by $7 million. At December 31, 2007, there were $42 million of tax benefits that if recognized would affect the effective rate. The Company recognizes interest accrued related to: (1) unrecognized tax benefits in Interest expense and (2) tax refund claims in Other revenues on the Consolidated Statements of Income. The Company recognizes penalties in Income tax expense (benefit) on the Consolidated Statements of Income. During 2007, the Company recorded charges of approximately $4 million for interest expense and $2 million for penalties. Provision has been made for the expected U. S.  federal income tax liabilities applicable to undistributed earnings of subsidiaries, except for certain subsidiaries for which the Company intends to invest the undistributed earnings indefinitely, or recover such undistributed earnings tax-free. At December 31, 2007, the Company has not provided deferred taxes of $126 million, if sold through a taxable sale, on $361 million of undistributed earnings related to a domestic affiliate. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings of foreign subsidiaries is not practicable. In connection with a non-recurring distribution of $850 million to Diamond Offshore from a foreign subsidiary, a portion of which consisted of earnings of the subsidiary that had not previously been subjected to U. S.  federal income tax, Diamond Offshore recognized $59 million of U. S.  federal income tax expense as a result of the distribution. It remains Diamond Offshore’s intention to indefinitely reinvest future earnings of the subsidiary to finance foreign activities. Total income tax expense for the years ended December 31, 2007, 2006 and 2005, was different than the amounts of $1,601 million, $1,557 million and $639 million, computed by applying the statutory U. S.  federal income tax rate of 35% to income before income taxes and minority interest for each of the years. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – CNA Financial – (Continued)

Year Ended December 31, 2014	Specialty	Commercial	International	Total

(In millions, except %)

Net written premiums	$2,839	$2,817	$880	$6,536

Net earned premiums	2,838	2,906	913	6,657

Net investment income	560	723	61	1,344

Net operating income	569	276	63	908

Net realized investment gains (losses)	9	9	-1	17

Net income	578	285	62	925

Other performance metrics:

Loss and loss adjustment expense ratio	57.3%	75.3%	53.5%	64.6%

Expense ratio	30.1	33.7	38.9	32.9

Dividend ratio	0.2	0.3		0.2

Combined ratio	87.6%	109.3%	92.4%	97.7%

Rate	3%	5%	-1%	3%

Retention	87%	73%	74%	78%

New Business (a)	$309	$491	$115	$915

 (a) Includes Hardy new business of $133 million for the year ended December 31, 2016. Prior years amounts are not included for Hardy.2016 Compared with 2015 Net written premiums increased $21 million in 2016 as compared with 2015. Net written premiums for Commercial increased $23 million in 2016 as compared with 2015, driven by strong retention in middle markets, partially offset by a decrease in small business, which included a premium rate adjustment, as discussed in Note 18 of the Notes to Consolidated Financial Statements under Item 8. Net written premiums for Specialty in 2016 were consistent with 2015 as growth in warranty was offset by a decrease in management and professional liability and health care due to underwriting actions undertaken in certain business lines. Net written premiums for International in 2016 were consistent with 2015 and include favorable period over period premium development of $24 million. Excluding the effect of foreign currency exchange rates and premium development, net written premiums increased 1.4% in 2016 in International. The increase in net earned premiums was consistent with the trend in net written premiums in Commercial. Excluding the effect of foreign currency exchange rates and premium development, the increase in net earned premiums was consistent with the trend in net written premiums in International. Net operating income increased $15 million in 2016 as compared with 2015. The increase in net operating income was primarily due to higher favorable net prior year reserve development and net investment income, partially offset by an increase in the current accident year loss ratio and higher underwriting expenses. Catastrophe losses were $100 million (after tax and noncontrolling interests) in 2016 as compared to catastrophe losses of $85 million (after tax and noncontrolling interests) in 2015. Favorable net prior year development of $316 million and $218 million was recorded in 2016 and 2015. Specialty recorded favorable net prior year development of $305 million and $152 million in 2016 and 2015, Commercial recorded unfavorable net prior year development of $53 million in 2016 as compared with favorable net prior year development of $30 million in 2015 and International recorded favorable net prior year development of $64 million and $36 million in 2016 and 2015. Further information on net prior year development is included in Note 8 of the Notes to Consolidated Financial Statements included under Item 8. Specialty’s combined ratio decreased 3.7 points in 2016 as compared with 2015. The loss ratio decreased 4.6 points due to higher favorable net prior year reserve development, partially offset by a higher current accident year loss ratio. Specialty’s expense ratio increased 0.9 points in 2016 as compared with 2015 due to higher employee costs and higher information technology (“IT”) spending primarily related to new underwriting platforms. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – Boardwalk Pipeline – (Continued) Results of Operations The following table summarizes the results of operations for Boardwalk Pipeline for the years ended December 31, 2016, 2015 and 2014 as presented in Note 20 of the Notes to Consolidated Financial Statements included under Item 8:

 Year Ended December 31	2016	2015	2014

 (In millions)

Revenues:

Other revenue, primarily operating	$ 1,316	$ 1,253	$ 1,235

Net investment income		1	1

Total	1,316	1,254	1,236

Expenses:

Operating	835	851	931

Interest	183	176	165

Total	1,018	1,027	1,096

Income before income tax	298	227	140

Income tax expense	-61	-46	-11

Amounts attributable to noncontrolling interests	-148	-107	-111

Net income attributable to Loews Corporation	$ 89	$ 74	$ 18

 2016 Compared with 2015 Total revenues increased $62 million in 2016 as compared with 2015. Excluding the net effect of $13 million of proceeds received from the settlement of a legal matter in 2016, $9 million of proceeds received from a business interruption claim in 2015 and items offset in fuel and transportation expense, primarily retained fuel, operating revenues increased $83 million. The increase was driven by an increase in transportation revenues of $71 million, which resulted primarily from growth projects recently placed into service, incremental revenues from the Gulf South rate case of $18 million and a full year of revenues from the Evangeline pipeline. Storage and PAL revenues were higher by $17 million primarily from the effects of favorable market conditions on time period price spreads. Operating expenses decreased $16 million in 2016 as compared with 2015. Excluding receipt of a franchise tax refund of $10 million in 2015 and items offset in operating revenues, operating costs and expenses increased $5 million primarily due to higher employee related costs, partially offset by decreases in maintenance activities and depreciation expense. Interest expense increased $7 million primarily due to higher average interest rates compared to 2015. Net income increased $15 million in 2016 as compared with 2015, primarily reflecting higher revenues and lower operating expenses, partially offset by higher interest expense as discussed above.2015 Compared with 2014 Total revenues increased $18 million in 2015 as compared with 2014. Excluding the business interruption claim proceeds of $8 million and items offset in fuel and transportation expense, primarily retained fuel, operating revenues increased $33 million. This increase is primarily due to higher transportation revenues of $39 million from growth projects recently placed into service, including the Evangeline pipeline which was acquired in October of 2014 and $20 million of additional revenues resulting from the Gulf South rate case, partially offset by the effects of comparably warm weather experienced in the early part of the 2015 period in Boardwalk Pipeline’s market areas and unfavorable market conditions. Storage and PAL revenues decreased $20 million primarily as a result of the effects of unfavorable market conditions on time period price spreads. Operating expenses decreased $80 million in 2015 as compared with 2014. This decrease is primarily due to a $94 million prior year charge to write off all capitalized costs associated with the terminated Bluegrass project, a $10 million franchise tax refund related to settlement of prior tax periods and a decrease in fuel and transportation expense due to lower natural gas prices. These decreases were partially offset by higher depreciation expense of $35


Answer: 115.0

Question: What was the value of the Gross margin in the year where Sales volume by product tons (000s) is positive? (in million)

Context:
Table of Contents Rent expense under all operating leases, including both cancelable and noncancelable leases, was $645 million, $488 million and $338 million in 2013, 2012 and 2011, respectively. Future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of September 28, 2013, are as follows (in millions):

2014	$610

2015	613

2016	587

2017	551

2018	505

Thereafter	1,855

Total minimum lease payments	$4,721

 Other Commitments As of September 28, 2013, the Company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $18.6 billion. In addition to the off-balance sheet commitments mentioned above, the Company had outstanding obligations of $1.3 billion as of September 28, 2013, which consisted mainly of commitments to acquire capital assets, including product tooling and manufacturing process equipment, and commitments related to advertising, research and development, Internet and telecommunications services and other obligations. Contingencies The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully adjudicated. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to loss contingencies. However, the outcome of litigation is inherently uncertain. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements for that reporting period could be materially adversely affected. Apple Inc.  v.  Samsung Electronics Co. , Ltd, et al. On August 24, 2012, a jury returned a verdict awarding the Company $1.05 billion in its lawsuit against Samsung Electronics Co. , Ltd and affiliated parties in the United States District Court, Northern District of California, San Jose Division. On March 1, 2013, the District Court upheld $599 million of the jury’s award and ordered a new trial as to the remainder. Because the award is subject to entry of final judgment, partial re-trial and appeal, the Company has not recognized the award in its results of operations. VirnetX, Inc.  v.  Apple Inc.  et al. On August 11, 2010, VirnetX, Inc.  filed an action against the Company alleging that certain of its products infringed on four patents relating to network communications technology. On November 6, 2012, a jury returned a verdict against the Company, and awarded damages of $368 million. The Company is challenging the verdict, believes it has valid defenses and has not recorded a loss accrual at this time. CF INDUSTRIES HOLDINGS, INC.  5 The following table summarizes our nitrogen fertilizer production volume for the last three years

	December 31,

	2017	2016	2015

	(tons in thousands)

Ammonia-1	10,295	8,307	7,673

Granular urea	4,451	3,368	2,520

UAN -32%	6,914	6,698	5,888

AN	2,127	1,845	1,283

 (1) Gross ammonia production, including amounts subsequently upgraded on-site into granular urea, UAN or AN. Donaldsonville, Louisiana The Donaldsonville nitrogen fertilizer complex is the world's largest nitrogen fertilizer production facility. It has six ammonia plants, five urea plants, four nitric acid plants, three UAN plants, and one DEF plant. The complex, which is located on the Mississippi River, includes deep-water docking facilities, access to an ammonia pipeline, and truck and railroad loading capabilities. The complex has on-site storage for 160,000 tons of ammonia, 201,000 tons of UAN (measured on a 32% nitrogen content basis) and 173,000 tons of granular urea. As part of our capacity expansion projects, the new Donaldsonville urea plant became operational during the fourth quarter of 2015. The new UAN plant was placed in service in the first quarter of 2016, and the new ammonia plant was placed in service in October 2016. For additional details regarding the capacity expansion projects, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources. Medicine Hat, Alberta, Canada Medicine Hat is the largest nitrogen fertilizer complex in Canada. It has two ammonia plants and one urea plant. The complex has on-site storage for 60,000 tons of ammonia and 60,000 tons of granular urea. Port Neal, Iowa The Port Neal facility is located approximately 12 miles south of Sioux City, Iowa on the Missouri River. The facility consists of two ammonia plants, three urea plants, two nitric acid plants and a UAN plant. The location has on-site storage for 90,000 tons of ammonia, 154,000 tons of granular urea, and 81,000 tons of 32% UAN. As part of our capacity expansion projects, both the ammonia and urea plants were placed in service in December 2016. For additional details regarding the capacity expansion projects, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources. Verdigris, Oklahoma The Verdigris facility is located northeast of Tulsa, Oklahoma, near the Verdigris River and is owned by TNLP. It is the second largest UAN production facility in North America. The facility comprises two ammonia plants, two nitric acid plants, two UAN plants and a port terminal. Through our approximately 75.3% interest in TNCLP and its subsidiary, TNLP, we operate the plants and lease the port terminal from the Tulsa-Rogers County Port Authority. The complex has on-site storage for 60,000 tons of ammonia and 100,000 tons of 32% UAN. Woodward, Oklahoma The Woodward facility is located in rural northwest Oklahoma and consists of an ammonia plant, two nitric acid plants, two urea plants and two UAN plants. The facility has on-site storage for 36,000 tons of ammonia and 84,000 tons of 32% UAN. Yazoo City, Mississippi The Yazoo City facility is located in central Mississippi and includes one ammonia plant, four nitric acid plants, an AN plant, two urea plants, a UAN plant and a dinitrogen tetroxide production and storage facility. The site has on-site storage for 50,000 tons of ammonia, 48,000 tons of 32% UAN and 11,000 tons of AN and related products. Cost of Sales. Cost of sales per ton in our ammonia segment averaged $248 per ton in 2016, including the impact of the CF Fertilisers UK acquisition, which averaged $220 per ton. The remaining cost of sales per ton was $250 in 2016, a 16% decrease from the $296 per ton in 2015. The decrease was due primarily to the impact of unrealized net mark-to-market gains on natural gas derivatives in 2016 compared to losses in 2015 and to the impact of lower realized natural gas costs in 2016. This was partly offset by capacity expansion project start-up costs of $50 million and an increase in expansion project depreciation as a result of the new ammonia plants at our Donaldsonville and Port Neal facilities. Granular Urea Segment Our granular urea segment produces granular urea, which contains 46% nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of our solid nitrogen fertilizers. Granular urea is produced at our Courtright, Ontario; Donaldsonville, Louisiana; Medicine Hat, Alberta; and Port Neal, Iowa nitrogen complexes. The following table presents summary operating data for our granular urea segment:

	Year ended December 31,

	2017	2016	2015	2017 v. 2016	2016 v. 2015

	(in millions, except as noted)

Net sales	$971	$831	$788	$140	17%	$43	5%

Cost of sales	856	584	469	272	47%	115	25%

Gross margin	$115	$247	$319	$-132	-53%	$-72	-23%

Gross margin percentage	11.8%	29.7%	40.4%	-17.9%		-10.7%

Sales volume by product tons (000s)	4,357	3,597	2,460	760	21%	1,137	46%

Sales volume by nutrient tons (000s)(1)	2,004	1,654	1,132	350	21%	522	46%

Average selling price per product ton	$223	$231	$320	$-8	-3%	$-89	-28%

Average selling price per nutrient ton-1	$485	$502	$696	$-17	-3%	$-194	-28%

Gross margin per product ton	$26	$69	$129	$-43	-62%	$-60	-47%

Gross margin per nutrient ton-1	$57	$149	$281	$-92	-62%	$-132	-47%

Depreciation and amortization	$246	$112	$51	$134	120%	$61	120%

Unrealized net mark-to-market loss (gain) on natural gas derivatives	$16	$-67	$47	$83	N/M	$-114	N/M

 N/M—Not Meaningful (1) Granular urea represents 46% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons. Year Ended December 31, 2017 Compared to Year Ended December 31, 2016 Net Sales. Net sales in the granular urea segment increased by $140 million, or 17%, to $971 million in 2017 compared to $831 million in 2016 due primarily to a 21% increase in sales volume partially offset by a 3% decrease in average selling prices. Sales volume was higher due primarily to increased production at our new Port Neal facility, which came on line in the fourth quarter of 2016. Average selling prices decreased to $223 per ton in 2017 compared to $231 per ton in 2016 due primarily to greater global nitrogen supply availability due to global capacity additions. Selling prices strengthened in the fourth quarter of 2017 rising approximately 14% compared to the prior year period. Cost of Sales. Cost of sales per ton in our granular urea segment averaged $197 in 2017, a 22% increase from the $162 per ton in 2016. The increase was due primarily to higher depreciation as a result of the new granular urea plant at our Port Neal facility, an unrealized net mark-to-market loss on natural gas derivatives in 2017 compared to a gain in the comparable period of 2016 and higher realized natural gas costs, including the impact of realized derivatives. These increases in cost of sales were partially offset by the impact of production efficiencies due to increased volume. Depreciation and amortization in our granular urea segment in 2017 was $56 per ton compared to $31 per ton in 2016.


Answer: 81.66667

Question: what is the implied value of nigen based on the 2000 acquisition?

Context:
affiliated company. The loss recorded on the sale was approximately $14 million and is recorded as a loss on sale of assets and asset impairment expenses in the accompanying consolidated statements of operations. In the second quarter of 2002, the Company recorded an impairment charge of approximately $40 million, after income taxes, on an equity method investment in a telecommunications company in Latin America held by EDC. The impairment charge resulted from sustained poor operating performance coupled with recent funding problems at the invested company. During 2001, the Company lost operational control of Central Electricity Supply Corporation (‘‘CESCO’’), a distribution company located in the state of Orissa, India. CESCO is accounted for as a cost method investment. In May 2000, the Company completed the acquisition of 100% of Tractebel Power Ltd (‘‘TPL’’) for approximately $67 million and assumed liabilities of approximately $200 million. TPL owned 46% of Nigen. The Company also acquired an additional 6% interest in Nigen from minority stockholders during the year ended December 31, 2000 through the issuance of approximately 99,000 common shares of AES stock valued at approximately $4.9 million. With the completion of these transactions, the Company owns approximately 98% of Nigen’s common stock and began consolidating its financial results beginning May 12, 2000. Approximately $100 million of the purchase price was allocated to excess of costs over net assets acquired and was amortized through January 1, 2002 at which time the Company adopted SFAS No.142 and ceased amortization of goodwill. In August 2000, a subsidiary of the Company acquired a 49% interest in Songas Limited (‘‘Songas’’) for approximately $40 million. The Company acquired an additional 16.79% of Songas for approximately $12.5 million, and the Company began consolidating this entity in 2002. Songas owns the Songo Songo Gas-to-Electricity Project in Tanzania. In December 2002, the Company signed a Sales Purchase Agreement to sell Songas. The sale is expected to close in early 2003. See Note 4 for further discussion of the transaction. The following table presents summarized comparative financial information (in millions) for the Company’s investments in 50% or less owned investments accounted for using the equity method.

AS OF AND FOR THE YEARS ENDED DECEMBER 31,	2002	2001	2000

Revenues	$2,832	$6,147	$6,241

Operating Income	695	1,717	1,989

Net Income	229	650	859

Current Assets	1,097	3,700	2,423

Noncurrent Assets	6,751	14,942	13,080

Current Liabilities	1,418	3,510	3,370

Noncurrent Liabilities	3,349	8,297	5,927

Stockholder's Equity	3,081	6,835	6,206

 In 2002, 2001 and 2000, the results of operations and the financial position of CEMIG were negatively impacted by the devaluation of the Brazilian Real and the impairment charge recorded in 2002. The Brazilian Real devalued 32%, 19% and 8% for the years ended December 31, 2002, 2001 and 2000, respectively. The Company recorded $83 million, $210 million, and $64 million of pre-tax non-cash foreign currency transaction losses on its investments in Brazilian equity method affiliates during 2002, 2001 and 2000, respectively. Consumers purchases the balance of its required gas supply under incremental firm transportation contracts, firm city gate contracts and, as needed, interruptible transportation contracts. The amount of interruptible transportation service and its use vary primarily with the price for such service and the availability and price of the spot supplies being purchased and transported. Consumers’ use of interruptible transportation is generally in off-peak summer months and after Consumers has fully utilized the services under the firm transportation agreements. Enterprises Enterprises, through various subsidiaries and certain equity investments, is engaged primarily in domestic independent power production. Enterprises’ operating revenue included in Continuing Operations in our consolidated financial statements was $383 million in 2007, $438 million in 2006, and $693 million in 2005. Operating revenue included in Discontinued Operations in our consolidated financial statements was $235 million in 2007, $684 million in 2006, and $409 million in 2005. In 2007, Enterprises made a significant change in business strategy by exiting the international marketplace and refocusing its business strategy to concentrate on its independent power business in the United States. Independent Power Production CMS Generation was formed in 1986. It invested in and operated non-utility power generation plants in the United States and abroad. The independent power production business segment’s operating revenue included in Continuing Operations in our consolidated financial statements was $41 million in 2007, $103 million in 2006, and $104 million in 2005. Operating revenue included in Discontinued Operations in our consolidated financial statements was $124 million in 2007, $437 million in 2006, and $211 million in 2005. In 2007, Enterprises sold CMS Generation and all of its international assets and power production facilities and transferred its domestic independent power plant operations to its subsidiary, Hydra-Co.  For more information on the asset sales, see ITEM 8. CMS ENERGY’S FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA — NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — NOTE 2. ASSET SALES, DISCONTINUED OPERATIONS AND IMPAIRMENT CHARGES — ASSET SALES. IndependentPowerProductionProperties: AtDecember 31,2007,CMSEnergyhadownershipinterestsin independent power plants totaling 1,199 gross MW or 1,078 net MW (net MW reflects that portion of the gross capacity in relation to CMS Energy’s ownership interest). The following table details CMS Energy’s interest in independent power plants at December 31, 2007:

 Location	 Fuel Type	 Ownership Interest   (%)	 Gross Capacity   (MW)	 Percentage of   Gross Capacity   Under Long-Term   Contract   (%)

California	Wood	37.8	36	100

Connecticut	Scrap tire	100	31	0

Michigan	Coal	50	70	100

Michigan	Natural gas	100	710	61

Michigan	Natural gas	100	224	0

Michigan	Wood	50	40	100

Michigan	Wood	50	38	100

North Carolina	Wood	50	50	0

 Total			1,199

 For information on capital expenditures, see ITEM 7. CMS ENERGY’S MANAGEMENT’S DISCUSSION AND ANALYSIS — CAPITAL RESOURCES AND LIQUIDITY. CMS ENERGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) December 24, 2008. The settlement includes a $20 million decrease in depreciation rates and requires that we not request a new gas general rate increase prior to May 1, 2009. OTHER CONTINGENCIES — INDEMNIFICATIONS Equatorial Guinea Tax Claim: In 2004, we received a request for indemnification from the purchaser of CMS Oil and Gas. The indemnification claim relates to the sale of our oil, gas and methanol projects in Equatorial Guinea and the claim of the government of Equatorial Guinea that we owe $142 million in taxes in connection with that sale. CMS Energy concluded that the government’s tax claim is without merit and the purchaser of CMS Oil and Gas submitted a response to the government rejecting the claim. The government of Equatorial Guinea has indicated that it still intends to pursue its claim. We cannot predict the financial impact or outcome of this matter. Moroccan Tax Claim: In May 2007, we sold our 50 percent interest in Jorf Lasfar. As part of the sale agreement, we agreed to indemnify the purchaser for 50 percent of any tax assessments on Jorf Lasfar attributable to tax years prior to the sale. In December 2007, the Moroccan tax authority concluded its audit of Jorf Lasfar for tax years 2003 through 2005. The audit asserted deficiencies in certain corporate and withholding taxes. In January 2009, we paid $18 million, which was charged against a tax indemnification liability established when we recorded the sale of Jorf Lasfar, and accordingly it did not affect earnings. Marathon Indemnity Claim regarding F. T.  Barr Claim: On December 3, 2001, F.  T.  Barr, an individual with an overriding royalty interest in production from the Alba field, filed a lawsuit in Harris County District Court in Texas against CMS Energy, CMS Oil and Gas and other defendants alleging that his overriding royalty payments related to Alba field production were improperly calculated. CMS Oil and Gas believes that Barr was paid properly on gas sales and that he was not entitled to the additional overriding royalty payment sought. All parties signed a confidential settlement agreement on April 26, 2004. The settlement resolved claims between Barr and the defendants, and the involved CMS Energy entities reserved all defenses to any indemnity claim relating to the settlement. There is disagreement between Marathon and certain current or former CMS Energy entities as to the existence and scope of any indemnity obligations to Marathon in connection with the settlement. Between April 2005 and April 2008, there were no further communications between Marathon and CMS Energy entities regarding this matter. In April 2008, Marathon indicated its intent to pursue the indemnity claim. Present and former CMS Energy entities and Marathon entered into an agreement tolling the statute of limitations on any claim by Marathon under the indemnity. CMS Energy entities dispute Marathon’s claim, and will vigorously oppose it if raised in any legal proceeding. CMS Energy entities also will assert that Marathon has suffered minimal, if any, damages. CMS Energy cannot predict the outcome of this matter. If Marathon’s claim were sustained, it would have a material effect on CMS Energy’s future earnings and cash flow. Guarantees and Indemnifications: FIN 45 requires a guarantor, upon issuance of a guarantee, to recognize a liability for the fair value of the obligation it undertakes in issuing the guarantee. To measure the fair value of a guarantee liability, we recognize a liability for any premium received or receivable in exchange for the guarantee. For a guarantee issued as part of a larger transaction, such as in association with an asset sale or executory contract, we recognize a liability for any premium that we would have received had we issued the guarantee as a single item. The following table describes our guarantees at December 31, 2008:

 Guarantee Description	 Issue Date	 Expiration Date	 Maximum   Obligation	 FIN 45   Carrying   Amount

	 In Millions

Indemnifications from asset sales and other agreements	Various	Indefinite	$1,445(a)	$84(b)

Surety bonds and other indemnifications	Various	Indefinite	35	1

Guarantees and put options	Various	Various through September 2027	89(c)	1

 ratings, and general information on market movements for investment grade state and municipal securities normally considered by market participants when pricing such debt securities. Foreign Corporate Bonds: Foreign corporate debt securities were valued based on quoted market prices, when available, or on yields available on comparable securities of issuers with similar credit ratings. Common Stocks: Common stocks in the OPEB Plan consist of equity securities with low transaction costs that were actively managed and tracked by the S&P 500 Index. These securities were valued at their quoted closing prices. Mutual Funds: Mutual funds represent shares in registered investment companies that are priced based on the daily quoted NAVs that are publicly available and are the basis for transactions to buy or sell shares in the funds. Pooled Funds: Pooled funds include both common and collective trust funds as well as special funds that contain only employee benefit plan assets from two or more unrelated benefit plans. Presented in the following table are the investment components of these funds:


Answer: 0.0891

Question: what is the roi of an investment in loews common stock from 2011 to 2012?

Context:
Notes to Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies – (Continued) CNA applies the same impairment model as described above for the majority of its non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends. For all other equity securities, in determining whether the security is otherthan-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook. Joint venture investments – The Company has 20% to 50% interests in operating joint ventures related to hotel properties and had joint venture interests in the former Bluegrass Project, as discussed in Note 2, that are accounted for under the equity method. The Company’s investment in these entities was $217 million and $234 million for the years ended December 31, 2016 and 2015 and reported in Other assets on the Company’s Consolidated Balance Sheets. Equity income (loss) for these investments was $41 million, $43 million and $(62) million for the years ended December 31, 2016, 2015 and 2014 and reported in Other operating expenses on the Company’s Consolidated Statements of Income. Some of these investments are variable interest entities (“VIE”) as defined in the accounting guidance because the entities will require additional funding from each equity owner throughout the development and construction phase and are accounted for under the equity method since the Company is not the primary beneficiary. The maximum exposure to loss for the VIE investments is $337 million, consisting of the amount of the investment and debt guarantees. The following tables present summarized financial information for these joint ventures:

 Year Ended December 31		 2016	2015

 (In millions)

Total assets		$1,749	$1,577

Total liabilities		1,444	1,231

 Year Ended December 31	 2016	2015	2014

Revenues	$693	$606	$491

Net income	80	71	32

 Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 3 for additional information on the Company’s use of derivatives. Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. U. S.  Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets. Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2016 and 2015. Notes to Consolidated Financial Statements Note 4. Fair Value – (Continued) x Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. x Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company. The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Balance Sheets. Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables. Derivative liabilities are included in Payable to brokers. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below:

 December 31, 2016	Level 1	 Level 2	 Level 3	 Total

 (In millions)

 Fixed maturity securities:

 Corporate and other bonds		$18,828	$130	$18,958

 States, municipalities and political subdivisions		13,239	1	13,240

 Asset-backed:

 Residential mortgage-backed		4,944	129	5,073

 Commercial mortgage-backed		2,027	13	2,040

 Other asset-backed		968	57	1,025

 Total asset-backed		7,939	199	8,138

 U.S. Treasury and obligations of government-sponsored enterprises	$93			93

 Foreign government		445		445

 Redeemable preferred stock	19			19

 Fixed maturitiesavailable-for-sale	112	40,451	330	40,893

 Fixed maturities trading		595	6	601

 Total fixed maturities	$112	$41,046	$336	$41,494

 Equity securitiesavailable-for-sale	$91		$19	$110

 Equity securities trading	438		1	439

 Total equity securities	$529	$-	$20	$549

 Short term investments	$3,833	$853		$4,686

 Other invested assets	55	5		60

 Receivables	1			1

 Life settlement contracts			$58	58

 Payable to brokers	-44			-44

 Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our Peer Group (“Loews Peer Group”) for the five years ended December 31, 2016. The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2011 and that all dividends were reinvested.

	2011	2012	2013	2014	2015	2016

Loews Common Stock	100.0	108.91	129.64	113.59	104.47	128.19

S&P 500 Index	100.0	116.00	153.57	174.60	177.01	198.18

Loews Peer Group (a)	100.0	113.39	142.85	150.44	142.44	165.34

 (a) The Loews Peer Group consists of the following companies that are industry competitors of our principal operating subsidiaries: Chubb Limited (name change from ACE Limited after it acquired The Chubb Corporation on January 15, 2016), W. R.  Berkley Corporation, The Chubb Corporation (included through January 15, 2016 when it was acquired by ACE Limited), Energy Transfer Partners L. P. , Ensco plc, The Hartford Financial Services Group, Inc. , Kinder Morgan Energy Partners, L. P.  (included through November 26, 2014 when it was acquired by Kinder Morgan Inc. ), Noble Corporation, Spectra Energy Corp, Transocean Ltd.  and The Travelers Companies, Inc.  Dividend Information We have paid quarterly cash dividends in each year since 1967. Regular dividends of $0.0625 per share of Loews common stock were paid in each calendar quarter of 2016 and 2015.


Answer: -0.01506

Question: what was the percentage change in revenues for investments in 50% ( 50 % ) or less owned investments accounted for using the equity method between 2000 and 2001?